The case outlines the success of a prominent Queen of pop Madonna Louise Ciccone who successfully went through her music career. Despite her career, she also owned Chelsea Girl LLC, a limited liability company, and holds one-third of the record company Maverick. Besides, she is among those pioneers of media, those who felt the influence of the internet, and that she needed to get hold of the domain, Madonna.com. On the same note, she fought for the same domain in court and signed an agreement with Microsoft. Despite the challenges she went through, she indeed sustained her success. Her capability to suitably change her music made her succeed. Moreover, she collaborated cleverly with other musicians to ensure that she grew. This paper will basically outline critical aspects attributed to Madonna’s success in the music industry that could as well be employed to run Maverick.
To ensure the success of business organizations, it is of great significance to employ efficient and appropriate strategies that will eventually ensure that the same organization achieves its success. For the above case study, it is clear that the Queen of pop applied the proper strategy that made her career incredible. Firstly, Porter’s competitive method could run Maverick, which effectively worked for the Queen of pop. Here, it entails either cost leadership or differentiation, the former involves proper organizational undertakings, and the latter involves uniquely meeting the customers’ needs. Therefore, since Maverick is a record company, it can brand its products uniquely from other competitors such that it appeals to its customers (Bhattacharyya, 2020). Besides, proper organization of the company in terms of the cost of its products could develop an efficient strategy for Maverick’s success.
Correspondingly, the strategy on Miles and Snow typology could best work for the Maverick record company. Basically, it entails four basic types: the prospector, who is tasked as the creator of change. Precisely, collaboration is an essential aspect of the achievement of the goals and objectives of the company. The Queen of pop’s success is significantly attributed to the collaboration she took in her career. For instance, she collaborated with musicians and producers such as William Orbit in the ‘Ray of light,’ making her an innovative musician. In connection, Maverick company could therefore employ the same strategy by establishing collaborations with creative musicians regarding signing to record music with them (Bhattacharyya, 2020). Thus, such kind of strategy could also be a way of marketing the company and showing an image capable of reaching a considerable number of customers.
In addition, it is crucial to consider those factors that could result in the downfall of an organization (Saviano et al., 2019). More concretely, the modern world is volatile, uncertain, complex, and ambiguous. With this in mind, it is appropriate for Maverick company to be mindful of such unpredictable instances. The most critical aspect of this scenario involves the thorough gathering of valuable information beyond the current data. Here, it is often done through the proper undertaking of research on emerging trends and the market. Besides, the random rationale is appropriate in this case, given that such happenings are unclear. Compared to the case under study, Madonna’s capability to change her music and persona is marked as her hallmark of success. Therefore, it is a perfect example of changing appropriately regarding uncertainties.
Given that change is inevitable, Madonna successfully adjusted to the ever-changing world in terms of technology. It was regarded as business acumen and the most successful strategy she used to reach her customers. Basically, the essence of e-commerce is meant to reduce transaction costs drastically. For Maverick, this is the best strategy that they could employ to reach a significant number of customers globally and easily. Besides, they can apply the same through software that seeks to customize marketing campaigns aimed at fitting into each culture’s market and the preferred tastes of its customers. In terms of communications, the internet has established better contact with customers globally (Bhattacharyya, 2020). Here, software such as automatic translators has made it easy for businesses, especially for non-English speakers. Such technology is appropriate for Maverick since it does not necessitate human resources whenever there is a need for translation.
Moreover, for any business to survive in a world of competition, there must be an explicit strategy to compete successfully (Ali & Anwar, 2021). Here, both the institution-based and resource-based design works. The industry-based approach explains that the conditions within an institution, to a significant extent, are determinants of firm strategies and uplift an organization’s performance. Therefore, these are the approaches that answer what determines the success or the failures of an institution. For the case of Maverick record company, it is essential to note threats that could arise and take over their market. For instance, the entrance of a substitute institution that offers services similar to its company should be considered. To ensure that such threats are lowered, the entry barriers should be highly praised. However, in some instances, the above strategy may not often be straightforward (Perchard et al., 2017). Therefore, it is crucial to consider the specific circumstances of a particular organization when applying this strategy to evaluate competition and profits efficiently.
The success of Maverick can be attributed to some practical applications of efficient approaches. Firstly, Madonna impeccably took complete control of her image, and she displayed it dramatically. Besides, she attracted a considerable number of fans when she published a book named sex. Therefore, in any given business, it is appropriate to change an organization’s image consistently. It is crucial since the world continuously changes, provided that proper approaches arise, which often brings about competition. More concretely, the above changes that Madonna undertook were meant for the life-stage fluctuations and to bring up generations of fans. However, the most significant challenge that lies ahead of the company is that it requires rational personnel as well as resources (Perchard et al., 2017). Resources and efficient human resources are meant to undertake good research on how the company should adjust appropriately to ensure the same continuity.
Finally, the collaboration with Madonna significantly strengthened her career as well as her performance. Firstly, her collaboration inspired her career. In this scenario, it is more efficient when a partnership allows for communication and sharing than solely depending on reading for inspiration (Vapa and Vapa-Tankosić, 2019). Besides, it is vital to expose oneself to a distinct perspective, which will trigger creativity and objective review of information. Secondly, Madonna’s collaborations helped her to establish a network that exposed her to different collaborators. Basically, being successful necessitate the establishment of consistent connections. Irrespective of what comes after every contact with individuals to sightsee the possibility, it will continually expand the network.
Reference List
Ali, B. and Anwar, G., 2021 ‘Business strategy: The influence of Strategic Competitiveness on competitive advantage’, International Journal of Electrical, Electronics and Computers, 6(2), pp.1-10. doi:10.22161/eec.62.1
Bhattacharyya, S., 2020 ‘International business strategy: development of an integrated framework and typology’, Review of International Business and Strategy, 30(3), pp.345-373.
Perchard, A., MacKenzie, N.G., Decker, S. and Favero, G. (2017) ‘Clio in the business school: Historical approaches in strategy, international business and entrepreneurship’, Business History, 59(6), pp.904-927. doi:10.1080/00076791.2017.1280025
Saviano, M., Caputo, F., Del Prete, M. and Panico, L. (2019) ‘Sustainability and Business Strategy: An investigation model’, In 14th International Scientific & Business Conference Social Responsibility and Current Challenges.
Vapa, B. and Vapa-Tankosić, J. (2019) ‘Management of the international distribution channels in the SMEs international business strategy’, Škola biznisa, (1), pp.32-46.