Question

Provide a brief bio of master p (rapper) and the type of business he/she is operating?

Why do you think the entrepreneur has been successful?

Describe the target market that the entrepreneur is trying to appeal to in all of his business ventures (demographic, geographic, psychographic, and behavioral). What does this target market value?

Discuss which ways the entrepreneur’s surroundings influenced his/her thinking. What were the advantages of the entrepreneur’s surroundings for the marketplace? What could’ve been some of the limitations of his/her background?

Brainstorm a business idea that you could pitch to the entrepreneur that would be appropriate for the entrepreneur’s interests. What market research would you need to conduct in advance to assess whether your idea has the potential to be successful? 2-3 pages minimum

no case reading needed juat find information on master p the entrepreneur

there is no cas reading can you answer to the best of your ability

Answer 1

Brief Bio

Percy Robert Miller additionally known by his stage name Master P, is an American rapper, entertainer, record maker and basketball player. He is the founder of No Limit Records, which was relaunched as New No Limit Records through Universal Records and Koch Records, and at present, No Limit Forever Records. In 2009, Forbes assessed Miller's total assets at about $700 million, which put him as the third-most extravagant figure in hip bounce at that point.        

Type of Business & Secret of success

Miller was among the first rappers to tap into the retail potential of music industry. He is also an investor, he has invested in a diversified portfolio across travel, real estate, stocks, films, toy making, clothing, telecommunications, a jewelry line, auto accessories, book and magazine publishing, car rims, fast food franchises, and gas stations.

Rappers had verifiably centered more around the creative and stylish side of hip bounce music while giving almost no consideration to the business, speculation and budgetary perspectives. All that changed in 1996 when Master P signed a music distribution deal with Priority Records, one where No Limit Records would hold 100% ownership of their master recordings and keep 85% of their record's deals while giving Priority 15% for pressing and distribution which permits No Limit to benefit from future deals, for example, catalogs and reissues. According to Wendy Day, CEO of the Rap Coalition, "Master P had a whole marketing movement. He was the first person to market the way a corporate entity like IBM would market to their clientele."

Miller used various cost-effective marketing rather than expensive route which majority took. For example,

1) Street level guerrilla marketing by distribution of a few free samples to people with expensive cars

2) Used pen and pixel graphics and Mafia-inspired themes to make his albums stand out using Photoshop

3) He turned his artists into Marvel comic book-like characters rather than just rappers.

4) Brand image and identity became more important than just music quality.

Q) Describe the target market that the entrepreneur is trying to appeal to in all his business ventures (demographic, geographic, psychographic, and behavioral). What does this target market value?

Master P music is promoted mostly for American teens and adults in the age group of 16-25. They have explicit or deep lyrics and dark subject matters. Music is all about struggles of growing up in ghettos and inner cities with high crime rates and lack of care from the governments. This makes rap a way for people to express themselves to the world. The music has evolved to good vibes and music for parties as well. Hip-Hop music also appeals to the youth who look up to the singers as idols which certain companies uses to sell their merchandise like clothing line and other apparel etc.

This target market value this music because its often a no bars held approach to society and problems associated with it. Its associated with struggles in life and political opinions as well as being a very fun genre.

Q) Discuss which ways the entrepreneur’s surroundings influenced his/her thinking. What were the advantages of the entrepreneur’s surroundings for the marketplace? What could’ve been some of the limitations of his/her background?

Master P being born in a ghetto had struggled growing up. Initially he was focused on making enough money to escape the ghetto. He had picked up lot of lessons living on the street which helped him relate to ghetto ways of life, thus relating to his target audience. Master P decided to get off the streets when one of his 4 siblings were robbed and killed by a drug addict.

The advantages which master P had from the surroundings are that he could easily relate to the struggles of his target audience, he could easily identify cheapest ways of marketing his songs, the emotional attachment played a lot in his success of music, the relationships with other rappers also helped him in promotion of his music.

Limitations include the struggles he had to o through, the lack of money at his early life, competing with big players in the music industry with loads of cash was difficult.

Q) Brainstorm a business idea that you could pitch to the entrepreneur that would be appropriate for the entrepreneur’s interests. What market research would you need to conduct in advance to assess whether your idea has the potential to be successful?

Business Idea: Short Film series

Target Audience: Same as the hip-hop audience

Execution: Use music profit to develop films catering to the Target Audience

Market Research:

1) Historical data – how have the ghetto themed films with themes like struggles of life, escaping from ghetto, finding success fared in the past

2) Cost of production – What are the typical budget for such a short film series to be made

3) Cast – Do the target audience relate to famous actors or local actors

4) Real Story – Can we get real story or a scripted one

5) Questions to be answered

a. How to execute this with minimum borrowing?

b. How to eliminate middlemen?

c. Scope of cross promotion

d. Understanding the customer need