mktg892-blog
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Challenge Management Team 1: Airi Ban, Carolina Garzon, Mia Madlambayan, Shannon Revell
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KEY MANAGEMENT CHALLENGE: ANTICIPATING TRENDS
Good management must always focus on seeing new and emerging opportunities. In order to stay ahead of competitors, companies should actively seek exciting and innovative strategies. These include increasing efficiency, discovering different distribution channels, and customer segments.
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Trend 1 Illegal downloading is still happening
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Trend 2 Online music streaming and radio websites are becoming increasingly popular.
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Creative Approaches: When someone tries to talk to me while I'm trying to brainstorm...
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Creative approaches: 1. Idealized design 2. Morphological analysis
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Morphological Analysis:
Artists can sell exclusive tracks through their personal websites using a point system, which will require consumers to devote time to take surveys or watch commercials in return for points that can be exchanged for songs. Thus, the songs are technically free and the tracks will be paid for by advertisers who are interested in gathering people’s opinions or testing out new products. This new payment system will be promoted along with new exclusive track releases on their own blogs.
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Lessons from Application
Using idealized design, we can simulate the direction that trends are heading
Morphological analysis allows us to break the challenge down to components so we can mix-and-match various options
We noticed new avenues and technologies that haven’t been taken advantage of. (ie It challenges the current mental model of traditional brick-and-mortar or e-commerce music sales.)
Artists can use a personal website to sell individual songs on a “pay as you wish” basis using the Venmo app. This will reduce costs by marketing on their blogs, which will hopefully catch onto other social media websites.
With morphological analysis, it is sometimes hard to build a combination that is actually feasible together.
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