1. Why has this artist been so successful? What are her key sources of sustainable competitive advantage?
think about her unique resources and core competencies, think about how she has responded to changes in the external environment, why is she difficult to imitate?
> Madonna, the diva and a rock star who has ruled the music world for past few decades and is still rocking it is the highest ever paid female singer in the world. She has always been on the top list and has set a benchmark in the music world. I think she has been so successful because as the case mentioned her as a chameleon, she had the guts and courage to reshape herself up in every new album. She was always able to shock and surprise her huge fan following with every comeback she made which would display a new image of her. With this going she had her strategy well planned and implemented correctly. She used her sexuality and her attitude in every change she brought up which eventually was loved and adored by the public.
“I'm tough, I'm ambitious, and I know exactly what I want. If that makes me a bitch, okay.”
― Madonna (goodreads.com,2013). Like this quote written by her explains how ambitious she is and it doesn't matter to her if others don't like her for doing what she wants to do. She has this attitude that people love and yet again Madonna pioneers and endures as one of the most influential celebrity women in the planet.
Madonna and her ever changing images has always been able to wow the crowd. From her very first album till now she has maintained the popularity meter by adopting into several genres of songs and her involvement in shocking activities. She was often called as 'the queen of controversy', she had a book featuring her sexual pictures,the music video for her legendary hit single 'like a prayer' was outrageous and universally banned, she adopted a Malawi child all this kind of shocking news she created rather was interesting for the public.
She has always changed and adopted herself with the change in time and era. Music industry is full of one hit wonders and brief careers but Madonna was one celebrity that remained at the top for decades.
Image source: http://shaunproulxmedia.com/himbo/wp-content/uploads/2012/01/madonna-20photo-202009-small.jpg
Her key sources of sustainable competitive advantage are:
- She is a chameleon as mentioned in the case. She changes and improves herself up with the time and era.
- No one can imitate her because no one knows what surprise she is going to bring in her next come back.
- She eventually has a huge and loyal fan following, who has been supporting her for decades.
- She has her strategy well planned and uses it correctly.
- Her changing genres of songs, reshaping herself up time and again has build up respect for her talent among the people.
- She is focused and sets simple consistent and long term goals. (studymode.com)
- She is gutsy that is she is not afraid of taking chances.
- She is always ahead of others.
2.What strategy directions could the artist pursue over the next ten years to continue her commercial success?
Consider each of the four boxes from the Ansoff matrix. What new products or markets could she enter? How might she diversify or continue to penetrate her existing market? Try to think logically but also creatively and innovatively.
> Over the next ten years the artist can pursue following strategy directions to continue her commercial success:
The Ansoff matrix for Madonna to continue her commercial success:
References:
> Over the next ten years the artist can pursue following strategy directions to continue her commercial success:
The Ansoff matrix for Madonna to continue her commercial success:
Market Penetration
She being a brand in herself can easily join in new labels and sign
deals.
She can continue and give more focus on working as a director.
|
New Products and services
She can endorse her own clothing line, makeup, accessories e.t.c.
She can sign up some television shows so as to keep impressing her
fans.
|
Market Development
She should think of giving a concert tour in Asian countries as well
so as to add up to her fan following numbers.
|
Diversification
She can write a book on herself and her success story.
She can establish a Music school.
|
References:
Madonna. (n.d.). Good reads. Retrieved October
21, 2013, from www.goodreads.com:
http://www.goodreads.com/author/quotes/104438.Madonna
Study mode. (n.d.). Retrieved October 22, 2013, from
www.studymode.com:
http://www.studymode.com/course-notes/Keys-To-Madonna's-Success-856935.html,
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