Free «Music Industry» Essay Sample
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Strategic planning is always the master purpose of any business, by formulating a strategic plan your business will increase results, besides, these will allow more focus when implementing the tactics required the day to day decision making processes. There are different strategies used in the business world, among them are the red and blue ocean strategy used to understand the market. Blue ocean strategy represents the market strategy where there is the study of a non existence in today’s market place where by top business managers go out to study the existing markets so as they can be able to serve there esteemed customers with new services, innovations and products in return creating demand of these products and services consequently improving the growth of the business (Dimitrov & Niciejewska, 2009).
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The Red oceans strategy of business is aimed at offering its competitors committed rivalry so as they can strive to perform extremely well to have the control of the market. For years competition has been the heart of any corporate strategy thus influencing the positions of the working staff from the top managerial positions to the lower personnel in the institution. In simple terms, to strategize envision interventions in the market that can be able to sustain the very high competing environment, therefore to carry out such a good analysis of the economic structure is important. With an increased number of competitors companies may be forced reduce their prices thus reducing their profit margins which lead to even the collapse of the business (Jamil, 2005).
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On the same perspective, the number of players in the market arena limited the profits however facilitated the emergency of new industries creating new demand. Blue Ocean strategy describes non existing markets. According to Kim and Mauborgne Blue Ocean strategies are more risky than those already developed from existing market making it so difficult to adapt the Blue Oceans strategies a reason as why many companies go for Red Ocean strategies. Blue Oceans have describes innovation as a very important element in the Blue Ocean strategy. This is because the market space of the Blue Ocean can be as a result of extending the Red Oceans boundaries especially in the music industry where the music manager will go for the frame work tool.
Eliminate- Reconstruct the market boundaries
Focus on the bigger picture in the competing world
Raise the standards of the company to be able to compete in the overcrowded market.
Reach beyond the existing demand
Improve the strategy adapted
Reduce factors that are not to standard in your company.
Misuse of key organizational goals.
Reduce personal opinions in executing the company strategy
Create other factors through innovations so as to be able to offer services that you have never offered
Create strategy development plan
Create an explanation to all your employees so as to be able to build a good attitude, behavior and execution.
The Eliminate-Reduce-Raise-Create(ERRC) is complementary with the four actions framework which pushes companies to be able to answer questions in the four action framework so as they can create a new value essential in the market environment, some of these actions are like pursuing differentiation and low costs so as to break the value cost trade off and can be easily understood by managers at different levels therefore creating a high level of carrying out duties in the application of these strategies.
This framework or tool can be adapted by the music managers to look into significant boundaries that tend to reconstruct the existing market and at the same time create a new market aspect for the new products that they are intending to introduce. The framework tool that is being implemented with the music managers is composed of the following aspects that includes;
- Analyzing the alternative industries other than focusing on the existing competition and then come up with a strategy on how to operate in the music world environment.
- Looking at the changing times and demands of their customers other than focusing on the products of the company or its competitors. Managers are able to create new products that are standard.
- Targeting different customer other than concentrating on the loyal customers. The objective here is to create products for everyone in the community and not only the ones that are loyal to you.
- Analyzing the strategic groups of different industries other than a company that confines itself to establish strategic groups so as they can reach every customers demands.
- Analyzing and looking at the functional / emotional appeals of their customers other than concentrating on the emotional / functional changes that the industry implements.
- Analyzing alternative products and services of there customers other than limiting to the companies ability of offering services and products to the services (Kim & Mauborgne, 2005).
By putting these aspects into great consideration the music manager will be in a position of identifying and analyzing some of the things that he/she wants to incorporate hence applying the ERRC principle these are; elimination, reduction, raise, and create, in order to come up with the Blue Ocean Strategy that will ensure that the company is in a position of succeeding. This is as a result of the company opening new market opportunities that never existed before (Dimitrov, & Niciejewska, 2009).
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The use of Blue Ocean Strategy will implement the use of a business strategy known as a Strategy Canvas, which will be used by the organization to evaluate the competition that exists between the companies dealing in the same kind of trade. Thus the focus of this is set to focus on the competitors’ alternative from customers to non customers in the music industry. Strategy assessment tool helps or identifies where the competition is investing, how they are in the market are competing and the value of the current customers.
Sustainability of your company greatly depends on other four pillars that should also be adapted, the industry should be able to formulate scenarios about the future market equilibrium or balance by taking into consideration the effects of new interventions in the industry, the trends that may arise from those markets, these way the managers are able to monitor the market very well.
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Complementing power players especially to products that very essential from other producers in the market that basically means innovating complementary products, this way, you are able to buy power players who in turn will help you infuse your innovations rather than ignoring it.
Establish partnerships with market players so to add value to the product and also assist in taking to your customers and promotion making or taking advantage of coordinated switching that is distributing your potential profit.
Flexibility is also important, that is your marketing plans and everything in your company should be flexible so that you are able to cope with the market changes and new evolutions.
The use of Blue Ocean Strategy will certainly offer the music manager an opportunity of offering the competitors in the industry with stiff competition (Dimitrov, & Niciejewska, 2009). It will also offer the company with new market opportunities or a Blue Ocean. As a consequence the company will make huge profits due to the new changes that the company will implement and the new demands that will make a company to deviate from its normal operations. This will reduce the amount of competition between the companies and this will eventually improve the performance of the company. In addition it will stimulate growth and increase ventures of the company; thus ensuring that the company is in a position of succeeding in its daily operations (Kim, & Mauborgne, 2005).
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In conclusion, strategic management is determined through the managerial decisions in place and the actions towards the performance of a corporation on a long term basis, these aspects include environmental scanning both internal and external, strategy formulation(short and long term), implementation and constant evaluation of the strategy. Strategic planning requires that there is control on the plan that is being followed; this therefore requires that your company is able to monitor and evaluate opportunities and threats in light of the corporation’s strengths and weaknesses. For this reason, the company will be in a position of offering the customers with new range products that they weren’t in need of before. This will definitely expose the customers to the new services that they never knew or enjoyed before and this will to some point provide the company with an alternative source of income and thus it will introduce new products in the market and reduce the rates of competition amongst the companies that compete amongst each other.