The BMG group has not reached over saturation in the marketplace. This is because the group has always come up with innovative ideas about their acts and performances. The major factor that causes saturation is the lack of product to adjust to changes in the demand side. In such cases, the product is unable to cope with marketplace requirements; hence there is no growth in sales. On the other hand, BMG group has continued expanding on the basis of extraordinary creative skills of its producers.
The group adopted a step-by-step growth strategy. It established a market reputation in the local market before it launched itself in the global marketplace. Also, the group did not follow the footsteps of other firms in the market; rather it developed its own policies. In order to achieve targets the company planned to go commercial with the help of Intel. This venture boosted the sales of the company. This phenomenal growth pattern thus indicates that the company managed to shape its product and bring it in line with changing trends in the marketplace. This shows that the BMG show never reached saturation. It continued evolving with time. This analysis is supported by increased sales every year.
Identify BMG's purpose, vision and values and strategies. Are they clear and concise? Can BMG implement a strong go to market plan using them as a guide?
The main aim of setting up BMG was to provide entertainment to all genders and generations. This aim was the driving force behind the growth strategy of the company. The vision behind this show was not to make profit but to provide quality entertainment to the audience. This meant that the show was never rerun. Also, it changed the dynamics of the market as it challenged traditions in the theatres. This is because the show continued to provide quality entertainment, but at the same time it continued changing the way things were run at the theatres. It installed more value in the performers. It provided them with additional benefits and hired them for long time periods. This gave the performers security of a consistent income flow. It drastically improved the quality of performances.
Also, the step-by-step growth strategy adopted by the group helped it achieve its major targets with minimum risks. The target market of the group was not limited to a certain age group or gender, rather the focus was to enhance the effectiveness of the platform to audiences of every age group and gender. The group did not compromise on the quality of the content. This is one reason why the show was never rerun. A careful evaluation of the strategies and vision reveals that the company has not committed itself to a lot of targets at one time. It has successfully managed to achieve all its targets on-by-one by maintaining focus on one target at a time. This depicts that the approach has always been clear and concise.
If these strategies are used as a guide, the group can develop an effective go to the market plan based on them. The core ingredient for success in any strategy remains the focus and the attention to detail. The market today is dynamic and changing with every second, but there is room for creative innovative products. The strategy that develops a model based on the strength of a firm's values and its ability to deliver to its maximum never fails to achieve its desired results. An effective go to the market strategy includes incorporation of all market factors and their implications on the business.
Intel helped launch BMG nationally in 2000. If BMG were opening their show in 2011:
A. Identify 2-3 launch platforms that they might explore. Why would these be good tactical platforms?
B. Describe their target audience in the early 1990’s and 2008? Has their audience changed over the last 20 years?
- In the market today, major platforms that can be used to launch BMG are social media websites. These websites include Facebook, Twitter and Google. There are many factors that make these websites the best choice. Firstly, the traffic on these sites is ion billions. This means that these websites provide access to billions of people throughout the globe, across borders. This is why they have become most important source of advertisement in the recent era. The cost benefit analysis of using such websites as launching pads will ensure that BMG has access to an effective marketing tool all the time.
The group can also use other companies for this purpose. Companies such as those in the cellular phone industry would be an ideal launching pad. This is because this industry is growing by leaps and bounds and by including BMG they can add value to their product and at the same time revive BMG.
BMG can also use big media groups as a launching pad. This will mean that it can utilize the platform of such media groups to revolutionize modern theatre.
- The theatre performances of the group initially targeted the younger audiences. Also, the music developed by the group was for young people. However, with time the target audience has changed. The group now aims to diversify its product to ensure that every age group and gender is catered to. This is a great step by the company as it will not only boost sales but will also improve the product portfolio of the group. It will guarantee an increased creativity in the market.
BMG's goal is to expand beyond their theatrical shows. Is their desire to expand into edutainment a good idea? How does the current perception of the BMG brand help the expansion into "edutainment"? How would their target audience change?
The BMG brand has always been considered a pioneer in enhancing creativity and brining innovation in the market. It has not only managed to increase the importance of theatres but has also moved into other industries like music. The desire to expand into edutainment is a good idea for the company. This is another one of it's creative creations which will help it enhance its customer base and add value to its already brilliant product range. Also, it will be a good way of going beyond the theatre. The current perception about the brand will not change much as the factor of creativity will remain with the company. The perception would rather facilitate this expansion. Also, the target audience would not change much as well. While the direct impact would be on young people and they will be the major sale boosting audience, other age groups will not be left out of this expansion as well. They edutainment idea can be expanded to incorporate people from all age groups. After all there is no age restriction for entertainment and education, then why should there be one for edutainment. This idea is an ideal way to achieve expansion goals set by the company; it will not only enhance the brand value, but will also strengthen customer loyalty and improve sales. Lastly, it will diversify the product portfolio, which is much needed at this moment.