Question

which marketing mix can I use for a music studio?

Answer 1

Since the firm in this case is a music studio, it must be realized that consumers (In plain words : customers) will be limited to a particular liking. Here, by liking, we mean only those people who are interested in music will be the consumers here. Furthermore, all the music lovers will not require anything to do with a music studio. Only those consumers who intent to record music or make use of the facilities offered in the music studio will come. Therefore, this limits out consumer base to what we have explained above. This explanation constitutes one of the basic features of selecting a marketing mix. We now know who are the” People” who will come to us. The other four basic marketing mix are: Product, price, Place and Promotion.

                                  Product is already decided. People, we have seen above. We now need to decide where will we set up the music studio. Ensure that the place selected, should be at a location which is easily accessible to the richer section of the society and must be very well decorated and articulated (just some basic consumer theories). Then we must decide what price we will set up for the products offered in our firm. Once the price is decided, we will then require setting up the advertisements for the music studio to properly promote it. Note: In this type of business (here: music studio), the most critical marketing strategy is promotion. Have a great promotion done, and the consumer base would increase rapidly.