Business and Management
Submitted By maryssadupre
e-sonic: Strategic Analysis
Team Number One:
MNGT 475 - EM
In an attempt to regain profits and to continue establishing themselves as a market leader, Sonic Records formed a subsidiary company named e-sonic. This company is responsible for creating an online music store to compete with the established players in the industry and includes key executives from Sonic Records. Founded after the Record Industry Association of America (RIAA) initiated several hundred lawsuits against individuals and pirate file-sharing websites, e-sonic has the potential to grow and expand into its goal of becoming the world’s leading market for online music. Despite fierce competition from Apple’s iTunes, Rhapsody, Napster, Google Play, and others, e-sonic will find more than enough room to enter the market and succeed. By understanding their customers and learning from other online music giants, e-sonic will be able to maximize upon the factors that customers want. It is also suggested that with the development of a mobile application and a competitive business strategy, e-sonic can increase their chances of being profitable in the market. Growth in foreign demand will allow e-sonic to market itself to countries outside the United States and thereby increase profits. Furthermore, a labor market assessment and learning about the internal capabilities of e-sonic has revealed a need in the technical aspects of the daily operations. Therefore, marketing professionals, software developers, and computer programmers will be needed. In addition, a performance-based culture will allow e-sonic to make employees focus on sales, ensuring their success in the market.
Identification of e-sonic’s industry based on the North American Industrial Classification System (NAICS)
Every company has a code to…...