First identify the steps that a musician would have to take

First, identify the steps that a musician would have to take in order to gain the commerical success necessary to earn his/her livelihood from selling music. Outline the actions this musician would have to complete which would make him/her successful enough to support him/her self from selling CDs or MP3s online.

Next, compare the steps you’ve identified to the fundamental steps for new-product development found in section 3.2 of your textbook. Write a one-page paper specifying the parallels/similarities that you’ve identified.

Solution

It is assumed that the musician is adept at composing music and has the intrinsic ability to develop notes to compose music.

Whether the composed music would have acceptance in his target audience would have to be deliberated upon by him with his peer group who are his friends and well wishers from the music fraternity.

He must then evaluate the likely costs that he might incur to produce and market his compositions. Should the likely net revenues be attractive enough to maintain his lifestyle he should embark upon test amrketing his compositions - it is assumed that patent and copyright are easily available and costs are affordable.

After a short run of test marketing he would be fairly certain of the success of his compositions. In fact test marketing is recommended only to protect him from the unlikely event of failure of his compostions and costs thereof. Being a musician and after his deliberations with his peer group the would know even before going in for test marketing as to how his compositions would fare. In the test marketing phase he would have developed the necessary website if not existing from prior ventures to reach out to the target audience. He could supplement this test marketing exercise by providing physical forms of discs with some demonstrations of his latest compositions to the target audiences free of cost.

After a favorable review from test marketing, he would need to go in for full fledged production of CDs or MP3s along with a marketing campaign through the traditional media and digital convergence to ensure his compositions are commercially successful.