Question

Describe an existing start-up business/ new venture and assess their product/ service and pricing strategies. Product/ Service Strategy: The uniqueness of Product/ Services What value the product offer to consumers? Assess the appropriateness of the product to the chosen target market.

Product/ Service Strategy: The uniqueness of Product/ Services What value the product offer to consumers? Assess the appropriateness of the product to the chosen target market Pricing Strategy Identify the pricing strategy and assess the appropriateness of the strategy to the chosen target market

Answer 1

Pandora is one of the finest examples of successful startups. Pandora is a personalized music recommendation service which uses its feedback system to successfully determine best available music stations for the user.
Company sells their application by using personalization experience as the music which is delivered in the application is selectively tailored for the specific customer. Provision of this unique service creates a differentiation market of giving importance to the customer which creates great brand loyalty. Company is selling 10 million shares and has been very successful in the music industry by developing this type of approach of personalizing music experience at a very cost effective business platform.
Pandora's main target market is the youth which is using the internet as the main tool for listening music and to carry out the day to day task. This type of approach definitely enables Pandora to be more productive on the mobile devices which enables it to generate more revenues from the same Market by doing less efforts.
Pricing strategy is defined according to the customers and company does have different plants to offer to the different segment of the customers. Ranging from the premium subscription to regenerate economy subscriptions Pandora has been successfully delivery its pricing strategy which is proven to be very beneficial for improving the overall market situation for the company. Which type of strategy has helped Pandora to grow prominently in the market and to differentiate itself from its competitors.