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Madonna born on August 16, 1958 her name full name is Madonna Louise Ciccone. Born in the Bay City Michigan of America and later moved to New York in 1977 to pursue the career in modern dance. In early days she has performed as an artist in the famous breakfast club and emmy. She released her first debut album in 1983 (Madonna) which became great success. She has emerged as a singer, lyricist, actress, and dancer and as an entrepreneur. She has sold 300 million copies of her albums worldwide. She has been rewarded from gunnies books of world records as the bestselling female recording artist of all time.
All in all Madonna has seen the life very closely, with all ups and downs in her early days. She formed her own band with her ex-boyfriend Steve bray and they moved together into music building, where they written new songs and developed strategies for future. Madonna had tried to contact many music directors, agents and record companies to give her chance. In 1981 there was a certain shift in her success image. Madonna rather than following the rock genre she started making dance music which was emerging in New York clubs. She has put great effort in making her image as a new fashion icon, where she has adopted funky jewellery, cloths and extras. Madonna's style was soon become the new fashion for most of the girls around the world.
Madonna realised that the dance clubs and the DJs are the first step for her success. She accompany the DJs to play her songs in clubs and her frequent appearance with her friends in her glossy and funky dresses made people being her fan and friends. The first release was 12-inch which gained huge success in clubs and gained Madonna name and fame. In 1983 her first album was released which she named as Madonna. Most of the songs became famous and hit the US charts. This was just a start for Madonna's success during 1986 to 1990 Madonna has released 6 albums and many of the songs from those albums become the top hits.
The marketing mix is one of the important frameworks to define the product or brand offering. It includes the basic four P's which are named as product, price, place, promotion.
The main product in Madonna case is Madonna herself. She was and she still is one of the most successful women in music. She made herself as the icon and ideal for the young generation. Basically Madonna was not only about music. She was more than that, she was a style diva, her cloths and fashion ideas were become famous and were adopted by most of the young generation girls. Such as her famous tag boy toy belts, funky apparels etc. basically her product strategy was based on market development and diversification and something new. Madonna has given a new name to fashion and her ideas of style were copied by millions.
In early days Madonna has put her tracks in New York clubs to gain popularity, with the help of DJs. Later on when she became famous her album was sold instantly and 8million copies were gone from shelves. The price was affordable according to that time customer's pocket. Madonna's target market has always been the young generation and teenagers who love rock and dance music. The price penetration strategies and Madonna image has worked well to gain her name and money.
Madonna has made the whole world to want her. Her early days of performing started from America New York and she made New York as her starting point to win the world. She was one of the most demanded and listened artist of all times in west. She has gained the name and fame by producing herself as a global singer not to limit herself to America. Her shows and world tours were great success all around the world. She penetrated the market via her appearances in different countries. Madonna has left a huge impression on people mind.
Madonna has described herself as the hardworking, ambitious and determined lady. She has worked hard on promotions; she has chosen the best people in the business to develop her global image. She has used the club DJs to promote her tracks in early days and later on the agents and organizers who has introduced her to the world of fame. Madonna has worked side by side with the show organizer to arrange her shows in which she has shown her management skills. Her promotion strategies were always according to the audience she is going to see. In different countries she has made appearance differently with diva and raunchy looks she has attracted many hearts.
SWOT Analysis of Madonna
Key stake holders of Madonna
Madonna has many different kinds of stakeholders and at different levels. The main stake holders for Madonna are given below.
National and local authorities
Madonna's strategy is always to try and adopt something new, rather than to stick into one success formula that risky attitude of her got her more success name and fame. One of her secret of success is her attitude toward trying and experimenting new things with her music and personality.
Madonna's image has changed with every CD release, her 'brand essence' remain constant. This is a major part of her appeal.
the celebration of success
Madonna embodies a freedom of spirit, material success and politico-sexual honesty which is seen by many as the apogee of feminism.
Porter's five forces model
Value chain analysis
Madonna's value chain contains few very strong key factors, which start from the show organizers/music directors/producers. Then the operations in which the actual process starts to create value for customers. In which all stake holders such as (choreographers, designers hair stylists, dress designers and stage designers etc.) work together to make sure customers get what they paid for. Once the operations finish their part, then it's time for marketing and promoting the event or the product. Marketing and promotions is very integral step in the value chain. The customers have to get aware of what they going to get and when and where. It could be done via using different methods of marketing communications. Once the marketing and promotions has done their part, it's time for product to get into market and available at sellers and selling points. The last part in that case is service Madonna always tries to give the value to its customer's money and provide the best and quality time to her fans.
All these factors help Madonna to get competitive advantage in her genre. People are loyal to Madonna and her talent. Madonna can use her name to make more profit via using the differentiation and diversification strategy which will help Madonna to get the new success. Madonna could possibly enter to other different categories such as apparel, clothing, makeup and jewellery sections where there is a huge female fan following is for Madonna which will get her good profits in long run.
Strategic options analysis for Madonna
Madonna is getting old; she is 52 year old the market penetration strategy will not be the viable options. As the existing market is aging and the demographics are changing, so penetrating market will not be able to bring the success which Madonna desire. Introducing new products in existing market may work out something but still for Madonna to introduce something new in existing market might not be a viable option as mentioned earlier that the existing market has changed drastically but still her strength is R&D as she is very hard working does homework before doing something so there are chances of this strategy to work out.
Madonna has still got opportunity to explore and get into new markets with her existing products; there is still the world which needs to be introduced with Madonna. With some innovation in her music and reinventing the tracks with new music videos will work out for her. With the help of technology Madonna can reinvent her music and make it available via internet to large amount of people across the world. Its more risky than market penetration but as Madonna personality is when there is risk there is reward.
The best strategy for Madonna is to use the diversification strategy. In terms as Madonna has developed herself as the one of the most successful female artist of all time. In diversification Madonna could possibly introduce herself as the new brand persona, via using her personality and name in addition to collaborating with new brands. Madonna is at such stage where people admire her a lot, the introduction of new things and products under Madonna name would work out. She can possibly train new singers, introduce her own product lines such as cosmetics, jewellery and apparels with Madonna magic touch. Diversification is the most risky strategy as the market and customers are both new. There is more reward in this strategy as well, if successful Madonna can get a new status and place in society and can get a new kind of fame.
Conclusion and recommendations
Madonna has seen the life very closely and knows the value of life and money. Madonna's early days were hard and those hard days made her the strong lady, ambitious, determined. She believed that there was something in her and she worked on it and proved herself to be the one of the most successful lady of all time. The art of using people and understanding the changing trends made her successful. Now Madonna has reached the age and name and fame where, she don't need to be on front and use the same tactics which she has used during her early success days. The world has changed and emerged in something completely different way, the technology has made it possible to reach the customers across the world. For Madonna should focus on cashing her image now. By introducing her own line of cosmetics, apparels, jewellery etc. she still can be the style diva for new youth. Madonna could possible use old tactics but with reinventing them according to the new world demands and choices. Madonna could possibly work in production and introducing new singers and helping them develop in music industry with Madonna help. This could possibly keep Madonna in media eyes.