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Tuesday
Nov092010

Management In The Music Industry

Peter Drucker stated, “Long-range planning is necessary precisely because we cannot forecast[1].” According to this statement, planning is essential to any enterprise so that the right decisions can be made when the environment changes. Music enterprises must be able to strategize and plan in order to create value for its customers. Strategizing and planning allows the enterprise to create its goals in its mission and vision for all levels of the hierarchy to strive for.

For example, Motown Records’ mission statement was, when it was first created, to “unite and bring people together through music[2].” A mission statement, as being part of planning, was created for Motown Records so that all artists, publishers, employees, and presidents of Motown Records would make decisions based on “uniting and bringing people together.” Knowledge of the goals and direction of the enterprise are necessary to know throughout the entire enterprise so that everyone knows what decisions are to be made and which are the right ones[3].  Motown Records brought value to its customers that shared the same ideal in music: the desire to unite people. Planning the mission and vision statement encompasses all decision-making for music enterprises. After knowing the enterprise’s plan, any employee or superior would have to ask, “Does this decision align with our core values and work towards our vision as a music enterprise?” Customers will value an enterprise that is consistent with its plan to create that value for its customers.

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