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QUESTION
Instructions: Initial PostAn artist earns a percentage of their income through merchandise sales. Obviously, the more merchandise they sell, the more money they make. For this assignment, you may assu
Instructions: Initial PostAn artist earns a percentage of their income through merchandise sales. Obviously, the more merchandise they sell, the more money they make. For this assignment, you may assume that you are the Sales Manager for your selected artist’s Fan Club. Choose a/an national/international recording artist, actor, youtube sensation or sports star. Go to the artist’s current online media (Facebook, Twitter, Official Website, etc.) and discuss the following:
- Evaluate the artist’s current product offerings – Tell us what they are currently selling. Do not choose an artist that does not have products for sale.
- Recommend a new and unique product for this artist to sell that is clearly tied to their brand and would be forecasted to have strong sales based on their primary and secondary target markets.
- Must be a new product not currently sold by the artist
- Must be an actual product that could be mailed – not an endorsement of an existing product and not a digital product
- Must be a product that meets all the requirements for this assignment
- Research and state the Primary Target Market and the Secondary Target Market - Target market should include demographics and psychographics.
- This is a signature product so the product will have a name. Name the product
- Research the cost of producing the product and suggest a retail selling price per unit indicating your expected “profit margin”. The profit margin is the difference between the "cost" of the product and the sales price. You should list both your production cost per unit and the retail selling price per unit. Then list the profit margin.
- Research the cost of shipping the product and suggest a shipping price. Shipping costs involve the cost of postage, packaging and the cost of “handling”. This may include the cost of storing the product, labor costs to “pull” the product, package the product, print a label and post the product. Also, you need to consider the cost of packaging materials such as bags, boxes, bubble wrap, ink, labels, etc. There is also typically a “mark up” on the actual shipping cost when mailed from the artist’s Fan club. There is no “free shipping” for this assignment. This product is being sold and shipped by the Fan Club.
- References are needed for target market research, product research (website, facebook, etc.) and cost of shipping (USPS, Fed Ex, etc.). Choose a/an national/international recording artist, actor, YouTube sensation or sports star. Go to the artist’s current online media (Facebook, Twitter, Official Website, etc.) and discuss the following:
