what is the formula that definse profit? |
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revanue – expenses = profit |
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what question does a mission statement answer? |
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the reason why you are in business. |
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what is a vision statement? |
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what your view is of where the industry is headed and where you will take your business. |
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what is a values statement? |
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it is a code of ethics or opperating principals. |
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what are the two stategic questions to consider before going into business? |
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what do i want to acomplish? and what am i willing to risk |
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what are three key elemets in any music busines |
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what the businees or product is
what your product market is
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what is the revanue streem(how do people get paid) |
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what 3 things should you do before going into business |
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market overview
phesability(risk analasys)
business plan |
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in what types of entities are businesses organized for tax and legal purposes |
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sole propitership
partnership
llc
corporation |
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what are the four major record lables |
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universal
emi
wea
sony/bmg |
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who is the customer in the music business |
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whoever pays you directly |
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define the two kinds of competition |
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direct- similar businesses in the same product catagory
indirect- any product the goes after the same customers as your product. |
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what are 5 key aspects of business? |
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producty develpoment
product delivery
sales and marketing
accounting and finnance
management |
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whatr are the four key responsabilities of management? |
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planning organizing motivating controlling |
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what 3 conditions must be met before starting your own business? |
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business plan
funding
comfortable taking risks |
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what are 8 benefits of writting down your own business plan? |
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road map compettative weapon
measuring stick fund-raising tool
opportunity management tool team building tool
stress management tool
catalyst for your best work |
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who can also benefit from a business plan? |
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what are 3 things that a business plan describes? |
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what your going to do
how your going to do it
the risks involved |
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what are the 5 chapters of a business plan? |
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description of company
description of products
market & overview strategy
management team & organization overview
financial summary |
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what section is the largest portion of the business plan and carries the most weight with financial people and investors? |
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how long and detailed is a business plan? |
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what is the plans 6th chapter and what does it include? |
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appendix or refference section |
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what 4 key questions does a brand possitioning statement answere? |
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what business you are in
what makes you special
who are your customers
what is in it for everyone involved |
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what is the elevator test and what is it used for? |
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25 words or less to sell yourself to someone…
ued for networkiing |
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what is the biggest challenge facing any music person or music business? |
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COMPETITION FOR ATTENTION |
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developing products and exposing them for sale to a specific customer.. |
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expoditing the products for a certain price or price range |
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what are the four functions of marketing? |
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PLANNING AND POSSITIONING the product managing customer relationships communicating with the target market advertising and presentation |
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what are the seven links in the marketing chain? |
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product stratagy
pricing strategy
promotional strategy
sales channel
sales force
user and or audiance profiles
competative environment |
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what are some examples of music industry products |
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merch records t-shirts live performance……. |
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what are the six phases of product life cycles |
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1-research and developement 2-intro 3-early growth 4-late growth and shake out 5-maturity and saturation 6-decline |
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what are the three key factors that influence pricing? |
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supply and demand
pricing conventions and traditons
sales and marketing abillity |
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what are the three basic prcing statagies ? |
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low cost product strategy
defferntation strategy
hybrid strategy |
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what typically happens in the music industry with unrealistic pricing? |
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creation of indellible images of you and your products in the minds of your target audiance , customers, and stock holders. |
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what are ten types of promotional tools ? |
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advertising publicity sales literature demo recording direct marketing trade events key influence relations identity items collateral materials e-commerce |
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what are three key questions about your promotional strategy? |
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what can i afford do i have to use all ten categories what if im not good at promotional strategy |
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who are the four main players in maximising a music career? |
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PERSONAL MANEGER atorney business manager |
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how many songs should be included on a demo c.d. |
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why is it important to have your best song first? |
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who is the first person on the artist team |
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why should an artist be cautios about getting a lawyer to shop a c.d.? |
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credabillity
they wont really shop your c.d. unless they think that it will be lucrative.. |
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what sugestions does passman to screen the sharks? |
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get refferences fees personality consult team look beyond sales pitch who will do the work |
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to what two possitions in a corporation ca you compare the role of a personal maneger? |
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what are the 7 items listed as major aspects of a managers job? |
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helps with business decisions creative process promotion and publicity assemble management team coordinates with agent liason with the record label buffer for outside world |
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what is the typical range of commisions that a mngr earns ? |
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what is the typical terms of a mangement agreement? |
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time of commencement of recording to end of promotional responsabilities.
tours signnings |
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limits mngs income after termination commision “step down” over time |
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what is a key man clause? |
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if the person you hired retires , dies , or is fired/quit, you can legally terminate the contract. |
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what is the role of a business manager? |
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acountant and takes care of the financiaql needs of the artist |
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what credentials or licenses are required for a oerson to be a business manager? |
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why is it rishy to have a family member as your business manager? |
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if something goes wrong you dont want to kill your brother or dad…you dant want a ruined family relationships. |
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how are business managers custmarily paid? |
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hour monthly retainer percent or combination |
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spending time negotiating deals- percent of deal basis |
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advanced payment , fees deducted guaranteed amount every month |
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what are a clintes options if an atorny reveals a conflict of interest? |
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hire another atorney waive conflict |
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what is the role of an agent ? |
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finds work for the artist |
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what unions may regulate agents |
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what does franchising mean? |
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working for a union and abiding by their rules. |
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what is the standard fee for an agent |
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if an artist doesnt have a mngr , who does the agent report to |
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what does a distributor due |
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gets the product out to the stores. |
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what does a&r stand for and what do they do… |
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artist and repitoire – theyu find the talent and bring them to the lables . |
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what does the promotions departement do? |
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gets the artists songs played on the radio stations |
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what are the four major record destributors |
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sony bmg emi warner universal |
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what is a true independant distributor? |
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independant distributors deal with indipendant lables they handle a large number of small lables.. |
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what does the term record include? |
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any kind of delivery of music for consumer use.. |
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what are the two meanings of master? |
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orriginal recording made in the studio.. recording of one particular song… |
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record companies compute artists royalties based on what |
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% of wholesale price
multiply %of royalty times wholesale price
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free goods are given at a discounted rate and are not used to pay royalties to artist |
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can retailers return unsold records to the record company |
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what is a reserve against returns |
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portion of royalties witheld to cover returns |
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what does liquidating the reserve mean |
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within 2 years of shipment royalties are paid to the artist as a reflection of the reserve |
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taking royalties recieved and supplying it to the amount advanced to the artist |
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