BM565: Enterprise & Entrepreneurship - Recording Label Business Plan

This report outlines a business plan for a new recording label venture, focusing on the motivation behind the selection, the process of generating the business idea, and the feasibility studies conducted using PEST analysis. It details the services offered, including designing unique logos and trademarks for music companies, and explores potential market opportunities using Ansoff's growth matrix. The attractiveness of the music industry is assessed using Porter's Five Forces. The report concludes by outlining the vision for the business, emphasizing groundbreaking entertainment, and highlights the competitive edge gained through creative branding solutions. The analysis demonstrates a comprehensive understanding of the market and the potential for success in the recording label industry.

BM565 ENTREPRISE AND
ENTREPRENEURSHIP

Table of Contents
 INTRODUCTION
 TASK
 1- Motivation for selection of venture
 2- Procedure went through to generate current business idea
 3- Feasibility studies conducted
 4- Details of product or service to be offered
 5- Potential market opportunities
 6- Attractiveness of sector
 7- Vision for business
 CONCLUSION
 REFERENCES

INTRODUCTION
 Entrepreneurship is considered as set of those skills and competencies that enable a person to run & manage varied operational as well as
functional activities regarding an enterprise.
 The current assignment will be based on sustainable business plan and that is related to new venture such as recording label.
 The study will explain motivation for choice of venture, procedure went through to generate this new idea, and will also define feasibility studies.
 Furthermore, the report will also justify details of service or product, potential market chances and attractiveness of industry.
 Lastly, it will clarify vision for choice of business.

Motivation for selection of venture
 The main reason to select recording label as new business is to emerging need for unique label that brands may utilize to show its existence in the
specific market.

Procedure went through to generate current business idea
Idea
generation
Idea
screening
Concept
development
and testing
Developing of
marketing tactic
Product
development
Commercializatio
n

Feasibility studies conducted
 For purpose of conducting feasibility study, PEST analysis may apply in the context of Recording label and music industry under which it may run
its venture.

Details of product or service to be offered
 Recording label is one of those firms that may effort to design specific logo or trade mark of music companies, which enable them to show their
physical existence in the market among target audience who tend to listen interesting music according to their choice.
 These labels of music recording organizations may provide them chance to gain the gain the attention of target market. It can be said that without
specific label or symbol a company may do not build its brand image or position in the market.
 Firm may take initiative to enhance the satisfaction of those organizations for which they are designing recording label.

Potential market opportunities
 For purpose of determining potential market chances, Anso
 ff’s growth matrix model is utilized.

Attractiveness of sector
 In order to determine attractiveness of music industry, Porter’s five
forces model may apply in the context of Recording label as new
business idea, which effort to deliver the best entertainment source to
individual person.
Bargaining
power of
suppliers
Bargaining
power of
consumers
Threat of new
entrance
Threat of
substitute
product or
service
Competition
between
existing
companies

Vision for business
 The vision of recording label is to market different recorded music, which gain the attention of millions individuals, who are taking interest to
listen music and play according to occasion.
 Its mission is to deliver groundbreaking excellent excitement and entertainment.

CONCLUSION
 From above analysis, it has been concluded that organization has gained competitive edge, by designing and providing creative or unique brand
logo to its customers such as other companies who effort to build their brand image and show physical existence by using specific logo or symbol.
 It has given tough competition to existing firms in term of gaining the business growth opportunities that are available in current market.
 It has also achieved business vision and mission successfully by making product effective

REFERENCES
 Anastasiu, L., Gavriş, O. and Maier, D., 2020. Is human capital ready for change? A strategic approach adapting Porter’s five forces to human
resources. Sustainability. 12(6). p.2300.
 Mahadiansar, M. and Aspariyana, A., 2020. PEST Analysis Model dalam Pengembangan Potensi Wisata Pulau Benan, Kabupaten Lingga,
Kepulauan Riau. Indonesian Journal of Tourism and Leisure. 1(1). pp.14-25.