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Narrative 5-1
The Rolling Stones are the most successful act in the music industry largely because they run the band as a business-Rolling Stones Inc. Since 1989,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 antibusiness baggage. The company licenses over 50 products from underwear to formalwear. Its record earnings from one tour came from the Voodoo Lounge tour in 1994,which grossed $121.2 million. 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 Narrative 5-1. Which kind of diversification have the Rolling Stones used to grow their business?
Psychobabble
The use of jargon from psychology and psychotherapy in a manner that is understood to be pretentious or meaningless.
Empirical Evidence
Information obtained through observation, experimentation, or experience, as opposed to theory or belief, used as the basis for knowledge.
Choice Overload
The phenomenon where having too many options can lead to difficulty in making decisions and potential dissatisfaction with the chosen option.
Rumination
The repetitive, often compulsive, focus on the symptoms of one's distress, and its possible causes and consequences, rather than on solutions.
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