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Business Studies Case Study on a Music Industry (With Diagrams)

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Introduction

Case Study Benny, a class 9 boy who excelled in the art of singing wanted to make use of his rare talent and raise money for his future education. He set up a small time business with 2 of his friends to raise money, as he was very poor. One of his friends Sam decided to handle accounts as he was skilled at Maths and had a good understanding of what price to set. Another of his friends Josh was in charge of building personal relations with some consumers to enhance sales as he had excellent persuasions and people skills. All three of them thought about different marketing strategies. ...read more.

Middle

They calculated the cost of making one CD: * They had to pay a monthly rent of Rs 10,000 for the recording studio for one month but due to lack of funds the owner of studio allowed them to pay 50% after 4 months * Printing the cover page of the CD- 5 Rupees * Cost of empty CD - 15 Rupees * Cover of the CD - 10 Rupees * Other - Rs. 5000 per month They did not think that they could do all the work themselves and hence employed 20 members of their class and promised to pay them 100 Rupees if they managed to sell 20 CD's each per month. ...read more.

Conclusion

Every week on a Saturday, which is statistically Planet M's day with the most footfalls, a special promotion took place where Benny sang live in the store. Planet M also advertised this in the Rolling Stones Magazine and newspaper. Benny became an instant hit and at the end of the year they sold 1000 CD's per month in cash and 500 CD's in credit that was to be paid by the next month. Now Benny and his friends have decided to sell the rights of the album to Tips Industry limited for 500,000 so that they could sell whole over India. They took this step as there board exams were approaching but as per the contract Benny has to perform about 1 stage show per month all over India and gets 10,000 Rupees for doing so. ...read more.

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