Marketing For Entertainment Firms

Marketing for media does not mean selling or advertising. These things are part of marketing but marketing for media, in general, is so much more.

See this list of things a manager should do before and after deciding to produce and sell:

  1. Listen to the needs of the people who may buy your product. Decide if they want more or different products than the ones currently available.
  2. Determine what styles and types different customers will want and then decide which of these people you or your company will satisfy.
  3. Estimate how many of these people will want to buy, and when.
  4. Estimate where the customers are and how to get the product to them.
  5. Estimate the price that they are willing to pay, and if you can profit from this price.
  6. Decide what type of promotion promotion should be used to tell customers and potential customers about the product.
  7. Estimate how many competing companies will be making the similar product, what kind, and at what prices.
  8. Figure out how to provide customer service if a customer has a problem with purchase.

The above activities are not part of production (the actual making of your film, album, etc.)

Marketing is the bigger process providing you needed direction for production and ensuring the proper goods and services are produced and find their way to customers.

Customer satisfaction is the extent to which your entertainment firm fulfills a customer’s needs, desires, and expectations.

Marketing is important to every customer:
Rule of thumb is that marketing pays costs 50 cents for every consumer dollar.
Marketing is important to the success of every entertainment firm.

Innovation is the development and spread of new ideas, goods, and services.
As entertainment firms offer newer and better ways of satisfying their customer’s needs, those individuals will have more choices among the products and this will create a competition for the public’s moneys.
When an entertainment firm develops products that meet their audiences needs at a high level the result is fuller employment and higher incomes.
The combination of these forces means that marketing has a big impact on consumer’s standard of entertainment and is important to the future of the entertainment business.

Marketing then can be defined as the set of activities done by an single organization to satisfy customers’.

Here are a couple of ways to view marketing.

  • Micro view:
  • A set of activities performed by an company.

  • Macro view:
  • A social process.

Marketing for entertainment firms, viewed either way, is the performance and activities seeking to accomplish organizational objectives by anticipating client needs and directing flow of needed customer satisfying goods or services from producer to customer.

Marketing for entertainment aims to anticipate the audience’s needs and satisfying them to such a high level that the product sells itself.

Marketing for entertainment ought to begin with potential audience needs and not start with the production of an album or film. Can you strike a balance of artistic vision with the need of your entire potential audience?

About Ty Heilman

Tyler “Ty” Heilman is a no-nonsense business major and website optimizer from the Mid-West. Heilman is regarded as a polite and courteous leader who embraces hard work and business innovation.

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