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Business jargon or useful assessment tools
- 1. Business jargon or useful assessment tools P.R.Birkby 2014
- 2. SWOT – PEST - SMART SWOT - strengths, weaknesses, opportunities and threats PEST(LE) - political, economic, social and technological (legal and environment) SMART - specific, measurable, - attainable, realistic and timely or agreed, realistic and time- based or see later slide for more variations.
- 3. MATRIX © Copyright Showeet.com S W O T
- 4. SWOT – strengths and weaknesses Strengths General strengths uncovered in a SWOT analysis could include the artist's or label's ability to produce, and the quality of their productions. Similarly, marketing capability, working capital, management and proper use of information technology can all be industry strengths. Music is an irreplaceable commodity for fans, and specific genres and artists have fan bases that will accept no substitution. The free online promotion afforded by the Internet is a boost to musicians just starting out, and paid online advertisements spread the word for established and emerging artists. Other strengths include the income generated from tours and merchandising. Weaknesses Bad- and low-quality production, poor marketing, low capital and mismanagement could all be weaknesses for individual artists and labels. Overbooking is a music industry weakness that happens when there are too many concerts in an area; the fan base gets stretched thin and the bands don't make as much as they could for their live shows. Digital and concert overbooking losses lead to a deficiency in support from music's secondary markets, like ticket resale and local vendors. Finally, some artists are happy with the fan base they have and they don't strive to reach new followers.
- 5. SWOT – opportunities and threats Opportunities General opportunities include the growth of niche markets, new customer segments, retiring competitors, cultural movements and new technology. Artists are pushing for royalties from online radio stations similar to the royalties they receive from regular radio stations and live music venues. Many major labels are partnering with independent labels for mutual gain. The independent labels get infusions of working capital and the major labels gain access to trending new music. Threats Anything that interferes with a musician or label's strategy is a threat. Threats are also known as risks which could include events or trends that increase the need for resources or reduce expected business gains. Online music piracy is a threat – devalues music and with no revenue there is no investment. Cultural changes and the development of new technologies can be a threat as well as an opportunity.
- 6. Band SWOT case study • http://www.musicthinktank.com/blog/make- better-marketing-plans-with-a-swot- analysis.html
- 8. PEST – political and economic POLITICAL Government policies Political parties Legislation International pressure groups Wars and conflicts Regulatory organisations Grants and other funding initiatives ECONOMIC Economic climate Inflation Interest/exchange rates Unemployment levels Trade/market cycles International monetary issues Energy costs
- 9. PEST – socio-cultural and technological SOCIO-CULTUAL Demographic changes Education and health Lifestyle trends Media Ethics Changes in value and culture Work/leisure attitudes Role models/fashion TECHNOLOGICAL Information and communications Use of new technology Multi-media/Internet On-going innovation Intellectual property issues Global communications
- 11. SMART Goals S - specific, significant, stretching M - measurable, meaningful, motivational A - agreed upon, attainable, achievable, acceptable, action-oriented R - realistic, relevant, reasonable, rewarding, results-oriented T - time-based, time-bound, timely, tangible, trackable
- 12. Specific Well defined. Clear to anyone that has a basic knowledge of the project. Measurable Know if the goal is obtainable and how far away completion is. Know when it has been achieved. Agreed Upon Agreement with everyone involved what the goals should be. Realistic Within the availability of resources, knowledge and time. Time-Based Enough time to achieve the goal. Not too much time, which can affect project performance.
- 13. SMART example “I will sell 100 copies of my EP by next December”: Specific – Sell 100 copies of your EP. Measurable – Easy in this case: just look at your sales. Assignable – It’ll be you making it, but who else will be involved? A mix engineer? Need mastering? Realistic – Well, depends on your fan base and marketing obviously. Let’s assume that 100 copies is realistic here. Time-related – By December 2014. If you formulate your goals in this way, you’ll know exactly what success looks like. And that, my friend, is called motivation! http://thesoundcoach.com/producing/15-ways-to-be-a-mediocre-producer-nobody-will-listen/
Editor's Notes
- Strengths weaknesses opportunities and threats