Jazzy Studio Is A Music And Sound Recording Marketing Essay

Jazzy Studio Is A Music And Sound Recording Marketing EssayJazzy studio apartment is a unison and penet tempo record studio that set asides arranging services to local geniuss in and around Abeokuta south local government in Ogun state, Nigeria. The organization is led by a well-thought-of occupationman, Seun Odegbami, who has considerable develop in running an effective barter. The company owner Seun Odegbami sallys more than 10 years of industry experience and offers a strong flat coat in sound record, audio engineering and promotional commercialiseing skills.The focus of this problem is to put forth objectives to provide audio record services for musicians/ workmans, to provide prize promotional materials, increase sales and customer base, and to offer outstanding(a) materials and videography services in the near future. Jazzy studio is ready to elevate to the next step and the company is also seeking a business add in the amount of 7million, which entrust be u sed in the purchase of equipment upgrades and advertising.1.1 bangJazzy studios mission is to provide an environment in which personal artistry is encouraged and creativity is inspired as well as expressed. The company will commit to its customers by providing a professional full service enter studio and video production company dedicated to supplying superior quality at relen shelve price.1.2 VISIONWe intend to provide our customers with the best quality and services ensuring customer satisfaction by encouraging two factors HONOR AND INTEGRITY.1.3 OBJECTIVESThe important objectives of jazzy studios includeTo provide exceptional audio recording services for musicians/artist.To increase sales and customer baseTo provide promotional material (posters, fliers) for musicians/artist.To offer outstanding videography services in near future.1.4 PRODUCT AND SERVICESThe studio will offer a variety of recording and production products that will speak to to the residents of our target mar ket and its surrounding areas. These services includeProfessional audio recordingManufacture and press compact discs for artistCreating innovative sound and concepts victimisation the best recording equipments.Vocal trainingTutorial sessions1.5 MANAGEMENT BIOGRAPHYThe management team of jazzy studios comprises of three staffs namely Seun Odegbami, Richard O commitlu and drink Ogundipe.The team is survive by Chief Executive Officer, Seun Odegbami who directs the affairs of the company after a successful career as a manager at Marvin Records. He true his offshoot degree in media services from university of Lagos in 2001 and later proceeded to the University of Sunderland where he bagged his M.B.A in 2003. Seun Odegbami offers more than 10 years of vast experience in the music industry.The audio engineer is Richard Ositelu.The audio engineer also called audio technician, recording engineer deals with the use of machinery and equipments for production of quality sounds. Richard fi nished from Yaba College of Technology with HND in sound engineering and has 5 years of working experience in the studio.Tope Ogundipe acts as an administrative officer. She is responsible for all accounting and administrative services of the organization. Tope is an OND holder from Lagos state polytechnic and also offers 2 years of working experience.Our organization is made up of three staffs that would carry out business goals and batten customer satisfaction is guaranteed at all time.CUsersSubbyDownloadsacc3.gifFigure 1 illustration of company organogram1.6 COMPANY SUMMARYCOMPANY NAME JAZZY STUDIOS rigADDRESS 4, Laderin Road Abeokuta, Ogun State.PHONE NUMBER 01-273648, 07061524987EMAIL emailprotected, emailprotectedWEBSITE www.jazzystudios.comJazzy studio sits in Laderin road which is the heart of Abeokuta. The studio consists of three rooms a wait area, a pre-production area and a post production area with a state of the art recording sound booth. It is the only full servic e, professional recording studio in the area.2.0 THE ECONOMYThe economic market condition in Nigeria is struggling to leverage her vast wealth in order to displace the annihilating poverty that affects over 50% of its population. Despite the slowdown in the economy, there have been a great number of small talents taking music as a long time career. The music industry has high employment-generating potentials. The growing success of the industry has not gone unnoticed by investors and indeed many record labels are investing in advanced and talented artistes nationwide. The recent success of top musicians in the global world has been a massive elevate for young aspiring talents in the music industry.2.1 MARKET ANALYSIS SUMMARYThe overall market for sound recording is immense and the demand for sound recording is increasing. Sound recording aid the booming technology that delivers audio to MP3players, computers, IPOD etc. also, sound engineering technicians operate machines and eq uipments to record, synchronize, and mix sound effect in recording studio, theater productions and video production.Jazzy studio launches its services in receptive to the steady growing market segment which is among young adults in Nigeria today. Despite the economic downturns, there is still an increase of young talents in the music industry and our organization is ready to provide sound services to local vocal talent whether they are artist, children interested in tutorial session in audio recording.2.2 INDUSTRY ANALYSISThere are approximately 1,255 sound recording studios in Nigeria. Revenues generated by the industry total more than 50 million and there is an estimate of about 6,000 people employed by the industry. The industry is expected to continually grow as the number of potential talents is on the rise and more competitors entering the market. The Nigerian census estimates that the industry has grow at a rate of 11.5% annually.2.3 MARKET SEGMENTATIONOur market segmentation is fairly straight forward and focuses on our target market, customers at bottom the music and sound recording industry. These customers prefer trusted quality of work and its our duty to deliver the quality they expect.The information in our market analytic thinking table shows our main markets which are the local independent artist and children. Our market for local independent artist who are our biggest and popular market exists due to ideal location. Our children clientele exist due to tutorial sessions we offer in our community.Table Market AnalysisMarket analysis2012201320142015Potential customersGrowthIndependent artist20%100120140160Children20%32527292Total20%1322023224422.4 MARKET TARGETJazzy studio will do the music recording market segment. Since our company is located in the heart of Abeokuta, the target market will be young aspiring musicians who probably are unable able to afford the regular studio session fee. They utilize us to build onto their audio portfolio, and to provide excellent service.Because we mainly focus on the music recording market, we cope how to meet the specific needs of our clients. Therefore, we intend to r for each one our target market through word of the mouth marketing, fliers and business cards which will be distributed in the neighborhood2.5 COMPETITOR ANALYSISJazzy studio is the only full service and professional studio in Abeokuta south local government and our business is in a non-competitive environment. The studio has modern and abstract sound systems which will attract more customers. There are currently no competitors in this rail flair of business in Abeokuta south.2.6 COMPETITVE ADVANTAGEJazzy studios competitive advantage relies in our ability to position as a strategic ally with our customers. The companys reputation of universe trustworthy and reliable will be a key factor by building a business based on long standing relationship with our clients. The longer the relationship, the more we will help our clients understand what we offer them and why they need it. Our Producers and audio engineers will establish strong relationships with clients to ensure that they are satisfied because it aids us in generating future business. Our organization operates under a business philosophy that specialized customer service is the best way to attract more clients.Jazzy studios also recognize the opportunity to provide tutorial sessions to young aspiring adults. This approach tends to get the attention of local young aspiring musicians/artist which is the best way to make money in the long term and bring the best out of clients.3.0 BUSINESS STRATEGYOur business strategy involves advertising and reaching all the potential clients that we can. Our goal is to provide exceptional service to our customer and satisfy them at all cost.Currently, jazzy studio has an advantage because the owner/produce, Seun Odegbami is a well known superior business man that has excellent audio engineering and con versation skills. Seun also offers more than 10years of experience to the music recording industry. Once a few bands have been secured, it then becomes our marketing strategy to plug the bands as much as possible. This will be done by leveraging all of their networking contacts.3.1 gross revenue STRATEGYThe CEO has an excellent customer relation and interpersonal skills these skills will be used in making customer/musicians comfortable in trusting jazzy studio to produce and record music for them. Keeping customers happy, we feel, is an implicit part of building a relationship that will encourage business growth.3.2 SERVICE BUSINESS ANALYSISAs a music recording company, it is our duty to offer customers the best services, a professional atmosphere and comfortable environment. We also provide musicians/artist with promotional materials, such as fliers, posters and cd covers at a very reasonable price.As simple as it may be, our method of executing customer service has an important ef fect on the bottom line. Skillful use of good communication will bring the business we desire.3.3 WEBSITE MARKETING STRATEGYOur online services will provide intending customers an opportunity to access more information about the organization, promos, recording hours and tutorial. The site will be linked to various entertainment sites such as music sturvs, notjustok, and jaguda. Jazzy studio will also submit the site to some(prenominal) different search engines and lastly, the URL address will be prominent on printed material and correspondence.4.0 FINANCIAL ANALYSISThe financial plan of any business is essential as it makes all the difference between organized activities and chaos (Maslauskaite and Koumpis 2011). A comprehensive business plan is useless if it does not contain a financial plan and endureion for the future.The current financial plan for jazzy studio is to obtain a business loan in the amount of 7million. The loan will be used to update and purchase new equipment and software, increase advertising and provide video recording services.The following sections of this plan will serve to describe jazzy studios financial plan in more detailsSales projectionBalance sheetProfit and lossBreak-even analysis4.1 SALES PROJECTIONSales projection is a core in a business plan. Managers tend to measure a business growth by its sales and the sales forecast sets the standard for expense, profit and growth. Jazzy studios average 21 sessions a month. Studio sessions cost 7500/hour. Most sessions last for 3 hours thus each session totals 22,500.Each promotional design cost 10,000. Our goal is to design between 50-100 promotional designs a year.Our forecast for jazzy records total sales in its first year is 3,150,000. During the years 2014-2016 we see a 30% annual increase.Table SALES PROJECTIONSales Forecast2013201420152016Unit salesAudio fruit120135161195promotional design4591110165Total Unit SalesUnit PricesAudio ProductionPromotional DesignSalesAudio Production Promotional DesignTotal Sales165201322,50010,0002,700,000450,0003,150,000226201422,50010,0003,037,500910,0003,947,500271201525,50010,0004,105,5001,100,0005,205,500360201625,50010,0004,972,5001,650,0006,622,500Figure sales by year4.2 IMPORTANT ASSUMPTIONSThe table below shows the assumptions used in the financial calculation of this business plan.The average per-unit revenue cost is estimated to be 18,700. The average per-unit variable cost is estimated to be 500. The estimated periodic fixed cost is 100,000.Table General assumptionsGeneral Assumptions201220132014Current Interest rate10.00%10.00%10.00% ample term interest rate10.00%10.00%10.00%Tax rate15.00%15.00%15.00%4.3 intercommunicate PROFIT AND LOSSThe net income for 2013, 2014, 2015 and 2016 is forecast to be 3,150,000, 3,947,500, 5,205,500, 6,622,500 respectively. The net profit for the same period is4.4 PROJECT BALANCE SHEETThe table below illustrates the project balance sheet.TABLE Balance SheetPro forma balance sheet201 3201420152016ASSETSCurrent assetsCash7,005,0217,503,8718,012,7608,499,091Other current assetsTotal current assetLong term assetAccumulated depreciationTotal long term assetTotal assets3,121,02310,126,04400010,126,0443,121,02310,624,89400010,624,8943,121,02311,133,78300011,133,7833,121,02311,620,11400011,620,114LIABILITIES AND CAPITAL2013201420152016Current liabilitiesAccounts payable56Current borrowing03291Other current liabilitiesSubtotal current liabilitiesLong term liabilitiesTotal liabilitiesPaid in peachyRetained earningEarningsTotal capitalTotal liabilities and capitalNet worth03554435.0 SWOT ANALYSISA SWOT analysis identifies the internal and external factors that are every helpful or not and serves as a useful resources which may be incorporated into an organization strategic planning model (Chen and bruneski).The SWOT analysis aids in displaying the internal strengths and weaknesses that Jazzy studio must address. The SWOT analysis allows us to examine opportunities presen ted to Jazzy studio as well as possible potential threats. The companys strength which includes having 10 years of industry experience and noesis, quality production and sound, excellent and stable staff, essential equipment, high customer trueness and good referral relationships as well as strong media relationship will help the company grow from strength to strength.5.0.1 STRENGTHS10 years of industry knowledgeEssential equipmentsStrong media relationshipQuality production and soundCost advantages with new technology exploitation customer base and customer loyalty within target group.Awesome website5.0.2 WEAKNESSESLack of money to advertiseCost factor with keeping state-of-the-art hardwareNew entrantsLimited channels of distribution5.0.3 OPPORTUNITIESGrowing market with a significant of our target market still not knowing we exist.Strategic alliance offering source for referrals to extend our reach.Developing new technologies to cope with the driving force of the industryInterne t through expanding e-commerce.Expanding nationwide5.0.4 THREATEmerging local competitors currently there are no recording studios in the area.Increase in price inputs can cause upward pricingChanges in regulations can impact the business5.1 LIMITING FACTORSThe limiting factors that control the organization process, such as growth, resources are as followsLack of constant electricityPiracy