being indie
Case Study 1:
It’s Not Easy Being Indie
1. Using the strategic planning process discussed in this chapter, what was the core problem to be solved by Millennium? What were all their potential alternative solutions to that problem?
Millennium Music was faced with what many in the retail music business were being challenged with in an industry that is continuously growing and changing due to new and improved technology. Although I believe Millennium was faced with this challenge, I also feel they had internal issues and the combination caused their revenues to decline. I feel Kent Wagner and Clayton Woodson failed to realize that times were changing and their industry was being greatly impacted which I feel was lack of good management. I do not feel that a feasible strategic plan was in place to guide them in areas crucial to the survival of their business.
There are several key factors that can increase the potential for success in a business. In my opinion Good management is the most crucial factor in determining whether a business will succeed or fail. I do not feel the partners at Millennium were equipped with a plan or strategy that would address the evolving industry and how their company needed to advance and meet their goals in order to survive. In an article, Wagner states ” We knew the industry was in decline, but we thought we were different”, they neglected to see their potential downfall early on impeding any jump on development of a strategy for the future. they neglected to see their potential downfall early on impeding any jump on development of a strategy for the future. Although the owners and staff were knowledgeable about music they were not hip to current trends; therefore they were unable to market the correct target audience to increase their revenues. In my opinion if the partners at Millennium Music would have had a feasible and effective plan early on to guide them through their challenges such as market
It’s Not Easy Being Indie
1. Using the strategic planning process discussed in this chapter, what was the core problem to be solved by Millennium? What were all their potential alternative solutions to that problem?
Millennium Music was faced with what many in the retail music business were being challenged with in an industry that is continuously growing and changing due to new and improved technology. Although I believe Millennium was faced with this challenge, I also feel they had internal issues and the combination caused their revenues to decline. I feel Kent Wagner and Clayton Woodson failed to realize that times were changing and their industry was being greatly impacted which I feel was lack of good management. I do not feel that a feasible strategic plan was in place to guide them in areas crucial to the survival of their business.
There are several key factors that can increase the potential for success in a business. In my opinion Good management is the most crucial factor in determining whether a business will succeed or fail. I do not feel the partners at Millennium were equipped with a plan or strategy that would address the evolving industry and how their company needed to advance and meet their goals in order to survive. In an article, Wagner states ” We knew the industry was in decline, but we thought we were different”, they neglected to see their potential downfall early on impeding any jump on development of a strategy for the future. they neglected to see their potential downfall early on impeding any jump on development of a strategy for the future. Although the owners and staff were knowledgeable about music they were not hip to current trends; therefore they were unable to market the correct target audience to increase their revenues. In my opinion if the partners at Millennium Music would have had a feasible and effective plan early on to guide them through their challenges such as market
References: Hatten, Timothy S. Small Business Management Entrepreneurship and Beyond. 5th ed. Canada. South-Western, Cengage Learning. 2012. Print. Williams, Alex. “ The Graying of the Record Store.” New York Times. New York Times, 16 July 2006. Web. 7 Feb. 2013