1. Life Cycle of an Album Assignment
Choose an album OVER 10 YEARS OLD and discuss the 4 stages of its life cycle including introduction, growth, maturity and decline

2. Directions for assignment:
There are 6 total slides: (guidelines for each section are listed)
***15 TOTAL POINTS***(2 PTS PER SLIDE, 3 PTS FOR PRESENTATION)
Title slide with band and album name and pictures
Explain Introduction phase of album with info and pictures
Growth phase with info and pictures
Maturity phase with info and pictures
Decline phase with info and pictures
Discussion of 3 marketing strategies to make money on this album now.
Use it is movies/television (if so, which ones)
Remix any of the songs for re-release (if so, which ones and with who and what type of version)
Let another artist cover your song for re-release (if so, who?)

3. --release date, label, album info
Stage 1: Introduction
--release date, label, album info
Sales volume is relatively low, marketing costs are high and profits are low or even negative
Two methods commonly used
One: Price skimming Charging a high price to recover costs and maximize profit quickly
Prices drop as the product is no longer unique
Example: XBOX, Wii and other game systems
Two: Penetration Pricing Charging a low initial price to gain customers

4. Stage 2: Growth—first week sales, first singles, concert sales increasing
Sales climb rapidly, unit costs are decreasing, product begins to make a profit and competitors come into the market
If you used price skimming during the introductions stage your would lower prices to appeal to customers
If you used penetration pricing you would make only minor price changes, other promotions would be used to keep sales high

5. Stage 3: Maturity—awards, sales numbers over the long term, all singles released off album
Your goal is to stay in the maturity stage as long as possible
Sales begin to slow and profits peak
Profits can fall off as competition increases
Maintain steady prices by identifying new markets or making product improvements

6. Stage 4: Decline—reason for decline
Sales and profits continue to fall
Cut prices to generate sales or clear inventory
Helpful to reduce manufacturing and promotional costs during the decline stage
Phase out the product
Example: VCR’s have gone through all phases of the Product Life Cycle