Week 3 Case Study: The Marketing Environment and Market Analysis
Watch the case study video entitled “The Australian Music Industry” and apply your general knowledge of the music industry in answering the following questions (these should be completed prior to class).
1. What are the key microenvironmental trends affecting the music industry? Give consideration to customers / clients, partners, and competitors.
* Customers: Sales are the biggest part to keep the music industry running. So customers are acting an important role to affect the music industry either they keep purchasing or not.
* Partners: As the well being of technology. Many new partners are showing up this few years, such as iTunes – A digital platform for customers to purchase music online. Besides, YouTube – A video website that can help artists to share their music all around the world in a second.
All those things can help people to get in touch with music easier than before, it creates a positive affection to music industry.
* Competitors: Customers become smarter and smarter because the better education and social environment, the standards that music industry is required, are become higher and higher. Moreover, people have lots of methods to relax themselves instead of music, for example, Movie Theatre, digital social network platform. The entertainments around us are become better and more choices.
2. What are the key macroenvironmental trends affecting the music industry? Give consideration to political, economic, sociocultural, technological, and legal factors.
* Sociocultural and political – After stepping in the 21st century, people are known more around the world, we understand and respect different cultures and religions. As a result for music industry, their customers are not limiting in one area but become international. That’s a positive trend affecting the music industry.
* Economic – The sales result of entertainment industry always depends...