Please see attachments for a 16 page paper for Music pricing. An outline has been attach as well. Econ 515: Group Case Studies Instructions You will be required t

Please see attachments for a 16 page paper for Music pricing. An outline has been attach as well.

Econ 515: Group Case Studies

Instructions

You will be required to write and present a class paper as part of a group with several other students. The specific group size will be provided in the class announcements. It will be up to each student to find and join a group, but the instructor may allocate students to a group if necessary. Specific guidelines and assessment rules for the paper are provided.

1. Music Pricing

In the initial stages of downloadable music, the pricing model for iTunes was to price songs individually. At the time, Spotify instead opted to offer unlimited song playing, for a monthly fee. Today, both services use a monthly subscription system. Discuss the two pricing mechanisms including their pros and cons. Your discussion should include which model would likely yield more profit and why; and, why iTunes changed its pricing strategy to what it is today. Please use and provide references.

Guidelines and Assessment

Deliverables: (a) The choice of your topic and an outline of your paper is dues by the fourth week of the semester; (b) a draft is due by the ninth week, (c) the final version of the paper is due in the thirteenth week, as well as (d), a presentation of your group paper.

At the bare minimum, your paper will include:

1. Introduction, including a re-statement of the problem

2. Body/discussion

3. Conclusion and recommendations

4. References

The submissions will be typed. The outline, draft and final group paper will follow the APA format. The draft and the final version of the paper will also include an abstract.

The outline will be a two-page double spaced document providing headings for the main sections and what you expect to cover in each section. The instructor’s feedback on the outline will be incorporated in the draft and subsequent feedback will be incorporated in the final version of the paper. The draft will be as thorough and complete as the paper final paper, the only different between the two being the incorporating of the instructor’s feedback. The draft and the final paper will be between 15 and 25 pages long excluding the references.

The final version of the paper and a copy of the Power Point presentation video will be turned in by 11:59 PM of the due date for the presentation. The presentation should last between 7 and 15 minutes.

Academic Integrity will be expected and enforced in line with the university policy. Make sure you do and submit your own work and give credit for legitimate help or reference you get from others including written work.

Plagiarism: In particular, all cases of plagiarism will be subject to penalty. Examples of plagiarism include, copying and/or sharing answers and copy pasting other people’s works without referencing. A 30% or

1

Music Pricing

1.
Introduction

· Music pricing is one of the essential aspects of music that musicians need to pay close attention to. Surprisingly, budgeting is one of the biggest struggles that musicians face today. This is certainly caused by the idea that most people are not aware of the cost of various types of music.

· However, there are other musicians in the music industry who are desperate for fame and often sell their music cheaper than its predetermined value.

· Therefore, it is mandatory for musicians to adopt the right music-pricing strategy to avoid making poor decisions that would ultimately lead to financial loss.

· There are two main pricing strategies that can be of significance in music pricing. These strategies are Value-Based pricing and Competitive-Based pricing.

2.
Body/Discussion

i. Competitive-Based Pricing Mechanism

· The Competitive-Based strategy allows one to position his or her product in reference to other products within the market. This strategy is expected to set a market price in comparison to other products that are being offered. The merchant may then use that product to establish an understanding of its best quality and or best value.

Advantages/ Pros

· Associated with low risks- the possibilities of product prices decreasing as a result of everyone within the market utilizing it.

· It complements other pricing models- this mechanism is used in conjunction to other pricing strategies

· Simplicity-it is simple to implement.

Disadvantages/ Cons

· Unsustainable in the long-term- it is quite unsustainable in the long term because it is effective for short term goals.

· Cannot be used independently- this strategy cannot be used alone.

ii. Value-Based Pricing

· Value-Based pricing strategy allows one to assign a certain price on a product as influenced by the customers perceived value of the product. This strategy focuses on the external factors of the target audience including their needs, desire, and willingness to purchase.

Advantages

· Easier to penetrate the market- this strategy makes it easier for marketers to penetrate the market especially when the products are packaged differently.

· Helps to develop high quality products- constant reviews from customers makes it easier to improve on areas that need modifications.

· Improves customer service- this strategy is primarily focused on the customers need and therefore it helps to improve on customer services.

· Increases brand value- this strategy voices to the public that the company using this strategy, places more value on their customers and thus improving the brand value.

Disadvantages

· Tampers with scalability- this strategy makes s




Please see attachments for a 16 page paper for Music pricing. An outline has been attach as well.







Econ 515: Group Case Studies
Instructions
You will be required to write and present a class paper as part of a group with several other students. The specific group size will be provided in the class announcements.  It will be up to each student to find and join a group, but the instructor may allocate students to a group if necessary. Specific guidelines and assessment rules for the paper are provided.

1. Music Pricing

In the initial stages of downloadable music, the pricing model for iTunes was to price songs individually. At the time, Spotify instead opted to offer unlimited song playing, for a monthly fee. Today, both services use a monthly subscription system. Discuss the two pricing mechanisms including their pros and cons. Your discussion should include which model would likely yield more profit and why; and, why iTunes changed its pricing strategy to what it is today. Please use and provide references.



Guidelines and Assessment

Deliverables: (a) The choice of your topic and an outline of your paper is dues by the fourth week of the semester; (b) a draft is due by the ninth week, (c) the final version of the paper is due in the thirteenth week, as well as (d), a presentation of your group paper.
        
At the bare minimum, your paper will include:
1. Introduction, including a re-statement of the problem
2. Body/discussion
3. Conclusion and recommendations
4. References
The submissions will be typed. The outline, draft and final group paper will follow the APA format. The draft and the final version of the paper will also include an abstract. 
The outline will be a two-page double spaced document providing headings for the main sections and what you expect to cover in each section.  The instructor’s feedback on the outline will be incorporated in the draft and subsequent feedback will be incorporated in the final version of the paper.  The draft will be as thorough and complete as the paper final paper, the only different between the two being the incorporating of the instructor’s feedback. The draft and the final paper will be between 15 and 25 pages long excluding the references.
The final version of the paper and a copy of the Power Point presentation video will be turned in by 11:59 PM of the due date for the presentation.  The presentation should last between 7 and 15 minutes.

Academic Integrity will be expected and enforced in line with the university policy. Make sure you do and submit your own work and give credit for legitimate help or reference you get from others including written work.
        

Plagiarism: In particular, all cases of plagiarism will be subject to penalty. Examples of plagiarism include, copying and/or sharing answers and copy pasting other people’s works without referencing. A 30% or


1


Music Pricing


1.
            Introduction

· Music pricing is one of the essential aspects of music that musicians need to pay close attention to. Surprisingly, budgeting is one of the biggest struggles that musicians face today. This is certainly caused by the idea that most people are not aware of the cost of various types of music. 
· However, there are other musicians in the music industry who are desperate for fame and often sell their music cheaper than its predetermined value. 
· Therefore, it is mandatory for musicians to adopt the right music-pricing strategy to avoid making poor decisions that would ultimately lead to financial loss. 
· There are two main pricing strategies that can be of significance in music pricing. These strategies are Value-Based pricing and Competitive-Based pricing.
2.
            Body/Discussion

i. Competitive-Based Pricing Mechanism
· The Competitive-Based strategy allows one to position his or her product in reference to other products within the market. This strategy is expected to set a market price in comparison to other products that are being offered. The merchant may then use that product to establish an understanding of its best quality and or best value. 


Advantages/ Pros
· Associated with low risks- the possibilities of product prices decreasing as a result of everyone within the market utilizing it.
· It complements other pricing models- this mechanism is used in conjunction to other pricing strategies 
· Simplicity-it is simple to implement.
Disadvantages/ Cons
· Unsustainable in the long-term- it is quite unsustainable in the long term because it is effective for short term goals.
· Cannot be used independently- this strategy cannot be used alone. 

ii. Value-Based Pricing
· Value-Based pricing strategy allows one to assign a certain price on a product as influenced by the customers perceived value of the product. This strategy focuses on the external factors of the target audience including their needs, desire, and willingness to purchase. 
Advantages
· Easier to penetrate the market- this strategy makes it easier for marketers to penetrate the market especially when the products are packaged differently.
· Helps to develop high quality products- constant reviews from customers makes it easier to improve on areas that need modifications.
· Improves customer service- this strategy is primarily focused on the customers need and therefore it helps to improve on customer services. 
· Increases brand value- this strategy voices to the public that the company using this strategy, places more value on their customers and thus improving the brand value.
Disadvantages
· Tampers with scalability- this strategy makes s

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