Business Studies Flashcard

Front

Market segmentation in the music industry, including live music events and the vinyl market.

Back

Dividing the music market into groups of fans with similar music preferences or needs

Front

What is a benefit of market segmentation for businesses in the music industry, such as live music venues or vinyl record stores?

Back

Helps tailor marketing to specific customer needs

Front

Which of the following is an example of a mass market product in the music industry?

• Limited edition vinyl records
• VIP backstage concert passes
• Standard concert tickets
• Custom-made band merchandise

Back

Standard concert tickets

Front

In the music industry, particularly in the live music and vinyl record markets, niche markets are often:

Back

Highly specialised and focused on specific customer needs

Front

Drawback for a business in a niche market (e.g., live music events, vinyl records)?

Back

Lower market share potential

Front

In the context of producing a live music event and releasing vinyl records, which of the following is NOT one of the three core elements considered in the design mix? Function, Cost, Aesthetics, Economic manufacture

Back

Cost

Front

How does branding help a music label or artist in the live music and vinyl market?

Back

Create product differentiation

Front

In the music industry, particularly for a band releasing a new vinyl album and planning a live concert tour, which of these would be considered above-the-line promotion? Options: Sponsorship, Sales promotion, Television advertising, Direct mail

Back

Television advertising

Front

What is the main purpose of a USP (Unique Selling Point) for an artist or record label in the music industry?

Back

Create a competitive advantage

Front

In the music industry, especially with live music events and vinyl releases, viral marketing relies on:

Back

Fans sharing music and event content with others