REVIEW FILES ATTACHED TO ANSWER THE FOLLOWING IN THIS ORDER:
6.1:Leadership Research Exercise
Please identify one notable musicindustry decision of the last 10 years and analyze it in terms of four of thefactors we've looked at (see below).
Cost is one of the first considerations in anydecision-making process and going along with the process of evaluatingalternatives.
While a first instinct is to look at decisions andoptions in terms of financial viability and profitability, there's a lot moreto the picture. Many scenarios provide hidden potential that we may not haveoriginally considered (in the music industrythe potential for exposure, futurecollaborations or partnerships, long-term revenue generation, ongoingroyalties, etc. are prime examples of this). Be sure to consider who can helpyou identify, examine, and realize this potential.
The authors point to the importance of consideringthe overall effects on your bottom line; it is also vital to determine how financialimpact correlate and tie to your timeline. Carefully considering not onlyfinancial considerations such as terms and conditions of payment, but who canhelp you analyze financial considerations (for example, your business manager)is critical.
Like the idea of hidden potential,intangibles need to be given careful consideration.
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You've already started correlating your goals andobjectives to a timeline. Timing is always a consideration in music and themusic industry. In terms of an artist's career, the window of opportunity is akey consideration. Additionally, timing is key in coordinating a variety ofcampaigns and interdependent activities. Please keep in mind the overall amountof time needed to roll out and complete certain functions. For example,marketing campaigns can be very time specific for labels and promoters.
The aspect of how practical your options are is aparamount consideration, as is ensuring that your planning reflectcontingencies and factors in other potential needs such as outside expertise,staffing, or infrastructure.
Each option or opportunity is different. Somerequire very little in terms of resources or staffing, while some may bedisproportionately time and personnel intensive. Be sure to carefully considerwhat resources may be needed for any given option. This will help to keep youon track, on budget, and will help to mitigate avoidable surprises.
Accounting for potential liabilities is always goingto be a part of the evaluation process. In the music industry liabilities canvary greatly, from potential legal considerations (copyright or contractualrequirements), to effects that such a decision could have on your audience andmarket, or potential collaborators and vendors.
The authors point to the ever-important aspect oflegality and ethics. They also note the effects on the overall community.
The authors cite the importance of having aprioritization matrix. Having a prioritization system or process in place iscritical in weighing benefits and potential costs or drawbacks (and not just ina financial sense) of a particular decision or option.
6.2: Team Building/Artist Management
For this three-part activity, you should: