Feasibility Analysis Market Potential - The target market for The Kollection has been focused on college students, and until recently they have been able to attract this market with their design and introduction of new artists or songs. The college students have similar interests to Lovin, as he is a college student as well. His merchandise sales also cater to the same market. Potentially expanding the collection of music and content of the blog posts may attract a younger or older market. Advertising it through social media would be a free way to reach more consumers. Advertising through ads would increase exposure, however this would cost substantial money. Lovin could explore a strategic alliance with local radio stations, offering to highlight new artists, bring The Kollection following to the radio station, or selling the stations merchandise through his site
CASE 3 5 could direct more customers to Lovin’s site. Industry Attractiveness - The Kollection has differentiated itself with minimal design, structured organization, search ability, and speed. They had over 30,000 app downloads and they were tracking nearly 1 million visits per month. Their major competitors Spotify and Pandora had been established for a long time, but now more competitors such as students were easily learning how to build blogs, and consumers have found a new interest in online radio. The Kollection has had the advantage of being the first to feature a new artist or song but once these songs find their competitors they lose their edge. The Kollection has a loyal following but due the loss of Soundcloud, they have had to take the site back to core features losing the ability to build playlists, and removing the app from app stores. The competitors have newer more advanced technology, as well as apps for every operating system. This does not provide The Kollection with a promising outlook in the market. New Venture Leadership - The Kollection is a labor of love for Lovin. His goal was to fill a gap in the market for new musicians and fans to discover, and learn more about the newest music available (Hoy, Longnecker, Palich, & Petty, 2016). Continuing the blog aligns with his mission
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- Winter '17
- Small Business Management, Lovin