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Executive Summary
Texas Religious Music Company is a non-profit making company that shall market and promote gospel music genres and Christian activities and festivals. The Company will also offer free consultancy services on logistics. It is a sole proprietorship company.
The Company will open its main office in a suburb location within Texas City, Corpus Christi Texas.
The Company will target individual musicians and institutions. These include religious organizations and renowned personalities in Christian faith like T.D Jakes.
Texas Religious Music Company will use market research to leverage all elements of marketing mix in order to achieve its marketing and sales objectives.
The Company’s key success factors include nationwide consumer awareness, affordable services, consumer education, free consultancy services, and professional services and customer experience.
Texas Religious Music Company’s short-term goals include creating awareness and acquiring at least ten clients every week. The Company intends to spread to other states within three years after inception.
Texas Religious Music Company will recruit professionals and train them on their respective jobs. This would ensure that employees provide the best services to customers. The Company will provide adequate resources and leverage on modern technologies in order to deliver superior services to the market.
Texas Religious Music Company has different sources of funds, which include bank loans and overdrafts, share capital, contributions from families, friends, and other associates, who may opt for shares in the Company.
The Company’s financial projection indicates that it would be able to sustain itself over the years.
Income statement. As at 30 July 2014
The Company shall ensure smooth management and operations. It shall recruit only qualified employees and reward them based on their performances. Texas Religious Music Company will create a supportive work environment that minimizes employees’ stress and turnover. All employees will adhere to the Company’s code of conduct and ethics. The Company strongly advises its employees to avoid conflict of interests and consult when in doubt.
Texas Religious Music Company will operate within the state and federal laws. The Company will protect itself against unscrupulous businessmen. It will avoid risks associated with pirated music and other illegal activities within the music industry.
General Company Description
Texas Religious Music Company (The Company) is a non- profit marketing company located in Texas City, Corpus Christi Texas. The Company’s mission is to provide the best professional marketing services to the gospel music industry and religious institutions. Its goal is to be a successful company with leading professional services.
The Company would market gospel music, related services and products for institutions like Christian churches, conferences, and gospel singers. It targets renowned personalities and groups like the Women of Faith and T.D Jakes MegaFest. Other potential clients would also include major Christian festivals and Theme Parks.
The Company will aim to market such products and services to the Freedom Festival, Cornerstone, and the Spirit West Coast festivals. Texas Religious Music Company decided to pursue both individual artists and institutions because of an increasing demand for gospel products in its target markets.
Texas Religious Music Company would be located in Texas, but it will spread to other states after three years in operations. It shall achieve this through promotion of music in both private and public events. The Company’s short-term aim is to acquire ten clients per week for the first six months.
The Company believes that gospel music and Christian services require professional marketing in order to reach many potential consumers and audience.
In the recent past, the gospel music industry and other related Christian services have grown significantly with a large fan base and followers. The number of gospel artists has increased. These musicians and other evangelists require professional marketing services for their products and services. The Company would take advantage of emerging technologies in order to promote its services in Texas and other regions.
Texas Religious Music Company believes that excellent customer service and professionalism in provisions of services would be the key to its success in a competitive music industry of the US. Moreover, the Company will work with professionals in order to create best and unique customer experiences.
Texas Religious Music Company is a non-profit sole proprietorship business. Therefore, it will not plan music events and offer logistic supports to private events within Texas City with the aim of maximizing returns on investments.
Products and Services
Texas Religious Music Promotion will provide services and products related to planning and promoting public and private music events. In addition, the Company would also offer logistic services to its customers. In particular, Texas Religious Music Promotion would provide free consultancy services on issues related to events planning and executing.
Promoting gospel music genres could also form a part of marketing services that the Company could provide. Music composition would be classical jazz and contemporary popular Christian music.
In order to acquire a large market share, Texas Religious Music Promotion shall promote gospel music from several artists with different types of music genres. This is a strategy of providing services to a large number of potential customers. Texas Religious Music Promotion aims to grow its market share through mixed approaches in services and products.
Texas Religious Music Promotion will have competitive prices for its products and services.
Marketing Plan
Texas Religious Music Promotion will engage in effective marketing activities in order to ensure that it succeeds. Therefore, it would conduct a careful, systematic market research in order to understand prevailing conditions in the gospel music industry, events, and concerts. Market research would allow the Company to understand its position within the industry (Cheverton, 2004).
The Industry
The gospel music industry has grown steadily since 1970s. In fact, there are big firms like Word Records, CBS, ABC, Priority Records, and MCA. Analysts note that the market has grown steadily since 2005 by 30 percent (Price, 2003). However, the overall sales of albums have declined due to effects of recession (Geil, 2009). A lack of huge profits has driven away profit-focused organizations. This is favorable for Texas Religious Music Promotion because it is not profit-driven venture.
The Target Market Share
Texas Religious Music Promotion aims to control 20 percent of the market share within the next three years. The Company believes that its professional services and excellent customer services would make it a major player in the gospel music industry and other Christian services.
Current demand in target market
The demand for gospel music genre has grown steadily due to the use of popular lyrical techniques. Analysts have recognized a boom in the industry (Feinberg, 2000). Consumer preferences and trends have facilitated the growth in the industry. In fact, many marketing firms have targeted youths with gospel music, concerts, and other Christian events.
Marketing Objectives
Texas Religious Music Promotion marketing objectives are:
- Increase services and product awareness among the target clients by 20 percent in the next three years.
- Create awareness about its competitive services and products, and free logistic services for music events, concerts, and other religious activities with the aim of improving sales by 10 percent every quarter.
Marketing Strategies
Target markets
Texas Religious Music Promotion would target the fastest growing markets. In this case, the Company shall target individual musicians and institutions. These are segments with a wide fan base across the US. Institutions would include churches, Christian institutions and annual conferences. Texas Religious Music Promotion Company aims to target institutions of renowned personalities and institutions like the Women of Faith and T.D Jakes MegaFest.
The Company would also concentrate on major Christian events, festivals, and Theme Parks. These events and festivals attract thousands of potential consumers (Gonzales, 2004). Specifically, Texas Religious Music Promotion will target the Freedom Festival, Cornerstone, and the Spirit West Coast festivals.
These events attract a large number of gospel music fans annually. The Company decided to pursue both institutional clients and individuals because of the increased demand for gospel music genres in the US. These segments of the market would ensure fair returns on investments.
Target marking would provide a clear approach to marketing activities of the Company (Abramson, 2009). The Company will strengthen its target market segments in Texas before focusing to other states.
Positioning Strategies
Texas Religious Music Promotion would position itself as the best professional marketing company for gospel music and religious events in the US.
The Company would ensure that it offers superior and unique services and products to its customers. It will also promote high standards of professionalism and customer service. Hence, employees shall receive adequate training to ensure that this positioning strategy is successful.
Texas Religious Music Promotion aims to create high rates of customer retention and recruitment.
Positioning strategy is a fundamental aspect of marketing that all firms must consider in their strategies (Russell, 2009). This is a method of developing Texas Religious Music Promotion brand in a competitive music industry of the US.
Product strategies
Texas Religious Music Promotion will promote and plan both public and private music, events, and festivals.
The Company shall also offer free consultancy services with regard to logistic supports in organizing events and festivals.
Texas Religious Music Promotion will promote all genres of gospel music, such as jazz, classical, and latest music on the billboards. This combination would include music from different artists. It would appeal to fans of all ages in the US.
Pricing strategy
Texas Religious Music Promotion is a non-profit making organization. The focus of the firm is not to maximize profits. Nevertheless, the Company would set favorable prices for all its target markets. The Company would consider different tiers and other factors that could influence its prices.
In most cases, many consumers consider a price factor before making a decision to purchase any product or service (Bartlett, 2008).
Promotion strategy
Texas Religious Music Promotion targets many customers in the US. The Company shall use different communication channels in order to reach these customers. These would include:
- Advertising
- Public relations
- Sales promotion
- Personal selling
It will also use traditional media, such as:
- Television
- Radio
- Print media
Texas Religious Music Promotion would advertise regularly on newspapers and other entertainment magazines.
The Company shall use new communication media and technologies in its promotional activities. It shall have a Web site with links to social media networks, such as:
- You Tube
- MySpace
- Popular blogs
Distribution channels
Texas Religious Music Promotion must use large distribution channels in order to reach all its target clients across the US. In this regard, the Company plans to open several offices across all states and provide optional call centers for customer convenience.
It will also work closely with religious bodies in order to reach many potential customers.
Customers
Texas Religious Music Promotion focuses on the largest and fastest growing gospel music consumers in the US. These are mainly youths. The Company shall ensure customer loyalty and retention. It will train its sales team and customer care about professional best practices within the industry.
All contact channels with the customer would guarantee positive customer experiences.
Competition
Texas Religious Music Promotion will have to compete with well-established firms in the US gospel music industry. These include Word Records, CBS, ABC, Priority Records, and MCA among others.
Sales Forecast
Texas Religious Music Promotion intends to grow its total sales every month. The Company targets an increment of 20 percent in sales per annum. Sales team must keep records of all their activities and generate reports for total sales volumes and trends.
Sales strategies shall include:
- Direct (mail order, Web, catalog)
- Agents
- Sales force
- Independent representatives
Key Success Factors
- Nationwide consumer awareness
- Affordable services
- Consumer education
- Free consultancy services
- Professional services and customer experience
Income statement. As at 31 December 2014
After three months, stable earnings and efficiency ratio will imply that the Company is financially stable (Kennedy & Ehrenberg, 2001; Sirman, Hitt & Ireland, 2003).
Operational Plan
Operational management would be critical for the success of the Company (Janus, 2008; Longenecker et al., 2009).
Production
The Company would offer best promotional and logistic services beyond the industry standards.
Quality Control
Texas Religious Music Promotion would ensure that its products and services meet the best standards in the industry. The Company will assess, review, measure, and improve service delivery to customers.
It would also reduce costs through quality control.
The Supply Chain
Texas Religious Music Promotion shall use its supply chain to ensure application of effective strategies and business sustainability.
Texas Religious Music Promotion will sustain its market share through active marketing activities by ensuring seamless operations.
All processes will be efficient and proactive. The Company aims to establish a strong relationship with its potential customers.
Customer service
The Company would offer the best customer experience within the industry through its trained professional team.
Inventory control
Texas Religious Music Promotion shall ensure effective inventory control through record keeping and communication.
Product and service development
Texas Religious Music Promotion would engage in continuous product and service development.
Location
The Company will open its main office in a suburb location within Texas, Corpus Christi Texas. The office shall be easily accessible and spacious.
Legal Environment
Texas Religious Music Promotion would be a legally constituted company. It will operate within the state law and federal law. Hence, Texas Religious Music Promotion would have required permits, music copyright, and other relevant documents. The Company will also protect its logos and trademarks.
The Company shall not deal in illegal gospel music (pirated copies). Moreover, Texas Religious Music Promotion would rely on the law to protect against dishonest and unscrupulous businessmen.
Personnel
Texas Religious Music Promotion would have at a sales team, marketing manager, logistics officer, business coordinator and business manager for at the start of the business.
All these employees shall have the right skills and training for their respective jobs.
Plan for Hiring Employees
Management and Organization
Texas Religious Music Promotion Business Manager would ensure effective management of the business and usages of resources for meeting the Company’s mission and objectives. The Business Coordinator would supervise activities of General Managers and report to the Business Manager. It is the responsibility of the Logistic Officer and the Marketing Manager to coordinate all business activities of the sales team within the organization.
Professional and Advisory Support
Texas Religious Music Promotion would have the following professional and advisory teams:
- Board of directors
- Management advisory board
- Banker
- Company lawyers
- Accountants
- Insurance companies
- Mentors
Employee Policies and Work Ethics
Texas Religious Music Promotion shall apply some policies to guide its workforce while at work and outside the Company.
- Performance management through regular reviews to improve employee’s actual performance
- Use professional skills, qualifications, interrelations skills, qualifications, and job attitude for employ recruitment, promotion, and retention. This is a method of ensuring that the Company encourages performance and rewards employees fairly.
- All available job opportunities would be presented to all current employees first before engaging in external recruitment
- The Company shall conduct thorough interviews in all recruitment processes
Work Ethics
- All employees must adhere to the Company’s values
- All employees must avoid conflict interests and consult when in doubt
- Employees must have positive attitude and high-levels of self-esteem
Workplace Environment
Texas Religious Music Promotion would ensure that the work place environment is organized, healthy, and motivating to employees. The Company would strive to reduce work-related stress in order to enhance performance and retention of employees.
Texas Religious Music Promotion would be located a suburb area (Corpus Christi Texas) in order to minimize challenges employees may experience because of the office location. The place has an adequate space and a serene environment for the business.
Financial Plan
Internal Sources
Texas Religious Music Promotion would rely on internal sources of funds, such as retained earnings and share capital. This would facilitate expansion activities in other states. It will also use share capital for expansion activities. This is the major source of funds for many organizations after their inception (Vance, 2003).
Texas Religious Music Promotion shall continue to make sales and generate adequate revenues and profits to cater for its expansion plans. Shareholders would still control major stakes in the Company.
External Funding Sources
Texas Religious Music Promotion shall also get funds from external sources.
Bank loan or Overdraft
Texas Religious Music Promotion may get financial aid from banks for the agreed amount, rate, and time. Hence, the Company shall have to pay interests on the borrowed amount. Interest rates may vary based on different economic factors.
Texas Religious Music Promotion may also use bank overdrafts to fund its short-term projects. Bank overdraft shall provide a quick source of funds for the Company (Haber, 2004). They are more flexible and may be simple to process than loan facilities. Texas Religious Music Promotion could use bank overdrafts whenever it has shortages in cash flow.
Outside Investors
Texas Religious Music Promotion may also get capital from interested external parties like families, friends, and others. These contributors may become shareholders with the Company based on the extent of their contributions (Atrill, 2009).
Initial investment outlay $491,000
Annual cash flow $90,000
Therefore, the payback period is 491,000/90,000 = 5.4 years.
Cash Flow Projections
Cash flow projections are important for getting the net present value of the business against future projections. This is indicated in the table below.
Total revenue (P * Q) = total cost [Variable (C *Q) + fixed cost]
Price per unit (P) = $112.5
Units produced (Q) = to be estimated
Total fixed cost = $34,000 (as shown in the table below)
Net present value for the business
The table below shows the marginal cost statement at the break-even units of output.
Financial Projections
Before deducting expenses
Texas Religious Music Promotion Company. Balance sheet statement. As at 31 December 2014
Texas Religious Music Promotion Company. Income statement. As at 31 December 2014
After deducting expenses
Texas Religious Music Promotion Company. Balance sheet statement. As at 31 December 2014
Texas Religious Music Promotion Company. Income statement. As at 31 December 2014
Texas Religious Music Promotion Company. Statement of changes in equity. As at 31 December 2014
Return on investment = Gains – Investment costs
Investment costs
References
Abramson, H. (2009). How not to promote concerts and music festivals. Chicago: Concert Promotion Manual.
Atrill, P. (2009). Financial management for decision makers. Alabama, AL: Prentice Hall.
Bartlett, D. (2008). Recent trends in US services trade, 2008 Annual Report. New York: Cengage.
Cheverton, P. (2004). Key Marketing skills:strategies, tools, and techniques for marketing success. London: Kogan Page.
Feinberg, M. (2000). Modern Worship is Exploding. Christian Retailing 46(8), 45–56.
Geil, M. (2009). Music in Recession. Christianity Today.
Gonzales, R. (2004). Wide range of music inspires Project 86. Albuquerque Journal, 2, 2.
Haber, R. (2004). Accounting demystified. New York, NY: American Management Association.
Janus, P. (2008). Pro Performance Point Server 2007: Building Business Intelligence. New York: Press Intel.
Kennedy, R., & Ehrenberg, A. (2001). Competing retailers generally have the same sorts of shoppers. Journal of Marketing Communications, 7(2), 19-26.
Longenecker, G. J., Petty, J.W., Palich E. L., and Moore, W.C. (2009). Small Business Management: Launching and Growing Entrepreneurial Ventures. Alabama: Cengage Learning.
Price, D. E. (2003). Praise and Worship Genre Blessed With Global Growth. Billboard, 115(7).
Russell, E. (2009). The fundamentals of marketing. London: AVA Publishing.
Sirman, D., Hitt, M., & Ireland, R. (2003). Dynamically managing firm resources for competitive advantage: creating value for shareholders. Washington, DC: Seattle Academy of Management Publication.
Vance, D. (2003). Financial analysis and decision making: tools and techniques to solve. New York, NY: McGraw-Hill.
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