music producer. In a US market where sales growth is declining by 10.4% in 2002‚ this situation weakens deeply the whole music industry and opens to the door to a change of pattern in the way executives of this industry predict future “hits”. Polyphonic HMI‚ a technology company‚ relies on a single marketable revolutionary product: Hit Song Science. HSS is artificial intelligence software that can assess the “hit” potential of a song thanks to an extensive analysis of millions of songs. This tool
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Recommendation: Target the record labels for promotion of HSS reports. Start with the initial enthusiasts like Ken Bunt of Hollywood Records and use their testimonials to win other record labels. Make use of the business connections of the advisory board at Polyphonic to get better reach to decision makers at record labels. Offer free trial reports to convince record labels and an initial lower cost for buyers along with discounts for high volumes ordered over a fiscal year. In the long run‚ promote Human Music
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Polyphonic HMI‚ Company Analysis DECISION PROBLEMS Polyphonic HMI is in the process of establishing their Hit Song Science technology in the music industry. Major issue is the choice of a target market that would make most effective use of limited $150‚000 marketing budget. Following this decision‚ Polyphonic HMI also needs to determine its key marketing strategies such are pricing‚ positioning of the product for the target market in order to maximize the profits. ANALYSIS OF INDUSTRY (based
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gratification of this need is ever more urgent due to falling sales and increasing music piracy (Pg. 5‚ P4). Can HSS be the answer to the industry needs? 2. Harnessing Overcoming Polyphonic HMI Barriers’s Opportunities Polyphonic HMI has significant barriers to overcome. Upon failing to impress hardware providers‚ HMI is lacking capital and time. In an industry that is normally associated with art‚ they have not found a way to make science and music mesh. However‚ they possess the potential to revolutionize
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Polyphonic Hmi: Mixing Music And Math 1 PROBLEM STATEMENT After failing at their first attempt to enter the music industry‚ Polyphonic HMI (hereinafter referred to as the “Company”)‚ is releasing Hit Song Science (HSS)‚ software used to predict future hit songs with 80% accuracy. An integrated marketing strategy‚ needs to be developed to launch an innovative product‚ in an industry typically known for “gut instinct” and therefore likely to meet strong customer resistance. Thus there are two key
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Executive Cover Memo Subject: Polyphonic HMI: Mixing Math and Music This is to recommend that Hit Song Science should market its product and services to record labels attempting to catch a larger share of the market. BACKGROUND Polyphonic HMI is preparing to launch Hit Song Science‚ which analyzes the mathematical characteristics of music compared to past music hits‚ making it possible to determine a song’s hit potential. Music characteristics can be analyzed by math such as melody‚ tempo
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Polyphonic HMI: Mixing Music and Math If you were Mike McCready‚ the CEO of Polyphonic‚ which target market—unsigned artists‚ producers‚ or record companies—would you pursue? How would you serve this target market? We will start with the three steps of “Segmentation‚ Targeting‚ and Positioning.” The market have been categorized into three subsets‚ and in deciding market coverage‚ we have been limited to only one market due to company’s resources according to the case. In view of Product
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Polyphonic HMI: Mixing Music and Math (Case Review) Abstract This paper is an analysis of a case study originally conducted by the Harvard Business School in August of 2005 and is based on the challenges of introducing a new technology into a market place that for decades been based on “gut feelings and intuition”. The new technology was initially designed to assist consumers in music stores find music that met a certain criteria. Later this was changed because of a sharp decline in music sales
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If I was Mike McCready of Polyphonic‚ I would pursue the record companies first. The following are the reasons: 1. Polyphonic can provide more demonstrable value to the record Labels. Since the record companies‚ because of their hefty investments‚ have the most to lose if an album or a song does not catches the public’s fancy‚ they are more focused on economic returns than artists and producers. Also‚ record companies have the financial resources to invest in Hit Song Science (HSS). 2. Record
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Polyphonic HMI : Mixing Music and Math Entertainment Management Situation Analysis Issue Definition Environment Analysis Strategy Options & Choice Action Plan Situation Analysis Situation Analysis(External) So few songs actually become hits - Las Vegas gives you better odds than the Music Industry! You might as well just put a million dollars on red and spin the wheel... - Ric Wake‚ Independent Music Producer Entertainment Management : Polyphonic HMI : Mixing Music and Math
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