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71-494: An artist manager is also a person responsible for hiring and managing the employees in a company. The roles and responsibilities of a talent manager vary slightly from industry to industry, as do the commissions to which the manager is entitled. For example, a music manager's duties differ from those managers who advise actors , writers , or directors . A manager can also help artists find an agent or help them decide when to leave their current agent and identify whom to select as

142-616: A business or organization. Any company that sells products or services to other businesses or organizations (vs. consumers) typically uses B2B marketing strategies. The 7 P's of B2B marketing are: product, price, place, promotion, people, process, and physical evidence. Some of the trends in B2B marketing include content such as podcasts, videos, and social media marketing campaigns. Examples of products sold through B2B marketing include: The four major categories of B2B product purchasers are: Business-to-consumer marketing, or B2C marketing, refers to

213-406: A common methodology to manage total spend is known as on-target earnings . On-target earnings represent a salesperson's base pay, plus expected commissions (assuming the salesperson meets a quota). On-target earnings help salespersons estimate their expected total compensation, should they meet company-specified goals. One of the most common means of attempting to align principal and agent interests

284-489: A competitive advantage". For instance, the Chartered Institute of Marketing defines marketing from a customer-centric perspective, focusing on "the management process responsible for identifying, anticipating and satisfying customer requirements profitably". In the past, marketing practice tended to be seen as a creative industry, which included advertising , distribution and selling , and even today many parts of

355-488: A concrete process that can be followed to create a marketing plan . The "marketing concept" proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith 's book The Wealth of Nations but would not become widely used until nearly 200 years later. Marketing and Marketing Concepts are directly related. Given

426-428: A form of variable-pay remuneration for services rendered or products sold. Commissions are a common way to motivate and reward salespeople . Commissions can also be designed to encourage specific sales behaviors. For example, commissions may be reduced when granting large discounts. Or commissions may be increased when selling certain products the organization wants to promote. Commissions are usually implemented within

497-616: A large following on Myspace through “constant news updates, as well as exclusives , interviews and special features” and Gaga personally handled her Twitter account, building a very personal connection with many of her fans. This strategy demonstrates the massive success that skillful online marketing can produce. The article focuses on Coalition Media and Lady Gaga ’s utilization of the “Four E’s”: Emotions , Experiences , Engaging , and Exclusive . By personalizing her online activity, creating an experience, engaging, and providing exclusivity to her fans through social media marketing, Lady Gaga

568-408: A managerial approach that covered analysis , consumer behavior , market research , market segmentation , and planning . Phillip Kotler , popularised this approach and helped spread the 4 Ps model. McCarthy's 4 Ps have been widely adopted by both marketing academics and practitioners. One of the limitations of the 4Ps approach is its emphasis on an inside-out view. An inside-out approach

639-412: A market. In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations in a unique way. The two major segments of marketing are business-to-business (B2B) marketing and business-to-consumer (B2C) marketing. B2B (business-to-business) marketing refers to any marketing strategy or content that is geared towards

710-657: A model-building perspective, the 4 Ps has attracted a number of criticisms. Well-designed models should exhibit clearly defined categories that are mutually exclusive, with no overlap. Yet, the 4 Ps model has extensive overlapping problems. Several authors stress the hybrid nature of the fourth P, mentioning the presence of two important dimensions, "communication" (general and informative communications such as public relations and corporate communications) and "promotion" (persuasive communications such as advertising and direct selling). Certain marketing activities, such as personal selling, may be classified as either promotion or as part of

781-416: A more consumer-orientated version of the 4 Ps that attempts to better fit the movement from mass marketing to niche marketing . Consumer (or client) The consumer refers to the person or group that will acquire the product. This aspect of the model focuses on fulfilling the wants or needs of the consumer. Cost Cost refers to what is exchanged in return for the product. Cost mainly consists of

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852-476: A multiplicity of new markets. Market segmentation can be defined in terms of the STP acronym, meaning Segmentation, Targeting, and Positioning . Segmentation involves the initial splitting up of consumers into persons of like needs/wants/tastes. Commonly used criteria include: Once a segment has been identified to target, a firm must ascertain whether the segment is beneficial for them to service. The DAMP acronym

923-420: A musician or band, or the manager may discover the band, and the relationship is usually contractually bound with mutual assurances, warranties, performances guarantees, and so forth. The manager's main job is to help with determining decisions related to career moves, bookings, promotion, business deals, recording contracts, etc. The role of music managers can be extensive and may include similar duties to that of

994-458: A new agent. Talent agents have the authority to make deals for their clients while managers usually can only informally establish connections with producers and studios but do not have the ability to negotiate contracts. Modern talents managers are associated with all artistic fields, sports, as well as various fields in business. Talent agents have at times been covered in the music or art press almost as intently as artists themselves, for example

1065-791: A notable early example was the Association of Talent Agents , which was formed in Los Angeles, California in 1937. The ATA comes out of the Wagner Act upheld by the Supreme Court which established many of the unions and guilds that regulate people who work in the entertainment industry such as the Screen Actors Guild , Directors Guild of America , and Writers Guild of America . A music manager (or band manager) may handle career areas for bands , singers , and DJs . A music manager may be hired by

1136-403: A press agent, promoter, booking agent, business manager (who are usually certified public accountants ), tour managers , and sometimes even a personal assistant . Manager's contracts, however, cannot license those responsibilities unto the manager in the same way a state license would empower the agent to do so. Therefore, conflicting areas of interest may arise unless those are clarified in

1207-432: A section to the marketing mix. The 4Ps refers to four broad categories of marketing decisions, namely: product , price , promotion , and place . The origins of the 4 Ps can be traced to the late 1940s. The first known mention has been attributed to a Professor of Marketing at Harvard University, James Culliton. The 4 Ps, in its modern form, was first proposed in 1960 by E. Jerome McCarthy; who presented them within

1278-416: A specific type of food (e.g. Got Milk? ), food from a specific area, or a city or region as a tourism destination. Market orientations are philosophies concerning the factors that should go into market planning. The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to advertise the product, is affected by the environment surrounding

1349-427: A timely manner to appropriate media. Launching a CD with complementary venues and dates is also a music manager's responsibility. Among all the business and professional responsibilities that music managers assume; they also become a pseudo parent for the group and help with personal matters usually. This is both for the psyche of the group and to ensure that things are running smoothly. Early on in an artist's career,

1420-410: Is a common form of online networking for managers, and platforms such as MySpace , Facebook , Beatport , Bandcamp , SoundCloud , DistroKid and YouTube have been noted in the press for their use in networking in the music industry. Other fields such as business may use more common websites such as LinkedIn or Google+ , while networking on behalf of a client. Not everyone is so optimistic about

1491-484: Is a subset of marketing research. (Avoiding the word consumer, which shows up in both, market research is about distribution, while marketing research encompasses distribution, advertising effectiveness, and salesforce effectiveness). The stages of research include: Well-known academic journals in the field of marketing with the best rating in VHB-Jourqual and Academic Journal Guide, an impact factor of more than 5 in

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1562-422: Is conducted for two main purposes: better allocation of a firm's finite resources and to better serve the more diversified tastes of contemporary consumers. A firm only possesses a certain amount of resources. Thus, it must make choices (and appreciate the related costs) in servicing specific groups of consumers. Moreover, with more diversity in the tastes of modern consumers, firms are noting the benefit of servicing

1633-420: Is diametrically opposed to the popular concept of B2C or Business- to- Consumer where the companies make goods and services available to the end consumers. In this type of business model, businesses profit from consumers' willingness to name their own price or contribute data or marketing to the company, while consumers benefit from flexibility, direct payment, or free or reduced-price products and services. One of

1704-800: Is held to uberrima fides in his dealings with his principal; and if he acts adversely to his employer in any part of the transaction ... it amounts to such a fraud upon the principal, as to forfeit any right to compensation for services." In 2011, California Governor Jerry Brown signed into law AB 1396 amending the California Labor Code requiring all employers who pay commissions to enter into written contracts with their employees regarding how commissions will be earned, computed and paid. The new law, effective on January 1, 2013, further states that commission excludes "short-term productivity bonuses such as those paid to retail clerks" and "bonus and profit-sharing plans, unless there has been an offer by

1775-401: Is the traditional planning approach where the organization identifies its desired goals and objectives, which are often based around what has always been done. Marketing's task then becomes one of "selling" the organization's products and messages to the "outside" or external stakeholders. In contrast, an outside-in approach first seeks to understand the needs and wants of the consumer. From

1846-603: Is to design incentives tracking agent performance. There is a high degree of variability in terms of types of compensation plans, such as fixed salary, straight commissions, or a combination of both. Often, commissions are awarded for reaching a sales goal called a quota. Also, commission structures can include multiple levels of attainments, each with a different threshold and associated rewards. A commission structure can apply to employees or independent contractors. Industries where commissions are common include car sales , property sales, insurance booking , and most sales jobs. In

1917-426: Is to solidify all artist development aspects and then concentrate on product development. Despite the dominant presence of digital media in the music industry, there are many typical strategies that even the most modernized managers must adhere to in order to reach the managerial goals effectively. Most of these trick-of-the-trade strategies are employed to establish and maintain connections with booking agents, promote

1988-519: Is typically conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses ( B2B ) or directly to consumers ( B2C ). Sometimes tasks are contracted to dedicated marketing firms, like a media , market research , or advertising agency . Sometimes, a trade association or government agency (such as the Agricultural Marketing Service ) advertises on behalf of an entire industry or locality, often

2059-410: Is used as criteria to gauge the viability of a target market. The elements of DAMP are: The next step in the targeting process is the level of differentiation involved in a segment serving. Three modes of differentiation exist, which are commonly applied by firms. These are: Positioning concerns how to position a product in the minds of consumers and inform what attributes differentiate it from

2130-621: The Social Sciences Citation Index and an h-index of more than 130 in the SCImago Journal Rank are These are also designated as Premier AMA Journals by the American Marketing Association. Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects. The process

2201-589: The press kit . Cost for high quality shoots vary from $ 500 for a basic shoot to thousands for several looks. Photographers are not expected to cover material cost. It is important that the manager obtains an agreement upfront confirming license to use the images which will cover the uses necessary, in addition to high resolution digital images on CD. Managers are also advised to have photographs taken before CD designs or artwork goes into production. Managers are also responsible for hiring additional staff when necessary. Commission (remuneration) Commissions are

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2272-515: The sales process engineering perspective, defines marketing as "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction". Some definitions of marketing highlight marketing's ability to produce value to shareholders of the firm as well. In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating

2343-536: The United States, a real estate broker who successfully sells a property might collect a commission of 6% of the sale price. In a case from the 19th century that is still referred to today, Murray v. Beard , 7 N.E. 553, 554-55 (N.Y. 1886), the New York Court of Appeals held that under New York's faithless servant doctrine a disloyal broker could not recover commissions from his employer, holding that "An agent

2414-417: The activities of the artist, and manage finances in order to optimize the artist's ability to book gigs, establish a fan base, and ultimately bring in revenue from their work, respectively. Among the more traditional responsibilities of music managers are booking and promoting gigs for their artist(s). Managers often become known for establishing ongoing relationships with specific venues, booking one artist at

2485-451: The artist during the creative process while not interfering between the artist and the producer, but musicians may also find valuable feedback in the extra pair of ears, and this should be carefully considered as well. The manager may gain access to a recording studio, photographers, and promotions. He or she will see that CD labels, posters, and promotional materials appropriately represent the band or artist, and that press kits are released in

2556-423: The basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes." Needs-based segmentation (also known as benefit segmentation ) "places the customers' desires at the forefront of how a company designs and markets products or services." Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment

2627-399: The case of services marketing . Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing. In response to environmental and technological changes in marketing, as well as criticisms towards the 4Ps approach, the 4Cs has emerged as a modern marketing mix model. Robert F. Lauterborn proposed a 4 Cs classification in 1990. His classification is

2698-404: The centrality of customer needs, and wants in marketing, a rich understanding of these concepts is essential: Marketing research , conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs . Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on

2769-428: The competitor's products. A firm often performs this by producing a perceptual map, which denotes similar products produced in the same industry according to how consumers perceive their price and quality. From a product's placing on the map, a firm would tailor its marketing communications to meld with the product's perception among consumers and its position among competitors' offering. The promotional mix outlines how

2840-408: The consumer to attain the product, thus making them more likely to do so. Communication Like "Promotion" in the 4Ps model, communication refers to how consumers find out about a product. Unlike promotion, communication not only refers to the one-way communication of advertising, but also the two-way communication available through social media. The term "marketing environment" relates to all of

2911-521: The contract, in addition to the contract, or as free to the musician as clarified in emails and the contract. The duties of an active music manager may include supporting the band's development of a reputation for the musician(s) and building a fan base, which may include mastering and launching a demo CD, developing and releasing press kits, planning promotional activities, creating social network identities for bands, and booking shows. A music manager may be present during recording sessions and should support

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2982-454: The contract. That said, a manager should be able to read and understand and explain a contract and study up on the long-term implications of contractual agreements that they, the bands, and the people they do business with, enter into. Before the manager enters into an agreement with the band, their relationship may be regarded as competing for interest; after a good contract is signed, their interests, obligations and incentives are aligned, and

3053-447: The definition of marketing has evolved over the years. The AMA reviews this definition and its definition for "marketing research" every three years. The interests of "society at large" were added into the definition in 2008. The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct

3124-419: The different facets of management and marketing fall upon either the band itself or, if they have one, their manager. Because the band or artist is relatively unknown initially, promotion, booking, and touring are minimal. A new music manager begins by establishing a clear understanding of what the artist(s) want. This can be accomplished through either a written or verbal contract . A music manager's first task

3195-433: The employer to pay a fixed percentage of sales or profits as compensation for work to be performed". Trail commission (TC) is commission paid by investment management companies to financial advisers . It is generally around 0.1% to 0.9% p.a. of the value invested by a client . If an investment is made directly through a financial adviser, TC is generally kept by the adviser. A financial adviser should act purely in

3266-457: The factors (whether internal, external, direct or indirect) that affect a firm's marketing decision-making/planning. A firm's marketing environment consists of three main areas, which are: Marketing research is a systematic process of analyzing data that involves conducting research to support marketing activities and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge

3337-428: The financial services industry. This has led to changes in the direct to consumer, non-advised sector, with some companies now charging upfront fees to customers for financial products rather than taking commission on policies and investments. Marketing Marketing is the act of satisfying and retaining customers . It is one of the primary components of business management and commerce . Marketing

3408-723: The flow of goods, and services from producers to consumers". The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing. Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. For instance, prolific marketing author and educator, Philip Kotler has evolved his definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange process", and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return". A related definition, from

3479-680: The framework on a sales incentive program, which can include one or multiple commission plans (each typically based on a combination of territory, position, or products). Payments are often calculated using a percentage of revenue, a way for firms to solve the principal–agent problem by attempting to realign employees' interests with those of the firm. However, models other than percentages are possible, such as profit-based approaches, or bonus-based approaches. Commissions allow sales personnel to be paid (in part or entirely) based on products or services sold, rather than just hourly or based on attempted sales. Although many types of commission systems exist,

3550-565: The intention of making her into a star with the help of some clever marketing. Recognizing that digitalization was the cause of the almost 33% decrease in the music industry's total revenue between the years 2000 and 2007, Carter decided to find a way to use digitalization to his advantage with his newly signed artist. Coalition Media, with the help of marketing company ThinkTank Digital, invested large amounts of time and money into developing Lady Gaga's global presence through social media. They set up many interviews with online bloggers , established

3621-403: The interest in success is shared. Responsibilities of a music manager are often divided among many who manage various aspects of a musical career. With an unsigned act, music managers may assume multiple roles: graphic designer, publicist , promoter, and handling money and finances. As an artist's career develops, responsibilities may grow, and because of their percentage agreement with the band,

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3692-442: The investors' best interests. However, it is possible that the financial adviser may direct the investment towards funds that are most profitable in terms of TC. Supporters of the directing of investments into funds benefiting the financial adviser claim that it encourages the adviser to maintain the value of the portfolio, thus aligning their interests with those of their clients. Detractors suggest that investors are usually unaware of

3763-415: The major benefit of this type of business model is that it offers a company a competitive advantage in the market. Customer to customer marketing or C2C marketing represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. C2C companies are a new type of model that has emerged with e-commerce technology and

3834-496: The management of their client's wealth. As set out by the Financial Conduct Authority , advisers must now agree an upfront charging structure in advance to a client before advice is given. For customers who do not want to pay a separate upfront fee, there is an option to have payment of the charges deducted from the investment held by the product provider. These new measures have been applauded by many, particularly in

3905-736: The manager's income may grow as well. A music manager becomes important to managing the many different pieces that make up a career in music. The manager can assist singers, songwriters , and instrumentalists in molding a career, finding music producers , and developing relationships with record companies , publishers, agents, and the music-loving public. They should carefully consider when certain contributions have been made which would also entitle them to cowriting credits, Executive Producer credit, or Producer credit should they become involved in songwriting, financing works, or actually producing demos and recordings, and should carefully know these jobs and these fees should be considered either as separate from

3976-432: The manager. (The less developed the artist and more experienced the manager, the higher the commission.) The artist or band should never agree to circumstances that cannot be terminated or negotiated within a short period of time. Managers usually secure the services of a professional photographer while the artist is recording. Different 8x10 pictures of the artist can be used for websites, CD labels/jackets, posters, and

4047-506: The marketing environment. To overcome the deficiencies of the 4P model, some authors have suggested extensions or modifications to the original model. Extensions of the four P's are often included in cases such as services marketing where unique characteristics (i.e. intangibility, perishability, heterogeneity and the inseparability of production and consumption) warrant additional consideration factors. Other extensions include "people", "process", and "physical evidence" and are often applied in

4118-418: The marketing process (e.g. product design , art director , brand management , advertising, inbound marketing, copywriting etc.) involve the use of the creative arts. However, because marketing makes extensive use of social sciences , psychology , sociology , mathematics , economics , anthropology and neuroscience , the profession is now widely recognized as a science. Marketing science has developed

4189-474: The monetary value of the product. Cost also refers to anything else the consumer must sacrifice to attain the product, such as time or money spent on transportation to acquire the product. Convenience Like "Place" in the 4Ps model, convenience refers to where the product will be sold. This, however, not only refers to physical stores but also whether the product is available in person or online. The convenience aspect emphasizes making it as easy as possible for

4260-458: The nature of a firm's marketing environment and to attain information from suppliers. A distinction should be made between marketing research and market research. Market research involves gathering information about a particular target market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research

4331-417: The place (i.e., distribution) element. Some pricing tactics, such as promotional pricing, can be classified as price variables or promotional variables and, therefore, also exhibit some overlap. Other important criticisms include that the marketing mix lacks a strategic framework and is, therefore, unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of

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4402-482: The potential for success that people in our modern culture seem to give credit. In an article titled, “Case study: Making money from music” by Martin Kupp, Jamie Anderson and Joerg Reckhenrich, the effects of technological advances on the music industry are recognized, analyzed, and utilized through an online marketing strategy that led to the incredible success of Lady Gaga . Troy Carter of Coalition Media signed Gaga with

4473-705: The practice and that it is ineffective as an incentive . Following the Retail Distribution Review in the United Kingdom , trail commission is banned on sales of new investment products as of April 6, 2014 and will required to be completely phased out by April 6, 2016. In the financial services industry in the UK, rules set out in the Retail Distribution Review of December 31, 2012 mean that an independent financial adviser cannot take commission in

4544-420: The precise nature of specific concepts that inform marketing practice, the most commonly cited orientations are as follows: A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes

4615-641: The product, the results of marketing research and market research , and the characteristics of the product's target market. Once these factors are determined, marketers must then decide what methods of promoting the product, including use of coupons and other price inducements. Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large". However,

4686-462: The role of social media in the music industry. In his article, “Why Music Won’t Be Saved By Social Media”, Wes Davenport suggests that the role of social media in the industry “has been grossly inflated”. In the article, Davenport quotes Jon Ostrow saying, “Social media is a conversation tool – that’s it”, acknowledging that there is potential for sparking conversation and building a fan base, but suggesting that social media does not necessarily live up to

4757-530: The sharing economy. The different goals of B2B and B2C marketing lead to differences in the B2B and B2C markets. The main differences in these markets are demand, purchasing volume, number of customers, customer concentration, distribution, buying nature, buying influences, negotiations, reciprocity, leasing and promotional methods. A marketing orientation has been defined as a "philosophy of business management." or "a corporate state of mind" or as an "organizational culture." Although scholars continue to debate

4828-460: The tactics and strategies in which a company promotes its products and services to individual people. Traditionally, this could refer to individuals shopping for personal products in a broad sense. More recently the term B2C refers to the online selling of consumer products.< Consumer-to-business marketing or C2B marketing is a business model where the end consumers create products and services which are consumed by businesses and organizations. It

4899-476: The various talent agents who spearheaded the British Invasion of The Beatles and Herman's Hermits in the 1960s such as Brian Epstein , Allan Williams , Harvey Lisberg . Infamous examples in the music press include Allen Klein , manager of both The Beatles and The Rolling Stones . The industry of talent management has been unionized or organized in several forms throughout history. In the United States,

4970-575: The venue regularly, or several artists on their roster. A large number of 'how-to' books have been published on the topic. As technology has advanced, the music industry has consequently undergone a drastic change in the way it operates. The internet has made it both easier and harder to attract the attention of fans and the press, as both outreach and industry saturation increase. “The sale of prerecorded music has diminished, but there’s so much more that’s going on. You can’t focus on what’s not working when there are so many other opportunities.”. Social media

5041-420: Was able to achieve incredible levels of success with her music career. Striking a tentative compensation agreement that can be renegotiated after three or four months is recommended, and the rate of pay is generally based on commissions of 20-80%, or more, of performance and commercial incomes. This amount depends on the level of development the band or artist is at and the experience, networks and resources of

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