week 15

Week 15

1.      Why has the artist been successful? What are her key sources of sustainable competitive advantage?

In the scenario of the global entertainment in out of celebrities are common but to remain in top position for years and years is very big deal. Madonna is one the singing star who is able to remain in top position with massive fan following. Her record breaking 300 million sales of record has listed her name in Guinness World Records. She is also one of the most earning celebrities in the universe. (www.contactmusic.com)

Fig: Madonna

Reasons of Madonna’s success and sources of competitive advantage are listed below:

Ø  Bringing change on her style with the time.

Ø  Excellent innovation and creativity.

Ø  Strategy of making songs to get fan from all age group.

Ø  Effective network with big music houses.

Ø  Ability of overcoming the weakness.

Ø  Electrifying business mind. (www.aceshowbiz.com)

2.       What strategy directions could the artist pursue over the next ten years to continue her commercial success?

Market penetration

In this form of strategy the existing product is allocated in well manner and the volume of market share is increased. In case of Madonna she can bring some collection albums of the hit numbers to remain competitive in the market. And also she can continue to bring the same genre of the songs to the market.

Product development

At the stage of product development readjustment of existing product is done or new segment of product line is introduced to the market. Madonna can follow latest trend of music and come up with new album. Else she also can enter in the business of music production house or she can start giving music to other artists and movies.

Market Development

In market development, there will be hunt for new market for existing product. Madonna can endorse herself in the untouched market area by making planned marketing policy. She also can create many buzzes to remain the lime light of the news.

Diversification

It is a strategy that involves diversifying the scope of produce or services by an organization. For Madonna she can also restart her career as the movie artist and she also can make huge profit from bringing her fashion line in market in proper way. Along with these things she also can produce some music for the purpose of endorsing new artist in market. (www.strategyanalytics.com)

References:

(n.d.). Retrieved from www.contactmusic.com: http://www.contactmusic.com/info/madonna

(n.d.). Retrieved from www.aceshowbiz.com: http://www.aceshowbiz.com/celebrity/madonna/profile.html

(n.d.). Retrieved from www.strategyanalytics.com: http://www.strategyanalytics.com/