Studio College Rap

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the product

Multiple POS

Multiple modes

Transparent

Ease of transaction

Price - comparative/competitive analysis, regional analysis, test the elasticity of the market/willingness to pay

Promotion

Factors at play: economy, politics, socio cultural, population density, amount of competition, etc

Determines if willing and how much people will pay

“Elastic” Market

Lots of competition

Prices raise - audience shakes

“Inelastic” Market

Not a lot of competition

What is the zone of influence, and what factors determine it?

Target market area/region

Market share; the people

Price Setting: Elastic v. Inelastic

Socioeconomic Analysis

Cost of living

Average income levels

Competitive analysis

Related factors like transportation

Seasonal variables

Discount variables

Ticket fees

Taxes

Maintenance Fees

Overhead costs

Production costs, utilities, etc.

Potential Gross Income

All money in

Total # of Seats x # of Performances x Price

Price can be scaled; based on local/ proximity to performance

Potential Net Income

All money minus expenses

Factor in the likely % of sales; most likely 70-80%; never bank on 100% sales

Challenges of the supply/demand model

Market Analysis:

(look at census, state websites, etc. for demographic information)

Define area that you control

Media

Transportation

Is it easy to get to? Do we have parking?

Competition

What piece of the market place can we capture? (Market share)

Pick a space, look at local competitor’s/company and see how their space works, etc.

*** You must accurately define your product and prices ***

(Strategies) Advertising Platforms (Traditional and New)

Mass media; TV, Radio (Broadcast Media)

Social Media (PR)

Blogging/Vlogging

Reviews (ambassadors/influencers)

Print Media (Local, Regional, National)

Self produced print materials

Transportation Media

Large Format Media

Word of Mouth

***Know how to integrate the platforms***

FINE