POLYPHONIC HMI

Marketing Plan for Polyphonic HMI

Marketing Plan for Polyphonic HMI

Introduction

Polyphonic HMI is a company that is being led by a group of talented and educated team of managers; the team possesses experience of working in the music industry. The major strength of the company includes experienced advisory board made up of music industry insiders with first-hand knowledge of how music companies operate and about the challenges they might face. The company has also established an HSS which is valuable and scientifically proven product with unlimited potential that can serve across different market segments (discussed at length below). There are few challenges that are present in front of polyphonic HMI, which is off the short budget of $150,000 (Lathrop, 2013).

Target Market for Polyphonic HMI

Since there several budget and time constraints present in front of polyphonic HMI, they should only pursue one target market; “market-makers,” or record labels. Of the three leading market segments identified above, only record labels have the resources (i.e. the song offerings and marketing capabilities) to uncover the true potential of HSS (Wennlo et.al, 2012). Given the scenario the marketing campaign is the most appropriate to apply here given the absence of a direct competitor and that the target market is appropriately sized and leveraged to offer the best return on investment. Furthermore, there is future growth potential in adjacent target markets, such as music producers an unsigned vocal talent (Wennlo, Falk, & Zhang, 2012).

Positioning of Polyphonic HMI

In Exhibit 1, the company and its competitors were considered along with their product offerings to create the positioning statement below: To record labels concerned with discovering and reaping new music hits with regularity, our product offers easy and near certain results. Relative to traditional and less effective alternatives, HSS predicts “hit potential” 80% of the time (Wennlo et.al, 2012).

Competitor

Currently, there are no competitors present in front of polyphonic HMI to compete with their HSS. However, some of the in-direct competitors come in the form of research methodologies, which are currently employed by music executives to evaluate a song's hit potential. These include: focus groups, call-out researching, online testing and, occasionally, a music executive's “gut instinct.” Among the above mentioned the initial competitors are expensive, and they will cost the company somewhere around $3,000 and $10,000 to analyze a song, and time consuming (Wennlo et.al, 2012). Another perceived competitor: music producers. Polyphonic should not believe this notion.

Customer

Currently, the ...