MARKETING PLAN

STUDIO INFINITY

Prepared for
Mir Semon Haider Course Instructor: MGT 368 School of Business

Prepared by
Master of Puppets
Name
Yasir Md. Farabi Zayed-E-Zamir Md. Mahabubul Alam M. Nafizuzzaman Sajid Imtiaz Khan Nazmus Sakib Section: 1

ID
061 284 030 061 285 030 061 305 030 061 341 030 061 472 030 061 819 030

North South University April 16, 2008

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THOSE WHO ARE ABOUT TO ROCK WE SALUTE YOU...

Course: MGT 368 Section: 1 North South University

Contact No:01670272499, 01615012222 E-mail: zayedzamir@hotmail.com yasirafarabi@gmail.com

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April 16, 2008 Mr. Mir Semon Haider Lecturer, School of Business North South University Course: Entrepreneurship (MGT368)

Subject: Permission for submitting the marketing plan. Dear Sir: We are pleased to submit the Marketing Plan on the music studio STUDIO INFINITY. The plan basically focuses on the marketing aspects of a new recording studio and practice pad and tries to give an in-depth analysis in terms of the industry, the market, management, financing, the musical services and the business itself. We thank you for giving us the opportunity to explore critically the entrepreneurial and marketing aspects of a new recording studio that has become a lucrative business the country and worldwide. We are grateful for your valuable advice and kind co-operation. Thanking you, Sincerely, Yasir Md. Farabi Zayed-E-Zamir Md. Mahabubul Alam M. Nafizuzzaman Sajid Imtiaz Khan Nazmus Sakib ID: 061 284 030 ID: 061 285 030 ID: 061 305 030 ID: 061 341 030 ID: 061 472 030 ID: 061 819 030 Signnature: ___________________ Signnature: ___________________ Signnature: ___________________ Signnature: ___________________ Signnature: ___________________ Signnature: ___________________

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Acknowledgement
At first we would like to thank our respected faculty Mr. Mir Semon Haider for giving us support, courage, and opportunity to work on marketing plan. We are also grateful to those people without whom it was quite impossible for us to continue preparing the entire report. During our preparation, besides some point we did not face any major difficulty rather we enjoyed our each & every moment. All of the group members were really co-operative .We had done library work and web search, a analysis of questioner and came to understand many events about marketing plan.

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Executive Summary
Music is one of the most important aspects of a human beings life. A successful song needs a lot of caring to be produced. Although the musicians are the creator of musical pieces, the people behind the production are equally important for the musical creation to come into being. Recording and producing a song successfully is very challenging as the Polices guitarist Andy Summers once said that creating good music is like climbing a mountain which never ends. We strongly believe that Taking the risk does half of the plan. So we the six partners have decided to start a Recording studio and practice pad business. We have decided to name the studio as Studio Infinity. In this paper we considered all the factors necessary for the successful marketing of our new venture. Our studio will be one of a kind with impressive display of State of the Art recording and practicing instrument. We are planning to start the business in Dhanmondi R/A, which is the most lucrative area to start this kind of venture. In the past, the recording studio business was not renowned and it was quite a new concept. Hence, it was difficult to attract the customers in the earlier situation. For that reason, we have to do many advertisements which were expensive and many fixed costs for starting up the business had occurred. As it was a new business, so we could not provide the quality services on lower prices according to the customers demand. Our budget was also limited and it had also sterile us to give benefit to the customers. Now as we are getting older and bigger our cost is getting lower. Present market condition is pretty ultimate. We are hoping our customers are pleased by the services provided by Studio Infinity. People want the services that will meet vi

their expectation level and also match with their desired price. We have found that at least we can fulfill a group of customers desire. In addition, those people are from upper middle, and upper class income level, and not quite educated about the market situation, price, quality product etc. therefore, from a birds eye view, we can state that the market demand is getting quite high for the service instruments and product and there is a great likelihood to enter the market and have well position in it. For our advertising purpose, in the fourth year we are going to spend 12 lac taka. Professional musicians basically will be our key customers. We are

also focusing on amateur and mediocre musicians as well. As it is a music base business organization, so armature musicians may not be interested to come to do their music practices in exclusive and costly ways. As our main customers are professional musicians so customers regions will be Dhanmondi, Banani, Gulshan, Baridhara, and Uttara, where most of our target customers live. Although, customers will come form any place from Dhaka City, but our main focus is on professional musicians. We will provide standard products and services to the customers. We will be supplying exclusive musical instruments and products and services for the customers. Our Services will include concert management, providing rental instrumental services, recording personal music cds, and also band music recording. We hope, if we can emphasize these services and represent these in an attractive way; customers will find interest to get these services and will be satisfied. Our customers basically are the professional musicians and the young people who are just getting into music. Because, of the musical practices and recordings we are going to provide very exclusive brand

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guitars, drums, bass, keyboard, sound system etc. The age between 15 to 45 is the target market for our studio. Customers always want the things accordingly to their preference so we will provide the facility to see our product easily. The price of the product little bit high but the quality is very good so the target people should buy and experience the service. We will focus the consumer mind to buy a stylish and exclusive products and services. For advertising in the News paper for the middle class and upper class, we used the Prothom Alo and The Daily star. We also used monthly magazine which is applicable for our target market. We are going to put a big bill board in the Satmasjid road to attract the youth and the professionals. Through the cable TV channel we will advertise in the specific areas such as Gulshan, Dhanmondi, Banani etc. Through posters, leaflets, brochures, visiting cards, pocket calenders we will try to positive message to our customers to to avoid drugs, for completing education, taking music as passion etc. The belief that we have, one day the customers will say about Studio Infinity - "We feel comfortable here." We are going to create an environment, which will be conducive to any style of recording. Musicians will be able play live as a band and isolate each instrument or live as a band all in the same room which we will do regularly, even though so much these days is programmed in a computer. For practice pad, We will maintain an extensive collection of plug-ins for opening sessions created in smaller studios that don't have outboard gear. The console will be fully automated and recallable. We will have excellent documentation methods for recalling outboard gear, but highly recommend printing extra mixes like vocals up/down to avoid having to do a recall. viii

In our business we provide service with many alternatives according to their need. So the customers get the right thing based on their choice. We provide advice to organize or to have services properly, which some time help the customer. We focus the latest trend when the trend change we adapt it and provide the service. The mission statement is a crucial element in the strategic planning of a business organization. Creating a mission is one of the first actions an organization should take. This can be a building block for an overall strategy and development of more specific functional strategies. Competition is a very big problem for our business. We are so new in this business and they are some very big shops around our shop which is a very big problem for us because we have to give them the challenge to get the customers. Economically we are not in very good position but from couple of years we are doing well where we consistently touching almost GDP six and six an half. In spite of this, economically we are not in a very decent position because of our political indifference, strike, and high inflation rate. For the high inflation the product price is getting so high on the other hand people purchasing power is getting lower and lower. As product price is getting so high our upper middle class customers are getting de motivated to purchase more of musical services. There is a very big problem for us to take all the orders because we dont have the ability to back up all these order simultaneously because of the lack of sufficient equipments and skilled employees. We will endeavor to give our customers better service possible on the budget constraint of our customers. Sometimes we might have to compromise our profit with customers benefit but we hope it would be profitable for us at the end of the day. Those who will be satisfied by ix

our service must recommend others to rely on us and we will get a good customer group. We have to change our service category, product style, variety of the product etc according to the customers demand. Presentation of the product is also important. If any good and quality services are kept on a wrong place and not focused well on the shop then it may lose its attentiveness to the customers. Though, the business may be very new, but we are really hoping for early success. The reason for our confidence is the wonderful business and marketing plan that we have developed as a group. We the owners of Studio Infinity are very much satisfied about our funds and success is just knocking at our door.