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The Rolling Stones the Rolling Stones Are the Most Successful Act in the Act

question 35

Multiple Choice

The Rolling Stones
The Rolling Stones are the most successful act in the music industry largely because they run the band as a business-the Rolling Stones, Inc. Since 1989 (the beginning of the modern age of the Rolling Stone) , the band has generated more than $1.5 billion in gross revenues. That total includes sales of records, song rights, merchandising, sponsorship money, and touring. Unlike some other groups, the Stones carry no anti-business baggage. The Rolling Stones, Inc. operates on a combustible mix of talent and intense labor-the product of four decades of trial and error. The company licenses over 50 products from underwear to formalwear. The Voodoo Lounge tour in 1994 grossed $121.2 million, record earnings for a single tour. Over the past decade, the group's song writing has made about $56 million. The next time you see Mick Jagger, think of him as the highly successful CEO of a mid-sized corporation. The goal of the corporation is to continue providing products that differ from its competitors' offerings so that fans will continue to pay a premium price for what it sells.
-Refer to The Rolling Stones. Because other music groups cannot duplicate the value the Rolling Stones are providing to customers, the band can be said to have a(n) __________ .

Definitions:

Efficiency

The ratio of the output to the input of any system, highlighting the ability to use the least amount of resources to achieve the highest amount of output.

Quality

The standard or measure of excellence of a product, service, or process, often gauged against customer expectations and industry benchmarks.

Management History

The study of the evolution of management thought, practices, and theories over time, reflecting changes in societal norms, economic conditions, and technological advancements.

Universal Process Approach

A methodology applied in business and management that emphasizes the use of standardized processes across all operations and regions to achieve efficiency and quality.