Diploma In Business Management Assignment

Introduction

• The presentation shows a marketing analysis of Saregama Ltd
• Saregama Ltd is a group of Sanjiv Goenka company (Saregama, 2023)
• It attempts to launch a new service “personalised music streaming”
• Considering the initiative, a detailed business plan has been attempted in this report
• The report further includes market analysis, current aim, and objective of the company, internal threats and potential analysis, and external environment analysis with help of PESTEL

The presentation shows a detailed idea of business management by considering the present market situation of Saregama Ltd, an Indian film studio and TV content producer in multi-language. The organisation currently attempts to introduce a new service called “personalised music streaming” where a music streaming platform would be offered for the students by considering their listening patterns, habits, and tonal textures (Saregama, 2023). To promote this service, the organisation might face external and internal business obstacles. The challenges and their omnipotence are the subject of the presentation.

Comparing organizational value and mission statement as per current business

Slide 4: Importance of strategic planning

• Strategic planning helps to get a clear direction about company planning (Carmona, 2019).
• Helps the company make an appropriate resource allocation (Chersulich Tomino et al., 2020).

Saregama Ltd, being an Eighteenth-Century company, has unmounted fame for being the first in releasing recorded songs. The organisational expertise lies in its efficiency to create platforms in more than 14 languages (Saregama, 2023). The organisation has created opportunities for many a performer, and presently the organisation makes a continuous effort to enhance versatility (Chersulich Tomino et al., 2020). Thus, in an attempt to lead the market, by launching personalised music streaming platform, the organisation needs proper strategic planning so that it can identify the market needs, analyse the market requirements, and investigate customer preferences.

Slide 5:

• Strategic planning by the company helps to intensify risk mitigation ability (Kerzner, 2019).
• It enhances market analysis techniques and improves strategic skills (Job et al., 2020). With the help of strategic planning, the organisation can properly select its goals, objectives, and aim. The analysis of the market and planning to identify the issues would enable Saregama to create short-term plans to achieve its targets (Kerzner, 2019). As market demand analysis, customer issue analysis is important in initiating the said business plan, and strategic orientation, and the plan would help benefit the organisation in selecting its target audiences. Moreover, strategic planning might benefit the company by assessing and planning its resources (Saregama, 2023). A new service launch requires an evaluation of its financial resources, and planning the manpower, evaluating technological requirements (Job et al., 2020).

Slide 6:

• Helps companies to get long-term success (Hansen et al., 2019).
• Strategic planning makes companies develop effective marketing strategies and ensure proactive communication (Benzaghta et al., 2021).
• With the help of strategic planning, the company can ensure its financial feasibility. This planning would further be beneficial for Saregama to obtain a competitive advantage in the market (Hansen et al., 2019). With the help of strategic planning consumer behavior, and the associating market dynamics would be well-known by the customers which might help create a unique example, and let customers get a fine difference, the exceptionality of the company with its associating competitors (Saregama, 2023). Additionally, strategic planning helps to enhance marketing potential and develop better communication with the team.

Comparing the value and mission statement

Slide 7: Values

• The values of Saregama lie in enhancing quality in the musical journey
• The value is further incorporated to enhance customized user experience and enable listeners with a value-specific service (Saregama, 2023)
• The values of the organization is about setting an example to incorporate customer will, their satisfaction by providing them with their preferred deal

Saregama prioritizes on quality and thus it values customer satisfaction which is also maintained in its present objective. However, the present objective might face difficulties in maintaining the quality of the song while they try to set customised experience (Saregama, 2023). The aim of this initiative is to get enormous responses, and values from various types of customers. The objective also lies in creating a versatile experience for listeners as it offers them an open platform to opt for their preferred singers, preferred tonal choice, and preferred mood of songs. This service includes maintenance of quality, and value while singing my maintaining a pattern or track of customer preferences.

Slide 8:

Mission

• The mission of the company lies in enabling business success for a long-lasting period
• Maintaining the quality for a prolonged period by keeping user satisfaction (Saregama, 2023)
• The mission is further interrelated in enabling people to get their most preferred comfort zone, creating the resonance with their specific mood with changing time

The organisation keeps high value, and quality in ensuring listeners with their desired music choice (Saregama, 2023). This streaming platform is associated with a personalised choice, or preferences of the listeners who can select their preferred type of music, or preferred texture of voice by opting Saregama platform.

Slide 9: Current business objectives of Company

• To incorporate a better marketing direction
• To enable more stability, and demand in the market
• To incorporate an attractive growth of the organisation by creating a suitable platform for all types of singers (Saregama, 2023).
• To ensure a successful musical journey for all types of customers so that they can exhibit their excellence, or potential in front of an audience
• To help customers get a personalisd platform so that they can deliver their expertise, and get a scope with their individualistic style of tonal quality, or texture or pattern of singing (Saregama, 2023).

The organisation currently sets its objective to glorify its position and expand in the market with diverse services. The organisation has excelled indignant as a digital media partner for creating a portable business experience. The organisation usually makes a unique initiative to make magnificence of 90’s or 70’s music (Saregama, 2023). In the Indian music industry, the name of Saregama musical experience is incredible. Associating the experience and goodwill of its previous business journey, currently, the organisation has planned a new orientation for a new generation. There are various types of music nature, and habits, tonal qualities among the practitioners. Based on the preferences, Saregama attempts to personalise distinctive playlists as a recommendation by considering specific music habits, preferences, listening habits, and moods of the customers. This initiative includes the enhancement of an overall journey, or experience to discover a musical journey. The organisation attempts further growth and supervision in the industry so that responses from different types of listeners, and singers could be gained.

Slide 10:

The contrast of the differences in strategic planning in the context to profit and non-profit organizational sectors

• In the context to profit sectors, music customisation might be confronted with challenges due to the sorting of a specific type of songs, which may contain high imposition of financial resources
• On the other hand, strategic planning includes a long-term plan, and inclined sustainability in the industry keeping up the progress and reputation. Thus, in respect to the non-profit sector, the planning might obtain huge sustainability. Strategic analysis might help the company identify the ones who are struggling to get a music platform, but not getting able due to personalised tonal texture (Carmona, 2019). This understanding could be acquired by making market research and ensuring development opportunities. Understanding the market prospects would help the organisation make a clear goal and set an appropriate direction for the market. Therefore, strategic planning would be beneficial for Saregama in determining its optimal allocations, so that it can maximise the prospect of the new service in the market, identify its challenges, or investigate its suitability in the target market. This attempt helps in making a proper feasibility analysis of financial aspects and helps in attaining the long-term, success of the company (Benzaghta et al., 2021). Proper evaluation of the market, enhancing time-based calculation, and internal and external analysis also help Saregama to identify its market potential and track its performance on a regular basis.

Conducting a Situational Market Analysis for Saregama Ltd.:

A situational market analysis is an important process that allows organisations in evaluating their market environment, mitigate potential threats and identify opportunities. This presentation will conduct a situational market analysis for the selected organisation Saregama Ltd., a leading music organisation, with an emphasis on external factors that are influencing it. The opportunities and threads related to the strategic objectives and competitive positioning of the company will be assessed. Further, the impact of external factors on business strategy, competitive standing and marketing opportunities will be evaluated by applying PESTLE and SWOT analysis. Additionally, the needs and expectations of the stakeholders impacting the strategic business planning of Saregama will be explored using the BCG matrix.

External Factors Affecting Saregama Ltd.

To begin with situational analysis the external factors influencing the company's operation and market performance need to be examined.

a. Political Factors

Government policies as well as regulations concerning licensing, copyright and intellectual property rights majorly influence the music industry. Changes in these policies can affect the music library and its ability to provide certain content four impacting the competitive positioning of Saregama.

b. Economic Factors

Economic conditions such as inflation rates, GDP growth and consumer spending can affect the demand for music streaming services. While economic downturns consumers may keep essential expenses as a priority impacting the revenue and market opportunities of the company.

c. Social Factors

Changes in consumer trends and preferences in music consumption can impact the strategic direction of the company. Knowledge of consumer preferences is important for making a customised music streaming experience and having a competitive stand in the industry.

d. Technological Factors

Fast advancements in technology can impute opportunities as well as threats for Saregama Ltd. Realizing innovations in technology can improve user experiences and enhance competitive positioning. On the other hand, feeling to adapt to technology updates may lead to loss and market share to more tech-savvy competitors.

e. Environmental Factors

Environmental awareness and sustainability have turned out to be essential considerations for consumers. In addition to these environmentally friendly practices and synchronising with environmentally conscious stakeholders can positively influence brand reputation and customer loyalty of the company.

f. Legal Factors

Adherence to music copyright, licensing and data protection laws is important for the business operations of Saregama. Legal challenges and non-adherence can result in reputational damage and financial liabilities.

g. SWOT Analysis

SWOT analysis supports identifying internal strengths and weaknesses and external opportunities and threats. The established brand loyal customer base and extensive music library are the strength of the company while the limited Global presence and dependency on particular content licensing are the weaknesses. Opportunities are expanding internationally and collaborating with rising artists while threads comprise high competition and technology disruptions.

Impact on Business Strategy, Marketing Opportunities, and Competitive Position

After the identification of external factors now the way Saregama Limited's marketing opportunities, business strategy and competitive positioning can be impacted by such factors will be assessed.

a. Government Policy Changes

Changes in common policies concerning music copyright and licence can force the company in altering its business strategy. The company is required to negotiate new licence agreements, adjust its library content and invest in copyright compliance systems. The inability to adapt to these changes can limit the music catalogue of the company and impact its competitive positioning in the market.

b. Economic Conditions

Economic downturns can influence spending on entertainment services including music streaming by consumers. Saregama Limited may require to modify its pricing and marketing strategies during these times to retain and attract customers.

c. Social Trends

Knowledge and incorporation of changing consumer preferences and friends in music streaming services can provide unique marketing opportunities. Giving customised playlists, artist collaborations and diverse music genres can fascinate more consumers and empower their competitive positioning.

d. Technological Advancements

Realising Technology like seamless user interfaces, AI-based recommendation algorithms and high-quality audio streaming can improve the competitive edge of the company in the music streaming industry.

e. Environmental Sustainability

Mitigating environmental concerns and fostering sustainability can appeal the socially conscious customers leading to enhanced brand loyalty and positive brand perception.

3. Stakeholder Impact on Strategic Business Planning:

Stakeholders play a major role in moulding strategic business planning. Now the needs and expectations of stakeholders will be examined to influence the strategic decision-making of Saregama Limited using the BCG matrix.

a. Customers:

They are the primary stakeholders for the company and their requirements in expectations majorly impact the strategic planning. Knowledge of music consumption habits, consumer preferences and demands for customised experience is required for building a successful music streaming service.

b. Content Creators and Artists:

Collaborative and positive relationships with artists and content creators are important for the success of the company. Providing fair composition showcasing a diverse catalogue and transparent revenue-sharing models can bring top talent and improve the music library of the company which is important for its competitive stand.

c. Shareholders:

Stakeholders have a financial interest in the company and desire strategies that can result in growth and profitability. Strategic planning must consider shareholder expectations for transparent financial reporting, returns on investment and long-term sustainability.

d. Regulatory Authorities:

Adherence to requirements by regulatory authorities is important for the operations of the company. Meeting these expectations can confirm ethical and legal practices that are positively impacted by the reputation and competitive position of the company.

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