Cost leadership or differentiation focus
Academic business plan with references. (only for the headings given below)
Please use references from last 5 years.
Plan – expanding an online music school in Maldives to an art school offering art, music, dance & vocational activ
- Description of the business, including explanation of the proposed business model.
- Its competitive advantage
AACA is an online music academy that started in 2021. It is a place where anyone can come to learn and develop their artistic skills. AACA started online music lessons for guitar & piano with just three teachers who are also founding members. In the future, we plan to expand the academy with more skill-based subjects and start the academy in a physical place as well. Due to the unforeseen pandemic, as a new business, we need to overcome lots of new challenges.
The academy will mainly be designed for the younger generation (Age: 4 -17 years). However, limited classes will be offered for adults as well. All classes offered at AACA will be skill-based. In addition to offering lessons, we will also give consultancy services to schools of Maldives and career guidance for upcoming new artists.
It is our main goal to create more artists in the Maldives who are practically and academically educated in their professional field of work and also create more opportunities for the existing local artists. Mostly we have self-taught talented artists in the Maldives because there are no opportunities for them to get the education needed. I believe that creating an academy like ours would help the young generation to become even better artists.
Proposed content.
– Competition analysis (who are the competitors in the industry? Who sells same or similar products/ service? Who are most significant competitors to your business? How those businesses affect your business.
– Competitive mapping (positioning) base on competition analysis show competitive mapping and where you would position your business.
– Industry analysis (porter’s five force)
– Competitive strategy which competitive strategy you would use. Can focus on long run ( porters’ generic strategy/ cost leadership or differentiation focus..
Use relevant literature to support your argument
Currently, there are two art schools and 2 institutes that offer short-term vocational courses for teenagers as direct competitors in the Maldives.
All the direct competitors are located in the capital of Maldives, Male’.
There are several businesses that conduct after-school activities. Since we are targeting children between the age of 4 and 17, all businesses conducting after-school activities will be our competitors.
Similar organizations
Maldives music & Arts Center (MMAC) – established in 2010. Offers Piano, Guitar, Vocal, Dance, and Art Classes.
Time Academy – established in 2020. Offers Piano, Guitar, Vocal, Drum, Flute, Violin, Sound engineering, Speech & Drama Classes.
Other after school activities – Swimming, Karate, Badminton, Tennis, Football, Handball, Netball, Basketball, Cricket, Athletics, UCMAC, Volley
- Market analysis, including discussion of the target market, estimate of market size and predicted sales, together with a discussion of key assumptions made.
- Marketing strategy, including consideration of the marketing mix: particularly plans for promotion and distribution and pricing strategy.
- What do you need to know about the market?
- What is market?
- Market is the people to them you are offering the goods/service.
- You need to identify your target group to serve.
- Do segmentation analysis.
Geography – Male’ City
Demographic – mostly Age 4 to 17
Psychographics –
Behavioural:
- Marketing strategy, including consideration of the marketing mix: particularly plans for promotion and distribution and pricing strategy.
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