Target markets
Market targeting is one of the most important elements in marketing of products and services. Target market entails a distinct segment of the total market that is comprised of a group of potential customers that a firm intends to capture and market its products and services to (Abramson, 2009). In its initial market entry phase, Texas Religious Music Promotion Company will focus on developing strong market recognition within Texas before venturing into other regions in the country.
The firm will target individual and institutional customers. Some of the institutions that the firm intends to market its services to include churches, Christian institutions and annual conferences organized by renowned gospel music groups such as the Women of Faith and T.D Jakes MegaFest.
The firm will also target major Christian festivals and Theme Parks. Currently, Christian festivals in the US are attracting thousands of fans. Some of the festivals that the firm will target include the Freedom Festival, Cornerstone and the Spirit West Coast festivals. These events attract a large number of gospel music fans annually.
Decision to target individual and institutional customers was informed by increase in demand for gospel music in the US. The firm projects that it will achieve its profit maximization objective by marketing its services in the two market segments.
Positioning
Market positioning is one of the most important aspects that organizations should take into account in an effort to deal with the competitive nature of the market (Russell, 2009). This arises from the fact that it makes a particular brand to be entrenched in the customers’ mind hence increasing the likelihood of customers purchasing the product (Russell, 2009). Texas Religious Music Promotion Company intends to position itself as the best gospel music promotion company in the US.
In order to achieve this, the firm will ensure that its services contribute to development of a unique experience amongst its consumers. One of the aspects that the firm will focus on developing and sustaining is quality. Texas Religious Music Promotion Company will ensure that a high level of professionalism and customer focus are maintained.
To achieve this, the firm will provide adequate training on its employees on how to offer services to customers. Additionally, the firm will design performance standards that employees will be required to adhere to in the course of executing their duties. This will play a significant role in developing a high level of customer loyalty.
Marketing mix
Product strategy
Texas Religious Music Promotion will specialize in planning and promoting public and private music events. The firm will also provide logistic support to its clients. This will be achieved by offering free consultancy services on how to organize events.
In the course of its operation, the firm will deal with promotion of all genres of gospel music such as classical, jazz and other forms of contemporary Christian music. Moreover, the firm will ensure that music by diverse artists is integrated in the events. This will increase the likelihood of the firm attracting a large customer base and enhancing the level of customer loyalty.
Pricing strategy
Price is one of the most important factors that consumers take into account in their decision-making process (Bartlett, 2008). In an effort to attract a large number of customers, the firm will adopt the good, better, best pricing strategy. This will be achieved by integrating three main price tiers hence giving customers an opportunity to select their preferred tier.
An acceptable price differential will be integrated in the various music categories. The price differential element will also be determined by the artist of the music being played. The price of playing music by famous gospel artists will be set at a relatively higher point compared to that of emerging gospel artists.
By incorporating the good, better, best pricing strategy, the firm will be able to influence the customers’ decision-making process. This arises from the fact that they will perceive the firm’s services to be fairer compared to competing profits. Consequently, the likelihood of customers consuming the firm’s services will be increased. As a result, the firm will be able to achieve its quantity and revenue maximization objectives.
Promotion strategy
Texas Religious Music Promotion Company intends to create awareness to a large number of customers. Consequently, the firm will integrate diverse market communication methods. Some of the methods that the firm will utilize include advertising, public relations, sales promotion, and personal selling. The firm will advertise its services through traditional mediums such television, radio and print media.
The firm will post adverts informing potential customers of the services it provides on national dailies and various entertainment magazines. Additionally, the firm will also design catchy banners which will be posted on billboards that are strategically located. Brochures and fliers will also be issued to customers. This will increase the likelihood of creating awareness to the older generation.
On the other hand, public relations and personal selling will be achieved by integrating the concept of direct marketing. To achieve this, the firm will enter into a contract with renowned gospel music promoters in the country. This is underscored by Abramson (2009) who asserts that Music promoters are very effective in creating public awareness regarding concerts and festivals due to their experience and hard work.
The firm will also incorporate emerging Information Communication Technologies such as the Internet in its advertising process. To achieve this, the firm will design an official website on which information regarding its products and services will be posted. This will give customers an opportunity to develop a comprehensive understanding regarding the firm’s operations. Social media will also be integrated in firm’s advertising processes.
Some of the social media platforms that the firm will utilize include Facebook, Twitter, You Tube, MySpace and blogs. Currently, a large number of consumers are utilizing social media to interact with family and friends.
By integrating these social networks in its advertising processes, the firm will be able to create awareness to a large number of customers. Moreover, these mediums will provide a platform for the firm to interact and bond its customers. As a result, the firm will be able receive market feedback hence developing a better understanding of the customers’ tastes and preferences.
Distribution strategy
In an effort to reach a large number of potential customers, the firm will establish offices in different parts of the US. This will play a significant role in improving the convenience with which the customers access its products. Additionally, the firm will develop a call center through which it will offer free consultancy services with regard to event planning.
People and process
Texas Religious Music Promotion Company is committed towards developing a high level of customer loyalty. As a result, the firm will educate its employees on how to be courteous to the customers. Moreover, the firm will employ professionals in order to ensure a high level of accuracy in the process of offering services.
This is due to the fact that the level of satisfaction amongst consumers is influenced by the nature of contact created between the customer and the service provider. By creating effective customer contact, Texas Religious Music Promotion Group will increase the likelihood of succeeding in the US market.
Reference List
Abramson, H. (2009). How not to promote concerts and music festivals. Chicago: Concert Promotion Manual.
Bartlett, D. (2008). Recent trends in US services trade, 2008 annual report. New York: Cengage.
Russell, E. (2009). The fundamentals of marketing. London: AVA Publishing.