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Record sales or music sales are activities related to selling music recordings (albums, singles, or music videos) through physical record shops or digital music stores. [ 1 ] [ 2 ] [ 3 ] Record sales reached their peak in 1999, when 600 million people spent an average of $64 on records, achieving $40 billion in sales of recorded music.
In particular, the 7 Cs inclusion of consumers in the marketing mix is criticized, since they are a target of marketing, while the other elements of the marketing mix are tactics. The 7 Cs also include numerous strategies for product development, distribution, and pricing, while assuming that consumers want two-way communications with companies.
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
If two or more artists have the same claimed sales, they are then ranked by certified units. The claimed sales figure and the total of certified units (for each country) within the provided sources include sales of albums, singles, compilation-albums, music videos as well as downloads of singles and full-length albums.
It is believed that there is an optimal way of allocating budgets for the different elements within the promotional mix to achieve best marketing results, and the challenge for marketers is to find the right mix of them. Activities identified as elements of the promotional mix vary, but typically include the following:
A promotional single (digital single in South Korea) is a single that is made available to radio stations, nightclubs, music publications, and other media outlets by a record label to promote a commercial single or album. A song may be released as a promotional single even if no commercial version of the single is available to buy.
A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to the marketing mix.
Full-length CD distribution (by percentage of total music revenue) peaked in 2004. Between 2004 and 2007, Full-length CD sales have experienced a linear decline of around 2% annually. During this time period, Digital Download has increased from 0.9% to 11.2%.