Why Radio One Inc's Business Model is so successful?
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Radio One Inc’s Company Overview
Radio One, Inc. is an urban-oriented, multi-media company. It primarily targets African-American and urban listeners. It operates through four Segments: radio broadcasting; Reach Media, Inc. (Reach Media); internet, and cable television. It owns and/or operates approximately 60 broadcast stations located in over 20 urban markets in the United States.http://home.radio-one.com/
Radio One Inc’s Customer Needs
Life changing: affiliation/belonging
Emotional: fun/entertainment, nostalgia
Functional: variety, informs, simplifies, integrates
Radio One Inc’s Related Competitors
Radio One Inc’s Business Operations
This approach generated money by sending promotional marketing messages from other businesses to customers. When you establish a for-profit company, one of the most critical aspects of your strategy is determining how to generate income. Many companies sell either products or services or a mix of the two. However, advertisers are frequently the source of the majority of all of the revenue for online businesses and media organizations. This is referred to as an ad-based income model.
Markets are conversations:
For professional services firms, the difference will be made by converting non-engaged customers into engaged customers. Product development will be obsolete. Customer relations and conversations will replace it. By sharing modular and beta products and services with your current and future customers, companies and their customers interact and collaborate in ongoing conversations. Not only will customers find and follow companies in online social networks, but it will also be the other way around as well.
Mass customization is a strategy that entails using modular goods and manufacturing processes to allow efficient product individualization. Mass customization refers to producing customized output using flexible computer-aided manufacturing systems in marketing, manufacturing, contact centers, and management. Mass customization is the next frontier for manufacturing and service sectors alike. Beyond the physical product, mass customization is utilized by a diverse variety of software products and services with the goal of developing strong connections with customers via personalization and suggestion.
Micro-segmentation is a more sophisticated type of segmentation in which a small number of consumers are classified into very accurate categories based on various variables, including behavioral forecasts. Customer micro-segmentation is the process of segmenting a firm's customers into groups based on their relationship with that business. The purpose of segmenting customers is to determine how to relate to each segment's customers to optimize each customer's value to the company.
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