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Colorado Creative Music Case Study Part 2

STEP AnalysisThe STEP analysis of the rock, country, jazz, classical,
Colorado Creative Music aims at analyzing traditional and other, and have formal
macro-environmental factors of the music and reliable national and international
business the company is engaged into. channels of distribution. The examples of
These factors fall into political, such companies are Columbia, Sony Music,
economical, social and technological EMI, GMG, Warner Brothers, Atlantic
groups (Pearce, Robinson, 2000).Political Records and some others. As the mater of
factors affecting music business in whole fact, such companies are not numerous and
and CCM in particular: strong political their recording equipment is rather
stability in the United States; expensive, amounting to no less that
regulatory and legal issues concerning couple million dollars, since these
music business including copyright laws studios record music with analogue and
for copyright protection of both music not digital equipment, thus receiving
writing and recording, copyright-related three-dimensional, saturated, rich sound,
legislation touching upon the issue of instead of correct but plain digital
virtual internet promotion and sound.Independent labels have 10-100
distribution, such as The Audio Home artists under contract, focus on
Recording Act (1992), No Electronic Theft recording of one or two major music
(NET) Act (1997), "The Digital styles and have either national or most
Performance Right in Sound Recordings Act often regional distribution channels.
(DPRSRA) 1995, The Digital Millennium Examples of independents are: Higher
Copyright Act, "Pending legislation: Octave, Metal Blade Records, Rhino
Music Online Competition Act and the Records, WAR, Windhan Hill, Soundings of
Consumer Broadband and Digital Television the Planet. Such companies are more
Protection Act (CBDTPA)" and others. numerous than first-rank companies and
Environmental regulations and employment can use analogue equipment as well as
requirement do not affect business CCM is digital. Generally, independent labels
engaged into. As for the tax policy, in strive to grow into major ones, but for
2000, from total income of $216,614.05 that they need to invest large amount of
the company had to pay $4,744,97 of money into amelioration of their
taxes, which is not high rate and amounts equipment.Microlabels have less then 10
to nearly 2 percent from the total artists under contract and are tightly
income. In whole, it should be noticed focused on definite style of music. They
that political factors are favorable for are characterized by small staff and
music recording industry and for CCM manager performing as the leading artist
particularly.Economic factors include of the studio. Microlabels have rarely
indexes in the macro economy that can formal distribution system and heavily
affect music recording industry. Here rely on direct sales to fans and
also, macroeconomic factors, such as wholesale to clubs and specialty
economic growth, interest rates and retailers. On American market,
inflation rate are favorable for CCM. microlabels are presented with Etherian,
Thus, the U.S economy kept growing Evol Egg Nart, Cuneiform Records, CCM and
steadily since 1995. CPI falls down in a large number of others. Generally, such
1997, 1998. Unemployment rate decreased companies survive competition due to low
gradually from 1995 to 2000.Social cost of digital recording.Vanity labels
factors, covering demographical and are the fourth, the last and the most
cultural aspects of the environment specialized segment of the music
external to music recording industry are recording industry. They are founded by
rate of population growth, age independent artists for recording and
distribution and carrier attitudes. The selling their products. Examples of
population growth in the United States is vanity labels are Bob Culbertson, Watson
steady and age distribution also favors and Company, Lao Tizer, Esteban Ramirez
the music recording industry. It should and many others. (Darren & Winn , 2003).
be noted that for music industry in At present, CCM is the microlabel that
whole, teenagers and 20-years-olds are strives to convert into independent
primary customer segment, but CCM aims at label.In the first place, the competition
attracting people of 40-60 age range. among rivals is carried out on the basis
Thus, the considerable share of American of popularity of the performer and songs
population fits this target recorded by their companies. Recording
market.Technological advancements in studios intensively compete to attract
music recording, promotion and popular of promising artists to sign
distribution have several effects on the contracts with them. If the songs or
recording industry. One aspect of the artists are highly popular, price is
issue is that musicians are no longer secondary factor which may influence the
dependent on major recording labels to competition. However, if the artist is
create or distribute their products. lesser-known or songs recorded are not
(Viljoen & Dann, 2000) The MP3 software very popular, price does play role as the
alternative to the CD becomes more competition and strategy factor. In the
popular since 1998. In the space distribution process of the rivals, the
traditional audio can fit 12 to 15 audio particular importance is attached to
tracks; MP3 software can store getting access to traditional channels of
approximately 150 music tracks. "The move music distribution, such as retail
towards MP3 as the new format to replace musical stores, major chain record
CD just as the CD replaced vinyl albums stores, independent record stores and
have been accelerated by the rush of new Internet distributors such as These
portable MP3 players on the market - some means are very important for selling CDs
for less than conventional Sony of the artists apart from direct sales on
Discmans." (Viljoen & Dann 2000, p. 173). their performances. Also, another factor
On the other hand, new digital that greatly influences CD sales is
technologies which appeared in late 20 advertising of songs and radio promotion
century not only facilitate the process and transmission.For CCM, rivalry is by
of music recording, but make it far the most important competitive
considerably cheaper, providing the pressure source. The strong competition
possibility for multiple firms with from rival producers and sellers of music
limited resources to enter the market. can be explained by the fact that the
Thus, if in 1980s, professional recording performers of CCM are not known to the
studio with all recording equipment, wide public in comparison with the
working on vinyl or tape carriers, cost artists of the first-tier and independent
several million dollars and therefore was labels.The competitive threat of new
a domain of 5 or 6 major recording entry, is, to the opposite, by far the
companies, in 2000, assembling weakest competitive force, ranked between
professional recording studio could be weak and moderate. Barriers for entry are
carried out at cost of only $5,000. All not high for the new producers of
the equipment and hardware, due to the recorded music, especially those
global advancements in technology, are targeting limited segment of the market
much more affordable for an average and employing cheap digital technology of
artist or businessman.SWOT recording. CCM can serve the brightest
AnalysisStrengths* Cost advantages example of such entry. Such cheap digital
with new technology arising from the recording technology can be assembled
digital revolution. Not only assembly of nowadays for no more than $5,000. Still,
studio with all necessary equipment and expensive analogue technologies keep
hardware is cheaper, but duplication of costing hundreds thousand or even
CDs, storage and shipping are less millions. The technology employed by the
expensive as well. Low cost of firm automatically determines its
production, duplication (duplication of resources and rank in the music recording
500 CDs ranges from $1.90 to $3.63, industry. Besides cost of the equipment,
duplication of 2000 CDs costs about one the main subject of the competition for
dollar per CD), shipping and storage new entrants will be distinct market
makes the final product less expensive share and sales volume. Considerable
and more affordable for the customers, sales volume, in its turn, depends on the
thus widening the range and scope of the ability of new entrants to attract
target market.* Positioning of CCM in famous, popular or widely known
a distinctive market niche. CCM is performers and singers whose songs are
microlabel recording company which able to get to the top of the popularity
specializes on classic and traditional charts. Given the fact that virtually all
instrumental music.* Growing popular artists have already signed
customer base and customer loyalty within contracts with major recording studios,
target group. Customer base growth due to this is significant barrier for new
expansion of product lines (4 already, entrants. Another important barrier is
each year 2 new product lines emerge), gaining considerable channel of
and geographical coverage of listeners.* distribution. Generally, large
Good customer service shown through distribution centers and music CD
the direct contact between Darren and his retailers are interested in selling the
fans.Weaknesses* No clear strategic music of famous performers and unwilling
vision: CCM needs a long term vision to accept the products of relatively
which includes all areas of the business, unknown artists. For the CCM, the threat
from marketing and management to of new entry is not very strong, since
distribution and human resources. At the the company targets rather narrow market
moment the company faces a dilemma of segment. Though, if the new entrant uses
further strategic development, which will the same recording technologies,
be focused on either enhancing or distribution channels and targets the
developing the recording company or more same niche in the market, the fact may
active promotion and distribution of the become an issue of major
products through the possibilities of importance.Competition from substitute
other companies (the company is currently products can be considered moderate
regarded by its management as potential competitive force in the music industry.
object of acquisition or investment)* Such substitute products are be presented
Competitive disadvantages: CCM are not in the form of providing consumers with
able to enter the retail market due to possibility to listen music with other
its current level of sales. Competitors that CD means such as radio, cable TV
such as major labels have advantage music channels, live concerts, local bars
because they have major market power and or night clubs with live performances or
influence. Such firms can specify when recorded music, and internet. Internet
their music should be played on radio and has become by far the most important and
negotiate large contracts with strong substitute to traditional buying
distributors and retail outlets, hence CD, since music provided on the web is
giving themselves broader appeal.* most often cheaper or completely free and
Limited channels of distribution: at is not much inferior in quality than .wma
present moment the company heavily relies format of CDs. Therefore, for certain
on such distribution sources as direct amount of people these means serve as
sales, which include sales at the gig, effective substitutes, but for music fan,
shopping mall distribution and sales in buying official CD is obligatory. In the
the back end (800 number order, website case of Colorado Creative Music, people
order processing and mail orders). These can enjoy the performance on live
channels are major sources of profit for concerts of these artists and decide not
the company. Nevertheless, to expand its to buy their CD. Therefore, from CCM's
consumer base, the company needs to viewpoint, this may be regarded as fairly
acquire formal distribution channels, significant competitive force.The forces
such as sales through traditional music left are bargaining power of suppliers
distribution networks and others.* and bargaining power of buyers and
CCM is short in financial resources to collaborative buyer seller relations,
pursue new opportunities. Profits are which are both strong competitive
thin, meaning new opportunities may be force.The first, bargaining power of
unobtainable and long term improvements suppliers depends on the popularity and
may not be afforded due to initial costs. reputation of artists. Those who are
To conclude a contract with major labels, popular and whose recordings sell well,
which would provide the company with the have strong bargaining power, they can
access to traditional product chose among numerous recording studios.
distribution, the firm needs to sale at CCM specializes on recordings of infamous
least 15,000 copies of its products per artists, and therefore it enjoys weak
year. From the other hand, high sales bargaining power, since artists involved
numbers are impossible to obtain without with CCM do not have many alternatives
good traditional distribution channels.* for studio record and CD
CCM is losing ground to larger firms distribution.Bargaining power of buyers
because of limited exposure. CCM at and collaborative buyer-seller relations
present does not reach global or national is very strong competitive force. The
audience like independents and major major distributors of recorded music
labels. CCM needs to broaden its reach supply CDs to the leading music stores
and widen its customer and other retailers of music, these
base.Opportunities* Serving leading distributors stock about 40,000
additional customer groups by expanding copies of a CD and work on 60-90 working
co-operation with other artists and schedule retaining the privilege of full
enlarging the Acoustictherapy and other return of investments for the unsold
product lines with new marketing copies. So called "one-stops" are
strategies.* Internet through distributors which provide products for
expanding e-commerce and releasing MP3s.* the independent music stores in smaller
Expanding sales nation wide.* quantities and very often with limited
Acquiring channels of traditional range of music types. Generally such
distribution to reach wider customer base distributors prefer to handle stock CDs
exposure* Developing new technologies of the very popular artists or at least
to cope with the driving forces of the well-known artists and often they are not
industry.* Releasing compilations interested in going into distribution of
with other artists has proven popular. CDs of unknown performers. Therefore, CCM
One strategy could be to assembly the faces great difficulty in acquiring
songs (such as Accoustictherapy) at the decent and formal distribution,
studio, and sell the completed disks at a especially in getting its products sold
discounted rate back to the performing by such music stores as Sam Goody, Tower
artists in their hometowns. This method Records, Borders Books and Music, and
would cover the costs up front and give Barnes and Noble.Also, a great role in
the players a financial incentive to push the distribution process is played by
the product.* Pushing sales into getting the music heard by people so that
non-traditional areas such as weddings, they would be more willing to buy the
shopping center music etc.Threats* CDs. This includes playing the music on
High number of new entrants and growth of the radio stations, on TV music channels
other smaller labels due to the digital and including soundtracks into movies.
revolution. In addition, major labels or Until the performers and artists of CCM
independent labels could decide to enter become so famous that they are asked for
into CCM's domestic markets and try to in retail music stores, the company has
drive the smaller labels out of the little chances to receive considerable
market.* Lose sales to substitute representation by major CD distributors.
products like mp3s or internet downloads* The manager of the company, Darren
Vulnerability to industry's driving Skanson, has contacted some retailers on
forces because of CCM's weak position in his own and found out that it is very
its industry, taking into consideration time-consuming and onerous task to get
the fact that the company occupies his CDs distributed by retailers in his
microlabel segment of the market and is own local area. The people he hired to
profitable primarily due to the low costs tackle the problem had little luck
of digital recording.Five Forces Model of either. CCM has had some experience of
CompetitionMichael Porter's model of selling the CDs through one-stop
competition (Porter, 1980), if applied to distributor, but it was not very
music recoding industry, comprises the successful due to high markup imposed by
following components: Rivalry among the distributor on the CDs of CCM. In the
sellers of recorded music (competition long run, Darren plans to make his
for better market position and product lines such as Darren Curtis
competitive advantage); artists and other Skanson, Music for Candles and other
suppliers of music to producers or artists, popular enough to have their CD
sellers of recorded music; distributors, distributed through major music stores.
retailers and individual customers of the But at the present moment, predominant
music; competitive pressure coming from part of CCM sales volume stems from
substitutes of recorded music towards direct sales such as sales at the gig,
winning customers; and threat of new shopping mall distribution and internet,
entrants to the industry of recorded mail and telephone orders of the
music.Perhaps, the strongest competitive musicians' CDs.Anastasia Kurdina is a
force belongs to such factor as Rivalry person of manifold gifts. Almost every
among producers and sellers of music her writing is followed by lavish
products. The music recording industry testimonials from satisfied customers.
has 4 clearly identifiable segments: Anastasia specializes in marketing,
major recording studios, independent management, world cultures, and art.
labels, microlabels and vanity Anastasia is not an essay writer in a
labels.Major, or first-tier, companies common sense. She is a Poet, an Analyst,
have large quantities of artists under an Artist, a Critic... Get to know her
contracts, reaching the number of 100, better now at Custom Research Assistance
specialize on multiple types of music - Try new custom-writing service online.




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