Instruction
Market Analysis
List Market Analysis as a subtitle and underline. Note there is no content under this subtitle.
Market Summary (four paragraphs)
List Market Summary as a subtitle and underline.
Directions for Paragraph 1: What is the type of music business you identified in discussion 1? Then research U.S. Census and identify the six-digit North American Industry Classification System (NAICS) code for your industry sector (type of music business identified). Include a description of the industry sector (music business category). In text citations should be included. Note you can only have one NAICS Code. The U.S. Census assigns and maintains only once NAICS code for each business based on its primary activity.
Directions for Paragraph 2: Conduct market research and apply concepts from ebook to describe the consumer behavior (buying habits and patterns) of market (potential businesses/consumers within total population of industry sector) when selecting your music business category (industry sector). Include if market is engaging in a high-involvement or low-involvement decision making process. Note you do not describe your business or services offered and in text citations should be included.
Directions for Paragraph 3: Conduct market research and apply concepts from ebook to describe the cognitive vs. emotional decisions of market (potential businesses/consumers within total population of industry sector) when selecting your music business category (industry sector). Note you do not describe your business or services offered and in text citations should be included.
Directions for Paragraph 4: Conduct market research and apply concepts from ebook to describe the needs (Maslow's Hierarchy of Needs) and motives of market (potential businesses/consumers within total population of industry sector) when selecting your type of music business category (industry sector). Note you do not describe your business or services offered and in text citations should be included.
Market Trends (two paragraphs)
Conduct market research and describe a positive trend impacting the industry sector. Provide supporting evidence (in text citations).
Conduct market research and describe a negative trend impacting the industry sector. Provide supporting evidence (in text citations).
Target Market (one paragraph)
List Target Market as a subtitle and underline.
Directions: Select and identify your target market. Include geographic (city), demographic (age, generation and/or company size, gender, income, occupation, education and/or training), psychographic (lifestyle and personality traits) and behavioral segmentation (benefits sought, usage rate and purchasing factors).
Note target market is made up of actual customers (consumers/businesses) that have the immediate interest, ability and willingness to purchase your type of product (good/service). You have limited marketing resources so these are the people you will be able to effectively reach with your marketing efforts - not those who will use your product (good/service).
Customer Persona
Find a photo of your customer persona and add image. Name the customer. Give him/her an age.
Describe specific characteristics about him/her, including occupation, education and/or training, lifestyle, personality traits, benefits sought and buyer behavior.
Note a customer persona is an archetypal customer (businesses/consumers) who represents the major categories of people who buy and use your product (music business). You cannot use copyrighted photos.
A good source to find images is via http://www.flickr.com/creativecommons or you may use other online sources that provide non-copyright images.
Competition (one paragraph)
List Competition as a subtitle and underline.
Directions: Research and identify the brand name of one, realistic direct competitor (direct competitors provide the same good or service) and the brand name of one, realistic indirect competitor (indirect competitors do not offer the same good or service, but are considered an alternate choice).
Competitors Strengths (two paragraphs)
List Competitors Strengths as a subtitle and underline.
Directions for Paragraph 1: For your direct competitor, research and describe individual company strengths (competitive advantages). Consider service, pricing, reputation, management, financial position, brand awareness, business development and technology. Note this is not in comparison to your brand and in text citations should be included.
Directions for Paragraph 2: For your indirect competitor, research and describe individual company strengths (competitive advantages). Consider service, pricing, reputation, management, financial position, brand awareness, business development and technology. Note this is not in comparison to your brand and in text citations should be included.
Competitors Weaknesses (two paragraphs)
List Competitors Weaknesses as a subtitle and underline.
Directions for Paragraph 1: For your direct competitor, research and describe individual company weaknesses (vulnerable areas). Consider the service, pricing, reputation, management, financial position, brand awareness, business development and technology. Note this is not in comparison to your brand and in text citations should be included.
Directions for Paragraph 2: For your indirect competitor, research and describe individual company weaknesses (vulnerable areas). Consider the service, pricing, reputation, management, financial position, brand awareness, business development and technology. Note this is not in comparison to your brand and in text citations should be included.
Positioning (one sentence)
List Positioning as a subtitle to Situation Analysis and underline.
Directions: Write a unique positioning statement that allows you to differentiate yourself from the competition and maximize your competitive advantage.
You must follow this format: To (your target market and their need), (your brand name) is (your product) that (your point-of-difference/competitive advantage).
For example: To established, independent, LA-based pop artists in need of exposure and taking brand to next level, Buzz Entertainment, LLC is a boutique public relations firm that has the professional experience and proven ability to create buzz via traditional publicity channels as well as social media platforms.