MUSI 3338 Lecture Notes - Lecture 19: Language Acquisition, Exhibitionism, Sorority Noise
9 May 2018
School
Department
Course
Professor
Unit 3: Tapping Value in the Music Industry
The New Marketing Mix
● Creating: the process of collaborating with suppliers and customers to create offerings
that have value
● Communicating: the process of describing offerings, as well as learning from
customers.
● Delivering: the process of providing access to offerings in a way that optimizes value.
● Exchanging: trading value for those offerings
Consumer Value
● Personal value equation
○ Value = Benefits Received - [Price + Hassle]
● Value is subjective
● Marketers seek to understand and satisfy consumers’ wants and needs.
● Time investment = money.
○ E.g. spotify free = ads, free but time wasted
Brainstorming: Step 1
● Make a list of all the possible functions of music within our society
○ Entertains
○ Heals
○ Spreads ideas
○ Communication
○ Communal/community
○ Supports identity
○ Supports other media
○ Background entertainment
○ Social and political messages
○ Education
○ Religious worship
○ Language acquisition
○ Memorization
○ Lullabies/soothes
○ Cognitive development
○ Employs
○ Drives the economy
○ Markets
○ Cultural exchange
○ Expressing/handling emotions
Brainstorming: Step 2
● Pair each function with the value generated for participants (could be value for
performers, audiences, society at large)
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Unit 3: tapping value in the music industry. Creating: the process of collaborating with suppliers and customers to create offerings that have value. Communicating: the process of describing offerings, as well as learning from customers. Delivering: the process of providing access to offerings in a way that optimizes value. Value = benefits received - [price + hassle] Marketers seek to understand and satisfy consumers" wants and needs. E. g. spotify free = ads, free but time wasted. Make a list of all the possible functions of music within our society. Pair each function with the value generated for participants (could be value for performers, audiences, society at large) Makes people feel connected with others of similar background. Identify which, of these functions, has been exploited (i. e. generated revenue) within the music industry, as well as which functions could be exploited. Elements of musical value, according to holbrook (2013)
