Has brian completed the proper marketing research

Assignment Help Marketing Management

Reference no: EM133589114

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

Has Brian completed the proper marketing research for this potential opportunity? Why or why not? Explain.
Based on the case, are there key mistakes that you would caution Brian about? Explain.
What specific steps would you recommend to Brian for him to better assess this opportunity?

Reference no: EM133589114

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