Mapping Your Competition Assignment - Radio Channels

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Mohawk College *

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20934

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Marketing

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Feb 20, 2024

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docx

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Uploaded by KidFlamingo978

Mapping Your Competition Assignment Background When starting any business it's important to know your competition. We generally refer to competition in one of two ways: 1. Direct Competition - an organization that provides the same or a very similar product or service that is used with the same intended purpose (Example: Starbucks and Tim Hortons coffee). 2. Indirect Competition - an organization that provides a product or service that can be used as a substitute for a product or service that your organization provides (Example: Starbucks and Cineplex, entertainment/leisure destinations). Your Task Your task is to “map” both the direct and indirect competition for two products/services you included in the “Identifying Opportunities - What does your City (Region) Need?” Google Maps is a great place to view your potential competition for your product or service. A complete activity includes: 1. A summary of your chosen products/services (Hint: use the chart from the Identifying Opportunities - What does your City (Region) Need?) ; 2. A brief summary as to why your identified competitors are direct or indirect competition and; 3. A list or graphical representation of your direct and indirect competition. - Radio channels are broadcasting stations that transmit audio content such as music or advertisements, providing listeners with a diverse variety of programs. These channels serve the purpose of broadcasting music, news, talk shows, and advertisements. Radio stations play an important role in keeping listeners informed, entertained, and engaged. They have the ability to connect with local communities as well as global audiences and are accessible to almost anyone with a radio receiver. - Radio stations' target markets vary depending on their content and format. They seek to attract and engage specific groups of listeners who have similar interests, demographics, or geographic locations. They range from age groups to music genres, cultural communities, and political affiliations. Local stations concentrate on specific geographic areas. Advertisers often select channels aligned with their target markets to effectively reach their desired audience, making radio a versatile platform that connects with a wide range of listeners.

- Potential broadcasters must consider several risks when launching a radio channel. Financial challenges such as equipment costs, licensing, salaries, and marketing are essential to the successful launch of a radio channel. Regulatory compliance is important, as violations of broadcasting regulations can result in fines or license revocation. As always, intense competition within the radio industry, changing consumer preferences favoring digital media, and market saturation are additional challenges to overcome. A small, low-power community radio station could require an initial investment of $50,000 to $100,000 or more. Direct Competition: Spotify is considered a direct competitor of radio channels because it offers an audio streaming service that directly competes with traditional radio in several ways such as: 1. Audio Content Delivery: Spotify provides a big library of audio content, including music tracks, playlists, and podcasts, which users can stream on-demand. This directly competes with radio channels that broadcast music and talk shows over the airwaves. 2. Personalization: Spotify uses algorithms to create personalized playlists and recommendations based on users' listening habits and preferences. This feature competes with radio channels that may have a fixed playlist or limited flexibility, catering to individual tastes. 3. Podcasts: Spotify has heavily invested in podcasts, hosting a large library of podcast content. This positions Spotify as a competitor to radio channels that offer talk shows, interviews, and other spoken-word content. 4. Digital Accessibility: Spotify is accessible on various devices, including smartphones, tablets, computers, smart speakers, and car audio systems, making it easy for users to access audio content wherever they are. This level of accessibility challenges traditional radio's limitations in terms of geographic reach. 5. User Interaction: Spotify allows users to interact with content by liking, sharing, and adding tracks to playlists. This engagement mirrors the social aspects of radio, where listeners can request songs and participate in listener-driven programming. 6. Global Reach: Spotify operates globally and offers content from artists and creators worldwide, making it a global competitor to local and regional radio channels. While Spotify and radio channels offer distinct listening experiences, Spotify's on-demand streaming, personalization, and extensive content library have positioned it as a strong competitor. Indirect competition: Audiobooks can be indirect competitors of radio channels because they both offer audio content for entertainment and information consumption. While they have distinct characteristics, they share similarities that can draw listeners away from traditional radio. 1. Content Format: Both audiobooks and radio channels deliver audio content, which means they are competing for the same experience. People who enjoy listening to stories, information, or entertainment may choose between radio programs and audiobooks, as opposed to radio channels. 2. Long-Form Audio: Audiobooks typically offer long-form content, such as novels, non-fiction books, and educational materials. This format can compete for the leisure time of individuals who might be listening to radio programs or shows. 3. Personalization: Audiobook platforms often allow users to select content based on their preferences and interests. Personalization can lead individuals to opt for one over the other.

4. Accessibility: Audiobooks can be easily accessed through mobile apps, streaming services, or digital downloads. This accessibility mirrors how people can access radio content through online streaming or podcasts, providing convenient alternatives to traditional radio channels. 5. Diverse Content: Audiobooks cover a wide range of genres and topics, appealing to a broad audience. 6. Flexible Listening: Audiobooks allow users to listen at their own pace, pause, and resume at any time, giving listeners greater control over their audio consumption, much like podcasts. This flexibility can be appealing to those who want to manage their listening experience. 7. Education and Self-Improvement: Audiobooks often focus on educational and self- improvement content, which competes with radio programs. While audiobooks and radio channels have distinct strengths and content types, they share an overlap in the audio entertainment and information market. Consequently, they can be considered indirect competitors as they compete for the attention and listening time of the same audience. However, individual preferences, content variety, and context often determine whether someone chooses an audiobook or a radio channel for their audio consumption. Direct competitors: - Spotify - Apple Music - Prime Music - Youtube Music - Soundcloud *Where you can buy audiobooks (not digital downloads)

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See Assignment Rubric Below Rubric – Mapping Your Competition Assignment CRITERIA LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 MARK Knowledge and Thinking Identification of Competition Identification of Direct and Indirect Competition Demonstrates limited understanding of competition and its connection to your chosen products/services; several errors Demonstrates some knowledge of competition and its connection to your chosen products/services; some errors Demonstrates considerable knowledge of competition and its connection to your chosen products/services; few or no errors Demonstrates a high degree of knowledge of competition and its connection to your chosen products/service s; no errors /4K /8T Application Products/Services Summary Ability to apply your ideas to the activity requirements (i.e. potential location, target market, risks and necessary investment) Demonstrates limited ability to apply ideas that are feasible to requirements. Demonstrates some ability to apply ideas that are feasible to requirements; ideas are somewhat feasible. Demonstrates considerable ability to apply ideas that are feasible to requirements; ideas are mostly feasible. Demonstrates a great ability to apply ideas that are feasible to requirements; ideas are feasible and can be implemented. /8 Communication Overall Communication to a business audience; Use of appropriate vocabulary and terminology Ideas expressed with limited effectiveness; terms used inappropriately, several grammatical errors Ideas expressed with some effectiveness; most terms used appropriately, some grammatical errors Ideas expressed with considerable effectiveness; terminology used appropriately, few to no grammatical errors Ideas expressed with a high degree of effectiveness; Highly effective use of terminology, no grammatical errors /4

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