Tag Archives: market analysis

SWOT Analysis

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This is a SWOT Analysis for our site

Strengths:

  • It can be accessible from anywhere around the world
  • Potential for Discounted Tickets to concerts
  • Potential to meet/chat with artists
  • Secure Way of Purchasing tickets
  • Help new Talents gain Fan Base
  • Records Label can scout talent easily

Weakness:

  • Investing Personal saving
  • As it is a new business people not trust it when launched
  • Difficult to monitor if illegal content is uploaded

Opportunities:

  • Global expansion, record label across the global would like to stop talent
  • New DJ and musicians are always in making
  • Their is room for new innovative services in the music industry that are still to be explored.

Threats:

  • Record label might not want to become part of new business
  • It is a web based business, so it is easier for competitors to program similar functionality on their webpage

Porters Five

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Porter Five analysis

Threat of new Entrance: Threat of new entrance is really high as at the end of the day as it is only a piece of program, so anyone can hire a programmer or a web developer in order to produce a web service which can easily compete with miXXerS. In order to avoid that happening and maintain our customer base miXXerS will carry on updating new features and exclusive offers to the website and try get as many users, musicians DJs and party producers as possible to become part of such a multi cultural platform so it will be harder for our competitors.

Threat of Substitute: Threat of substitute is low to medium as we do not actually have direct competitor. There are webpage floating on internet which provide similar service such as MeeMix, Last.FM, Pandora and Worldsings but they do not integrate events as part of the site. Fans will also be able to buy tickets to concerts online with as well by using Paypal which means their confidential information is also secure.

Bargaining Power of Fans: It is low, as the fans will be able to buy ticket to go visit their favourite DJ at lower prices on this platform.

Bargaining Power of DJs/Musicians: It might high if there is a new entrance because they might have different business examples providing all the services at cheaper rates but for the moment It is also very low, as this is the platform which they require in order to boost their experience and fan base.

Rival vary Among Existing competitors: it is also low as mentioned earlier on their aren’t any direct competitors who are offering exact same service at us, so it will be easier of the brand to create its awareness and gain a fanbase.

PESTLE Analysis

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We found that the PESTLE Analysis strategy is useful in the development of miXXerS:

Political: In order to run the social media lawfully, the brand has to follow the electronic commerce regulation 2002 (Gov.uk.2013).

Economic: The UK has the 6th largest economy in the world. After the financial crisis hit UK in the face in 2008 today UK continue to struggle. Before the financial crisis the GDP growth rate was around 3% but recently it is only 1.79%. Currently, the law abiding citizens of united kingdom are still struggling but slowly started to recover from credit crunch. We believe social media platform such as Networx7 would be extremely beneficial for musicians, DJs and party producers currently based in UK or anywhere across the globe, as they would be able to see who is getting more rating on social media and spot the talent which will make their life so much easier. (EconomyWatch.2013.)

Social: As this is social media platform and it tends to target a wide range of audiences across the globe with  numerous ethnic backgrounds, it is essential to provide the user with an option to translation the whole webpage into their mother tongue in order for them to use the website to its full potential. With the help of this platform, DJ’s from different country can collaborate their music and create something unique and distinctive which is not only beneficial for them as an individual but also beneficial for record labels. Recent statistics shows that 97% of the people listen to music several times a week (Social Statistics.2015), which highly emphasises the point that this website is going to be very beneficial not only for DJ’s but also for music lovers. This platform is going to break through all the social factors and bringing all music lovers whether they be music producers or simply music listeners together through music and musical events.

Technology: As it is going to be an online social network, it is essential to take technical factors into consideration. As this website is going to be operated all over the world it is essential for us to make sure the countries have facilities such as internet and broadband to make sure that they can use this website to its full potential. Differing technology legislation in in countries should also be considered before launching the services. Encryption for passwords and secure system socket layer protocol will also be implemented in order to project passwords from hackers. As a virtual piece of program that means miXXerS will not have to invest in new technology for very long time as the program will be compatible for with future hardware for long period of time. In addition the site must remain a mobile first site. A contingency plan is also going to be implemented in case of disaster.

Legal: There are many Legal issues which needs to be taken into consideration while working online or offline using social media. Issues such as:

1) Third party Content: Anytime an individual is uploading any sort of content including images, videos, music, text needs to be compliant with copyright law. You should have right to post third party content.

2) Content Ownership: who owns the information and media which has been uploaded on the website. Have you read entire terms and condition of the social media website before uploading all your confidential information. When you delete the information about yourself, is it actually delete or is it still property of social media website.

3) Criminal Activities: If a piece of text or a multimedia files has been a potential source of criminal activities online.

4) Information about an individual: Such information on social media could be a potential source of information to third party organisation without an individuals consent. (Ossian.K.,2012)

Environmental: Environmental issues are not applicable as their isn’t going to any waste disposal or recycling procedure taking place.

Reference:
Ossian.K.,2012.Legal Issues in Social Networking.Available from:http://www.millercanfield.com/media/article/200120_LEGAL%20ISSUES%20IN%20SOCIAL%20NETWORKING.pdf [Accessed on 22nd april 2015]

Social Statistics.2015.How often do you listen to music. Available from:http://surveys.pro/statistics/how-often-listen-to-music.htm [Accessed on 22nd april 2015]

EconomyWatch.2013.he Economy of the UK, GB, British Isles. Available from: http://www.economywatch.com/world_economy/united-kingdom/ [Accessed on 22nd april 2015]

Gov.uk.2013. The Electronic Commerce (EC Directive) Regulations 2002. available from:http://www.legislation.gov.uk/uksi/2002/2013/introduction/made [Accessed on 22nd april 2015]