The Task
Read the case study carefully first. Then prepare to answer the questions that follow the case study. As you answer the questions, please keep in mind the rubric that will be used in grading this assignment. All of the questions below must be answered in enough detail to make it clear that you are using what you have learned from your readings and course discussions.
The Criteria
You must use a word processing tool to write the assignment.
The Case: A New Mobile “APP” for a Music Community
Following his graduation from an excellent university with a degree in music and entrepreneurship, Brian Wright was eager to launch a music-related business. Brian always enjoyed working with new technologies as well as listening to music. Because of the proliferation of social media sites on the Internet and the advances in mobile technologies with smartphones, he believed that developing an “app” for mobile phones that brings together a community of fans for their favorite music would be ideal. The development of mobile applications has become one of the largest industries of mobile technologies and hundreds of thousands of apps exist for mobile users in almost every category: games, lifestyle, social networking, education, business, etc. In the Apple App Store alone, there are more than 500,000 apps and counting; many are even free, but many others are not, which means mobile applications are truly a growing source of business.
Brian was confident that the success of the other open-sourced communities and other mobile apps proved that there was a market for his idea; therefore, developing an app for personal music would be an easy concept for customers to grasp. Although music can be downloaded for free or for small fees, Brian knew that he and his friends preferred to listen to particular music and then comment about it. Brian believed that any true fan of a particular brand of music would want to engage with other like-minded individuals. And, if it was available on a smartphone as an app, then the mobility issue would ensure its success.
When calculating potential revenue, Brian concluded that the best way to monetize the app would be through a reasonable purchase price and then have music-related companies pay for ads that run within the app. Since he was creating a new social community around music, this would certainly be an avenue for companies to advertise. As Brian began discussing his idea with his friends, their enthusiasm convinced him that he needed to act quickly before someone else seized the opportunity. At $2 per app purchase and an estimated four new community members per month, he would only need a little over 20,000 customers to reach $1,000,000 in annual revenue. After looking at his financial forecasts, Brian decided that it was time to bring his mobile music app to market.
The Questions
For your current job or your future dream job, you want to be managed by a boss who uses one of the styles listed above. Your boss (or future dream boss) is willing to listen to you make the case for using this new style but insists that you present data. You decide to apply your market research skills.
Discussion Questions: for your post, include all of the following:
Posting Instructions
When developing your post, please keep in mind the grading rubric I will be using to score discussion participation. Also, please respond to two of your classmate’s posts in a meaningful way that extends the discussion.
Your original posts are due by 11:55 PM (CST) TWO DAYS PRIOR to the due date. This will enable fellow students to respond/reply to your posts before this discussion topic closes.
Brian has not completed the proper marketing research for this potential opportunity. Several reasons support this conclusion:
Lack of Market Validation: Brian’s belief that there is a market for his music app is based on his intuition and enthusiasm of his friends. He assumes that any true music fan would want to engage with others. However, he hasn’t conducted formal market research to validate this assumption. Market research would involve surveys, focus groups, or analysis of existing data to confirm the demand for such an app.
Analysis: Although Brian recognizes the proliferation of mobile apps, he doesn’t mention any detailed competitive analysis. Understanding the strengths and weaknesses of existing music-related apps and identifying gaps in the market is crucial before launching a new one.
conetization Strategy: Brian’s monetization strategy relies on a $2 app purchase fee and ads from music-related companies. He assumes that these companies would want to advertise without any evidence. Proper market research would involve assessing the interest of potential advertisers and users’ willingness to pay for the app.
User Needs and Preferences: Brian doesn’t mention any efforts to understand the specific needs and preferences of his target audience. It’s essential to know what features and functionalities potential users desire in a music community app.
User Acquisition and Retention Strategy: Brian mentions acquiring four new community members per month, but there’s no detailed plan on how he intends to achieve this. Market research would help in understanding user acquisition channels and retention strategies.
Yes, there are key mistakes that Brian should be cautious about:
Assuming Demand: Brian assumes that there is a demand for his app without concrete evidence. It’s a mistake to rely solely on personal belief and enthusiasm.
Neglecting Competition: Brian doesn’t seem to have thoroughly researched the competition. Ignoring existing players in the market can lead to failure.
Monetization Strategy: Relying solely on app purchases and ads might not be the most effective monetization strategy. Brian should explore alternative revenue streams like in-app purchases, subscription models, or partnerships.
Lack of User-Centric Approach: Brian doesn’t mention understanding user needs and preferences. To succeed, he should focus on providing value to users and creating a user-centric app.
Unclear Marketing Strategy: Brian’s plan lacks clarity regarding marketing and user acquisition. A well-defined marketing strategy is essential to attract users to the app.
To better assess the opportunity for his mobile music app, Brian should consider the following steps:
Market Research: Conduct comprehensive market research to understand the target audience, their preferences, and pain points. This includes surveys, focus groups, and competitor analysis.
Prototype and Testing: Develop a prototype of the app to gather user feedback and make improvements based on real user experiences. This iterative process helps in creating a user-friendly product.
Monetization Strategy Testing: Instead of assuming his monetization strategy will work, Brian should test it. Run small-scale experiments to see if users are willing to pay for the app and if music-related companies are interested in advertising.
User Acquisition Plan: Create a detailed user acquisition plan, considering various channels like social media, influencer marketing, and partnerships. Identify what would make users join the community.
Marketing Strategy: Develop a comprehensive marketing plan that includes user acquisition, retention, and brand promotion. Utilize online and offline marketing channels effectively.
Financial Projections: Refine financial forecasts based on data from market research and real-world testing. Ensure that revenue and cost estimates are realistic.
User-Centric Approach: Throughout the development process, prioritize the user experience. Continuously gather user feedback and make improvements accordingly.
Legal Considerations: Ensure that the app complies with all relevant legal regulations, especially concerning music rights and data privacy.
Partnerships: Explore potential partnerships with music labels, artists, or other music-related entities to enhance the app’s content and appeal.
Long-Term Vision: Develop a long-term vision for the app beyond the initial launch, including strategies for growth and sustainability.
By following these steps, Brian can better assess the viability of his mobile music app and increase its chances of success.
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