Customer Segments_ Value Proposal CMUS 372

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Customer Segments/Value Propositions Sydney D. Plummer 09/03/2023 Assignment 2 CMUS 372-B01 Professor Loral Marsh

2 Figuring out who my ideal customers would be for my music-themed coffee shop is important so that I have the tools needed to advertise properly and market my business to the people who would benefit from the services I would provide. In order to understand who exactly I would need to promote my business to as I am creating it, I created a list of traits and attributes these customers will need to have to be most benefited by my business. 1. Coffee drinkers 2. Any age 3. New musicians 4. Bands promoting their music 5. Parents of musicians 6. Can be male or female 7. People who enjoy new and interesting places 8. Students who need a place to study 9. People who like to listen to new music 10. Any ethnicity 11. Students who would like experience playing in front of a live audience 12. Musicians needing an audience 13. People who support the arts 14. People needing a place to work in a calm atmosphere 15. People who enjoy a wide variety of music After creating my list, it was evident that musicians and those who liked to listen to music would be the ones who would benefit from my business the most. It is extremely important that I come up with a way to market my business to them as I continue to develop my idea. In order to do so,

3 I came up with a research question to address these potential customers: is there a need for a coffee shop and live music space? As I began to develop this idea, it was important that I find research to help me determine whether my business idea is relevant to consumers in today’s market. I needed to determine a few things; is a new music-themed coffee shop going to be successful, and would musicians find what I am offering to be useful? In order to properly research this, I first needed to rewrite my research question to incorporate these new questions: is there a need for a music-themed coffee shop that promotes new musicians and gives them a place to perform relevant enough to be successful? In order to determine if a new coffee shop would be successful, I found a journal article written in 2013 that discusses what is necessary for that to happen. Today, providing experiences is seen as the way to remain competitive in markets where global competition and technology have turned products and services into commodities. 1 The article continues to state that Businesses targeting the youth market need to understand this emerging behaviour to ensure that they meet the needs of this very discerning and influential group to ensure long term relationship and loyalty. 2 It was interesting to note that providing an experience and also targeting younger markets is important for the growth of a new business. My business will need to ensure that it remains engaging as well as following the current trends in order to stay relevant. I decided to pursue this further, and found a journal written in 2017 that states: It is essential for coffee shop managers to uncover practices to place their services and products distinctly apart from competitors due to the highly competitive market environment, where a 1 Nadi̇ri̇ Halil, and G. Nazan Gunay. 2012. “AN EMPIRICAL STUDY to DIAGNOSE the OUTCOMES of CUSTOMERS’ EXPERIENCES in TRENDY COFFEE SHOPS.” Journal of Business Economics and Management 14, no. 1 (September): 22–53. https://doi.org/10.3846/16111699.2011.631742. 2 Ibid

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4 coffee shop’s products and services may begin to be perceived as an undifferentiated commodity by providing similar coffee, tea, and dessert menus. 3 This article made it clear that offering coffee and beverages, or even dessert wouldn’t be enough to make my coffee shop stand apart; it is going to be extremely important that the emphasis be on music and themed materials that make it stand out and show that it is different from others around me. Expounding on this further, a journal article written in 2020 said that, Today, many companies are starting to realize that competitiveness can be maintained by maintaining customer satisfaction. One of the ways to maintain customer satisfaction is to always try to understand and fulfill the changing needs and desires of consumers. Companies that strive to always understand consumers and competitors in their business are known as market-oriented companies. 4 Going forward, I will need to make sure that my business is maintaining or beating customers expectations and satisfaction if I want to stay ahead. I want to make sure that they are treated well, and have an experience there that they cannot get anywhere else. As for whether or not musicians would find what I am offering useful, I found a journal article from 2013 that discusses the financial losses musicians are facing with the rise of media streaming. But technology has also contributed—either directly or indirectly—to the disruption of many traditional music business revenue streams. Beyond the problems associated with unauthorized file sharing, we have witnessed the closing of retail stores, a drastic drop in physical album sales (and the subsequent reduction of mechanical royalties for songwriters), lower advances, and less financial support to artists signed to record label deals. Faced with a 3 Kim, Soon-Ho, Minseong Kim, and Stephen Holland. 2017. “How Customer Personality Traits Influence Brand Loyalty in the Coffee Shop Industry: The Moderating Role of Business Types.” International Journal of Hospitality & Tourism Administration 19, no. 3 (July): 311–35. https://doi.org/10.1080/15256480.2017.1324340. 4 Najib, Mukhamad, Hardiana Widyastuti, Mokhamad Syaefudin Andrianto, Stevia Septiani, and Farah Fahma. "MARKET ORIENTATION AND SERVICE QUALITY AS DRIVING FORCES OF BUSINESS SUSTAINABILITY: EVIDENCE FROM SMALL COFFEE SHOP." Academy of Strategic Management Journal 19, no. 6 (2020): 1-8, https://go.openathens.net/redirector/liberty.edu?url=https://www.proquest.com/scholarly- journals/market-orientation-service-quality-as-driving/docview/2475948247/se-2.

5 reduction of income from these revenue streams, many musicians have either branched out to take on more or other music-related work, tapped new sources of income, reduced costs, or all of the above. 5 With this information, I believe that it is very important that my business aids musicians in the promoting and selling of their music, and that there is a need for what I am offering. I also wanted to know if performing in my coffee shop would be something that would help new musicians who are just starting out. I found some information in an article written in 2008. Value can be built in any number of ways. In the product development stages before selling, it could be: elevating a less-than-stellar level of playing - so more practice is needed; revamping a recital program that has great playing but with over-played, hohum repertoire - then repertoire and perhaps the format need changing. 6 The article goes into depth about how new musicians need to market themselves, and how playing and reworking their performances is vital to their success. In this way I know that my business will be able to help; by giving them a place to perform and to sell their music, I am giving them an opportunity to grow and enhance their craft. After researching and figuring out what my customers would need from my business, I believe that the plan that I have devised will serve the needs of the community perfectly. In regards to my business being relevant to consumers, the research I conducted led me to understand that in order to be successful, a new business will need to be competitive, and also provide an experience to attract and retain customers. It will also need to put the customer at the forefront and ensure that they are treated well and rewarded for their loyalty. I believe that my 5 Thomson, Kristin. 2013. “Roles, Revenue, and Responsibilities: The Changing Nature of Being a Working Musician.” Work and Occupations 40, no. 4 (October): 514–25. https://doi.org/10.1177/0730888413504208. 6 Savage, Dylan. "The Key to Entrepreneurship for Musicians MARKETING AND SELLING." The American Music Teacher 57, no. 5 (Apr, 2008): 15-9, https://go.openathens.net/redirector/liberty.edu?url=https://www.proquest.com/trade-journals/key-entrepreneurship- musicians-marketing-selling/docview/217486672/se-2.

6 coffee shop will meet these criterias by serving drinks that are music-themed, by playing music from local bands, selling their music and merchandise to assist in promoting them, as well as having fun and interesting decor throughout to keep interest and engagement. By playing music from local musicians, not only am I helping them, but I am ingratiating myself to local consumers by showing that I am a part of their community. My research also led me to understand that it is important to new musicians that they have a place to perform in order to market themselves, and grow their craft. My business will give them the opportunity to play on Friday and Saturday nights, thereby giving them a local audience for them to practice in front of. This will give them confidence, and experience needed for them to pursue this further into their career. While my business may be on a smaller scale than other performance spaces, I believe it is relevant and suitable for a local market, and can be successful as it will stand out as a different experience than other coffee shops in the area. In conclusion, the customers that will frequent my coffee shop will be people who love music, as well as musicians and their family and friends. Through my research I have determined that my coffee shop needs to be competitive and provide an experience that they cannot get at other shops in the area. It also needs to provide a place for new (and experienced) musicians to perform their art so that they can grow and market themselves. My coffee shop will meet these needs by providing an interesting and fun environment, promote local musicians, and aid them in their musical career.

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7 Bibliography Kim, Soon-Ho, Minseong Kim, and Stephen Holland. 2017. “How Customer Personality Traits Influence Brand Loyalty in the Coffee Shop Industry: The Moderating Role of Business Types.” International Journal of Hospitality & Tourism Administration 19, no. 3 (July): 311–35. https://doi.org/10.1080/15256480.2017.1324340. Nadi̇ri̇ Halil, and G. Nazan Gunay. 2012. “AN EMPIRICAL STUDY to DIAGNOSE the OUTCOMES of CUSTOMERS’ EXPERIENCES in TRENDY COFFEE SHOPS.” Journal of Business Economics and Management 14, no. 1 (September): 22–53. https://doi.org/10.3846/16111699.2011.631742. Najib, Mukhamad, Hardiana Widyastuti, Mokhamad Syaefudin Andrianto, Stevia Septiani, and Farah Fahma. "MARKET ORIENTATION AND SERVICE QUALITY AS DRIVING FORCES OF BUSINESS SUSTAINABILITY: EVIDENCE FROM SMALL COFFEE SHOP." Academy of Strategic Management Journal 19, no. 6 (2020): 1-8, https://go.openathens.net/redirector/liberty.edu?url=https://www.proquest.com/scholarly- journals/market-orientation-service-quality-as-driving/docview/2475948247/se-2.

8 Savage, Dylan. "The Key to Entrepreneurship for Musicians MARKETING AND SELLING." The American Music Teacher 57, no. 5 (Apr, 2008): 15-9, https://go.openathens.net/redirector/liberty.edu?url=https://www.proquest.com/trade-journals/ key-entrepreneurship-musicians-marketing-selling/docview/217486672/se-2. Thomson, Kristin. 2013. “Roles, Revenue, and Responsibilities: The Changing Nature of Being a Working Musician.” Work and Occupations 40, no. 4 (October): 514–25. https://doi.org/10.1177/0730888413504208.

Customer Segments_ Value Proposal CMUS 372

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