The Song Format of the 21st Century

ACKNOWLEDGMENT
To my secondary school teachers and university lecturers who have shaped much of my knowledge and practical skills, I acknowledge you all. You are all heroes. I would like to acknowledge my music lecturers who gave me the

The Song Format of the 21st Century

skills necessary for starting this business. My parents; dad, and mum who have assisted me both financially and emotionally. To my classmates at University were always there for consultation and support; had great wit and humor were the platform to my dream of which this business plan is the product. You are all great. Thank you once more.

DEDICATION
I dedicate this business plan to my mum who never got tired to encourage me to move on with my business idea. She all time remained true, cheerful, and supportive. I will always cherish you mum. Thank you mum, you are a true hero

EXECUTIVE SUMMARY
Suspect Familia Music label is a vibrant and cutting-edge music company that will change the way users can listen to their favorite tunes and music. We are a start-up based in Phoenix in the state of Arizona. The core objective of Government TaxesSuspect Familia music Label is to redefine the way music is heard by fans. The record label will employ various applications to enable our clients synchronize, as well as select various music and tunes to listen to alongside doing other activities within the same application. In addition, the above applications will be compatible with various gadgets for instance, the cell phones as depicted by the following picture.

What We Sell
Our unique product will tap into the world music market and include everyone from the musicians all the way to the consumer. Our patent pending product presents a new music format for the public. For the first time ever, people will be able to alter, as they listen to their own music from acapella, mix and instrumental music. We will also offer a DJ specific version of our app that will allow DJ’s across the world to more efficiently play and mix music. Therefore, one will be at liberty to choose the application that suits his or her needs based on his/her gadget.

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Who We Sell To
Our customers will be strategic partnerships with all music distributers. We will license our format to all possible media related content companies. Including but not limited to broadcasting, Karaoke, Music Stores, TV, Facebook, Google, Amazon, iTunes and Hardware Companies. Our focal target will be DJ’s to commence and through them gain popular demand by the general public. This will definitely upsurge the numbers of listeners hence promoting the musical industry to a significant extent.
Financial Highlights
Based on that fact that music industry is undergoing transformation to a global digital context, it is clear that our record label will successfully deliver our musical content to various global markets through diverse digital platforms. Thus there is a significant probability that our company will steadily increase its sales because the various digital opportunities at its disposal.

Suspect Familia Music label aims to meet various needs of its customers. Hence, the company will be able to make significant sales and prospect to have an annual sale of $A with a significant increase of about 20 percent yearly. This implies that the company will make a collective revenue of $B. As much as the company will be spending $C in advertisement and other activities, it still prospect to have an annual net profit of $ D annually. The company intents to minimize losses while at the same time maximizing the profits on high demand products.
 Financial Highlights by Year
Given that, 2015 is the year that the company will be launching its Record label, the expected sales are minimal; the company expect to have a total revenue collection of $E, $F of expenses and a total of $G net profit. This will afterwards grow significantly as depicted by the following bar graph.

Goals of the business
Really, the biggest goal would be for us to record and produce musical products that caters for the needs of various segments of the market ( both youth and adults)
 Short-term goals
 The business aims at making 20% profit within the first year of inception of which 10% shall be ploughed back to promote the growth and expansion of the business.
 To improve the units of output within the first 6 months and ensure that the all the units are sold within the stipulated period.
 To employ or partner with jobless but talented youth
 The business also expects to increase the market share by advertising and offering appropriate after-sales services enough to attract the customers.
 Long-term goals
 The number of personnel is expected to increase significantly for better performance and to improve customer service.
 The business also intends to open up new branches in the area and the country at large to avail our products to more customers and to boost the customer base.
 The business also aims at penetrating the new markets and gaining access through taking control of a larger market share.
COMPANY
Company Overview
Suspect Familia LLC plans to make all sort of music accessible to its clients through downloads. We are glad to mention that we will make variety of formats and this will enable clients/consumers to pick their preferences at the comfort of their environment and gadgets; be it at home, disco, live concerts, or any other place provided one would be having a gadget that supports our application. This therefore implies that clients will be free to buy music together with our applications with ease. Hence, we will be able to compete favorably with our competitors.
We will also provide options that will enable clients to freely customize their music depending on their interests and passions. For instance, with the use of our application, a container based format (such as Dolby Surround) will enable our clients to carry their music be it instrumental, Acapella, etc. in a single download (in one file). Hence, our player (Application) will allow by the push of a button, or a slider, access to the Full, Instrumental or Acapella version of songs; thus offering many platforms under which our clients can enjoy hence making more purchases.
Moreover, we will be selling the applications on numerous companies like Apple, Google & Amazon among others. After the clients have purchased the applications, they will be subject to free updates. However, the initial cost for the applications will not be that expensive as we strategize to penetrate the market; therefore, the applications will be sold at a reasonable fee. Hence, Suspect Familia LLC will be able to collect much revenue, which will enable it to grow exponentially from the different segments of music consumers/listeners. Needless to mention, that every time someone purchases or even streams a Suspect Familia product, for instance if it a song, then the client will be entitled to receive a royalty fee from iTunes, Rhapsody or any other online music store. This will definitely encourage the clients to be purchasing more products.Government Taxes
Management Team
We prospect that Suspect Familia will have many employees but at the moment, Dyarl Orr and Anthony K will be the managers of the firm. However, it vital to mention that Dyarl Orr will be the CEO while Anthony K will be the assistant CEO. As the business grows, other personnel will be employed. Therefore, we expect to have the following organizational team.

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The organizational chart

The responsibilities of the CEO and his assistant

The CEO and his assistant will be entrusted with the following tasks:
a. To represent the firm in corporate meetings, seminars and shows
b. To formulate policies in the firm
c. To hire and fire employee(s)
d. To supervise the performance of the employees
e. To market their firm and look for new for tender(s)

Recruitment, Training, and Promotion
 Recruitment
Vacancies will be advertised through local newspapers for at least three days where minimum requirement for each post will be detailed. The candidates will apply through written application letters addressed to manager. The maximum period for applications will be one month and the best candidates will be selected. This will be based on academic qualifications and experience. The selected persons will be shortlisted two days after the application deadline. They will then report to the business offices in Phoenix area a week after the announcement for the interviews. The interviews will seek to bring out the visions and the social aspects of the individuals. The most appealing individuals will be selected and given two weeks to report officially ready for training.

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 Training
The selected candidates will be trained in three stages. There will be a seminar for the recruits chaired by the manager aimed at outlining the structure of the Suspect Familia Music label, the activities in each department, the mission and the vision of the business. On the same day, the deputy manager will take the recruits through the company to orient them. They will then be kept under an experienced worker – if available – for two weeks to enable them adapt to the work.
 Promotion
Promotion of the worker will be one-step upward at ago. This will be based largely on the performance. Any outstanding behaviour will be considered by the managers and this may be a basis for promotion. Duration will be a minor factor in promotion and the managers will set the maximum stay at one level. Suspect Familia’s erratic workers will be sacked and not demoted

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PRODUCTS AND SERVICES
Products
Suspect Familia LLC fulfills a growing trend in the customer-based market. Currently the only forms, of a song, available to the buying public are:
 Full Mix
This is a collection of songs assemble into one long track. Our firm aims to make this product available to clients through purchase via multi channels. However, the product will be going for $H which is a reasonable to our clients. Despite this product being affordable, it will still meet the quality that the client’s needs.
 Instrumental Mix
As much as this product will be available, it should be clear that there are few people who like listen to such music. Hence, we will make sure that this music is made available to such clients at a fee of $I per download.
 Acapella Mix
We will also make acapella mixes available to clients at a reasonable fee of $J per download. As much there will be fewer clients who have this preferences; our products will accept such clients since they will contribute significantly to our revenue collections at the long run.
 Full unedited songs
Clients will also be availed with latest unedited songs from various artists. To them that will not fit in the other scheme of mixes, they will definitely fit in this category. By so doing, we will have taken every clients’ needs and expectations into considerations.
Services
We aim to unleash this new music format which will make clients to easily customize their music as per their uprising demands with a click or a side of a button format. Therefore, we will be able to bring the music into 21st century. In addition, the music format will enable clients to save storage space as the new format aims to occupy little space so that clients can have many songs in the mobile gadgets. Moreover, clients can access lyrics to song at the same time they play the given song. Here is a sample picture

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Similarly, our applications will be subject to free updates and changes. This will enable clients to have good and attractive interfaces that will definitely be appealing. In case of a crash within the warrant period, clients will still be entitled to free installations and repairs.
Special features of our products
1. The applications will fully be available via downloads provided one makes a payment before downloads.
2. Music and tunes sold will be of quality and will be of low space hence enabling our clients to have many music.
3. Our clients will be able to switch/customize the music to whatsoever format with ease.
4. Our application will be compatible to almost all mobile gadgets so that clients will not have difficulties to install or use.
5. Our products will be license to protect our products and clients from buying fake products.
Competitors
Just like any other business, Suspect Familia expects to have numerous competitors.
 SWOT analysis of the competitors
The main competitors of Suspect Familia include Columbia Records, Angel Records, American Recordings, Capitol Records, Decca Classics, MCA records ,Philips Music Group, Rhino Records ,Universal M. G.W B Records and Sony M Online.
Competitors Strength Weaknesses Opportunities Threats
Columbia Records, Angel Records, American Recordings, Capitol Records, Decca Classics, MCA records ,Philips Music Group, Rhino Records ,Universal M. G.W B Records and Sony M Online • Has a high return on investment
• Has a good reputation in the market
• Has poor motivation of the employees
• Poor quality products offered to the customers
• High prices of the products sold to the customers.
• Large customer base due to inadequate supply of these products
• Partnership with other agencies which increases its capital base. • Inadequate compliance to government’s requirements
• Stiff competition.
• Poor supply of products that do not meet the market demand.
• Generous credit policies which has created much customer defaulters.

 Suspect Familia LLC strength, weakness, opportunities, and threats
a. Strength
1. Has a high return on investment
2. Has a good reputation in the market
3. Extensive research on product improvement inform of updates and diverse application versions
4. Availability of our genuine products and services through the internet via downloads town.
5. Massive marketing strategies to make clients aware of the products and services we offer
b. Weakness
1. Low chances of penetrating through the market given that our products and services are new in the market
2. Poor turnout of sales for our products and services based on inefficient marketing strategies
3. The cost of products and services may not be that affordable to some clients
4. Unless we license our products and services, other parties can make fake products and sell with our brand
5. Based on the fact that we will be selling much of our products online, clients may not be serviced that well hence we may have poor customer services or relations
c. Threats
1. Inadequate compliance to the government requirements
2. Stiff competition for other competitors
3. Poor supply of products and services that do not meet the market demands
4. Generous credit policies which has created much customer defaulters
5. Internal conflicts because of disagreements in business
6. Poor financial control
The business aims at utilizing these weaknesses to gain a significant market share by employing marketing strategies such as:
 Reducing the price for products and services offered.
 Motivating employee by making sure that their salaries and allowances are up to the standards
 Product quality improvement
 Increase in production output to cater for customers’ needs.
 Improvement in product package and sell promotion tactics
 Offering discounts to loyal customers.
d. Opportunities available
1. Large customers base due to the competitive advantage of the new application and the new music format
2. Partnership with other agencies like distributers in order to increase our sale or even raise capital to start this business
3. The ability to get major contracts that will promotes the sales of our products and services
4. Other competitors vulnerabilities of not meeting their clients’ needs and expectations
5. Information and research on new innovative ideas to improve our products and services

Monthly revenue
TARGET MARKET
Market Overview
Our Marketing plan is to get the word out to producers and artists via a whitepaper and conventions describing the process to get their songs ready for the new format. We also want to do a social media demo blitz to create a buzz among the public. Once that is in place we will do a media blast to science, music and business magazines. In the process, we will be working on targeted business partners to work with. Our pricing strategy will be worked out with our partners. Since we will be licensing our product to them, we will work out a reasonable pricing arrangement upon which we will have to agree. Once this has been done, it will be ease for clients to access our products and services.
Market Needs
The need for our firm to develop a new music format and an application comes about to solve or satisfy the following;

 Fulfills current customer trends based on their interests and preferences
 There will be many ready viable markets for our products and services
 Little to no competition yet based on the fact that our products and services are new in the market
 Advances future customers options
 A 48% savings over the current price
 A 30% reduction in storage space size
 Easy & instant access to all three versions
Entry and Growth Strategy
The business will attract customers by using strategies such as reduction in product prices, revamped sell promotion, after-sell services to loyal customers, and improvement in product quality, improved product packaging, and enhanced advertisements. The business will utilize competitors weakness and available opportunities to dominates the market

STRATEGY AND IMPLEMENTATION
Marketing Plan
 Overview
We aim to come up with a strategy that will foresee the best price for our clients. If it happens that a consumer wants to purchase two or all three versions of a song, they would pay $3.87 at current iTunes prices (a single version of the song is $1.29). By adding an extra $.70, to the Suspect Familia version, the customer would have access to all three versions and pay only $1.99. Suspect Familia would receive a market based royalty fee. The consumer would gain the benefits of the Suspect Familia capable purchase at a 48% savings. By so doing, we will have met some of the needs and expectations of majority of our clients.
 Positioning
Suspect Familia Mix Market will adopt early consumer segments where differentiated format value to our clients will be provided.
• DJ’s: A significant market penetration of the DJ segment is highly probable. A prime objective of DJs is the creative manipulation of music content. Suspect Familia proprietary technology best aligns to the prime objective.
• Music Students: Another significant penetration would be with music students. Suspect Familia capable song provides the Instrumental Mix and the Acapella Mix quickly and easily to allow students the capabilities to both sing along or play along.
• Personal Fitness: People typically work out to music. Suspect Familia capable song provides users the ability to customize how they hear the music and heightens the work out experience with a customize playback of the music content.

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 Pricing
Suspect Familia firm will set the cost of each product and services depending on the number of products and services bought. However, we will also keep an eye on our competitors’ prices (if there will be any competitors) in order to ensure that we provide the services and products at the lowest market price. By so doing, we will have many clients going for our products and services.
Factors that will be consider before prices are set include
i. The available Promotion methods
ii. Market Demands
iii. The targeted market share
iv. Government regulations and policies
v. Quantity of purchased products and services
 Advertisement and Promotion
Electronic will be the main media that will be used. This is because the business will situated in an urban town where majority of its dwellers have either television set or radio. Electronic media will portray the services and products offered by our company to be that of high quality, cheaper, and readily available. The adverts will aired four times daily; that is in the morning, at 1pm, 4pm and 7pm. These adverts will be aired in between a must watch programs that includes news and movie shows. The business selected the above time to air ads because at those stated time, it is easy to capture attention of a significant number of people, as they are keen and attentive while watching their favorite programs. Promotion campaigns will also be used to introduce products to various markets and this will include giving free samples to those who buy more of our products and product discounts. Methods of product promotion will include brochure preparation, participation in trade fairs and printing business cards and calendars with business information.
Distribution
We aim to distribute our products and services in two main ways, that is;
Muzak and Karaoke: Currently some of the elevator music and karaoke music is recorded by 3rd party cover bands. Suspect Familia Mix will allow the entire market quick and easy use the original music.
Trendy Stores and Restaurants Suspect Familia Mix allows store and restaurant owners to pick whether their customers hear the full version of a tune or instrumental versions customizing the experience for their customers in a manner that aligns to the intended retail environment
FINANCIAL PLAN
Revenue Forecast
Based on fact our products and services will sale much, we prospect to have a total revenue collection of $21, 000 in the end of 2015 financial year. This will definitely increase by the financial year 2016 to $600,000. Moreover, by the end of 2017 financial year, we prospect to have $1,400,000. This implies that we will be have a total direct cost of $525, $15,000 and $35,000 for the respective financial years (2015, 2016, and 2017). This will automatically translate to a gross margin of 98%, 98% and 98% for 2015, 2016 and 2016 respectively. This can be summarized in a table as follows
Revenue Forecast table
FY2015 FY2016 FY2017
Total Revenue $21,000 $600,000 $1,400,000
Total Direct Cost $525 $15,000 $35,000
Gross Margin $20,475 $585,000 $1,365,000
Gross Margin % 98% 98% 98%

Monthly revenue
We prospect that our products and services to gain amity monthly; as our clients will be using them; we prospect them to continue purchasing more of our products. This implies that we will never lose any of our clients; instead, we will be exploiting opportunities to make sure that we are always on the run to capture the needs and expectations of our growing market. To aid this argument, here is the prospected monthly revenue collections represented in a bar graph as follow.

About the Revenue Forecast
 Personnel Plan
Currently our firm has not recruited any employee but we prospect that we will have a good number in the near future. As soon as we have the employees, the following table can be used to summarize personal.
2015 2016 2017
New Employee $100000 $100000 $100000
Total $100000 $100000 $100000

Budget
FY2015 FY2016 FY2017

Salaries $100000 $100000 $100000
Marketing $50000 $50,000 $50,000
Promotions $25000 $25000 25000$
Others $20000 $20000 $20000
Total $150000 $150000 $150000
Start-up Costs
Given that this business will be headed by two individuals, we prospect to have a starting cost of $ Q which is to be raised by two individuals since it will be a partnership business. The remaining funds will be raised by applying government grants as wells as bank loans.
Profit-Loss Statement
2015 2016 2017
Collected Revenue $21,000 $600,000 $1,400,000

Direct expenses $525 $15,000 $35,000

Margin $ $20,475 $585,000 $1,365,000
Margin % 98% 98% 98%

Salaries $0 $0 $0
Marketing $0 $0 $0
Promotions $0 $0 $0
Others $0 $0 $0
Total $0 $0 $0

Operation income $20,475 $585,980 $1,365,000

Government Taxes $4,095 $117,000 $273,000
Expenses $4,620 $132,000 $308,000
Profit $16,380 $468,000 $1,092,000

Gross Margin by Year

Annual net Profit -loss

APPENDIX
Monthly Revenue Forecast (Jan –Dec)
2015
Total Revenue $0 $0 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,400 $2,800 $3,200 $3,600
Total Direct Cost $0 $0 $25 $30 $35 $40 $45 $50 $60 $70 $80 $90
Gross Margin $0 $0 $975 $1,170 $1,365 $1,560 $1,755 $1,950 $2,340 $2,730 $3,120 $3,510
Gross Margin % 0% 0% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98%

Annual revenue forecast
FY2015 FY2016 FY2017
Total Revenue $21,000 $600,000 $1,400,000
Total Direct Cost $525 $15,000 $35,000
Gross Margin $20,475 $585,000 $1,365,000
Gross Margin % 98% 98% 98%

Monthly Personnel Plan ( Jan- Dec)
FY2015
Salaries $8.3k $8.3k $8.3k $8.3k $8.3k $8.3k $8.3k $8.3k $8.3k $8.3k $8.3k $8.3k
Annual Personnel Plan
FY2015 FY2016 FY2017
Salaries $100000 $100000 $100000

Profit- Loss Statement
2015
Revenue $0 $0 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,400 $2,800 $3,200 $3,600

Direct Cost $0 $0 $25 $30 $35 $40 $45 $50 $60 $70 $80 $90

Gross Margin $0 $0 $975 $1,170 $1,365 $1,560 $1,755 $1,950 $2,340 $2,730 $3,120 $3,510
Gross Margin % 0% 0% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98%

Salaries $100000 $100000 $100000
$50000 $50000 $50000
Marketing
Promotions $25000 $25000 $25000

others $20000 $20000 $20000
Total $150000 $150000 $150000

Operation Income $20,475 $585,000 $1,365,000

Operating Income $0 $0 $975 $1,170 $1,365 $1,560 $1,755 $1,950 $2,340 $2,730 $3,120 $3,510

Income Taxes $0 $0 $195 $234 $273 $312 $351 $390 $468 $546 $624 $702
Total Expenses $0 $0 $220 $264 $308 $352 $396 $440 $528 $616 $704 $792
Net Profit $0 $0 $780 $936 $1,092 $1,248 $1,404 $1,560 $1,872 $2,184 $2,496 $2,808
Net Profit / Sales 0% 0% 78% 78% 78% 78% 78% 78% 78% 78% 78% 78%

FY2015 FY2016 FY2017
Revenue $21,000 $600,000 $1,400,000

Direct Cost $525 $15,000 $35,000

Gross Margin $20,475 $585,000 $1,365,000
Gross Margin % 98% 98% 98%

Salaries $100000 $100000 $100000
$50000 $50000 $50000
Marketing
Promotions $25000 $25000 $25000

others $20000 $20000 $20000
Total $150000 $150000 $150000

Operation Income $20,475 $585,000 $1,365,000

Taxes $4,095 $117,000 $273,000
Total Expenses $4,620 $132,000 $308,000
Net Profit $16,380 $468,000 $1,092,000
Net Profit / Sales 78% 78% 78%

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