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Competitive strategies for small business
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Marketing Strengths Physical market presence- Despite the closure of many of HMV’s stores due to administration difficulties, over 100 stores were still in operation in prime shopping locations in the UK and Ireland. In 2012 HMV had nearly 20% of the market share, slightly more than Amazon at the time. HMV is one of the largest and most successful entertainment retail store in Europe and is more successful than its rivals such as Virgin megastore who closed down in Ireland in 2002. (McCaughren, 2007). As of 2013 HMV had 16 stores operating all over Ireland in the main cities such as Henry Street, Lucan , Graton Street, Galway and Cork. (www.thejournal.ie). In Ireland HMV’s physical presence is strong compared to their rivals Tower Records and Golden discs as HMV is more recognisable than them and are in prime locations. Weaknesses Falling market share- With the rise in digital downloads such as on iTunes, HMV lost 36million in August 2012 due to streaming online and downloading music online, music and DVD sales were down by 20% in the run up to Christmas 2012. (Wood, Z. Milmo, D. 2011) HMV’s market share in January 2013 had fallen to 17% a low figure compared to Amazons which was 23% at this time. (Lawson, A 2013). With a falling market share a company begins to lose sight of the market and drastic changed need to be made to meet customer demands and to keep ahead of rivals. Failure to accept changes- One of the main reasons HMV failed is because they didn’t move with the times and adapt to the current marker. There were three major factors standing in HMV’s way supermarkets, online retailers and downloadable music. It has been brought to the director’s attention about the upcoming problems but they didn’t see them a... ... middle of paper ... ...icial Eye to create in-store cinema venues’ [online] screendaily. Available from http://www.screendaily.com/hmv-curzon-artificial-eye-to-create-in-store-cinema-venues/5000273.article [accessed on the 30-3-2014] Music week ( 2005) ‘HMV to encourage environmental awareness’ [online] musicweek 27TH of January. Available from http://www.musicweek.com/news/read/hmv-to-encourage-environmental-awareness/027552 [accessed on the 30-3-1014] Indexmundi (2013) ‘Historical Data Graphs per Year’ Indexmundi Available from http://www.indexmundi.com/g/g.aspx?c=ei&v=21 [accessed on the 29-3-2014] Bowie-Sell , D (2012) ‘UK second worst in world for illegal music downloads’ [online] Telegraph 17TH of Septemeber. Available from http://www.telegraph.co.uk/culture/music/music-news/9547974/UK-second-worst-in-world-for-illegal-music-downloads.html [accessed on the 15-3-2014]
After watching Charlie Rose’s interview with Jim Collins; where Collins explains his recent book How the Mighty Fall, presented me with an opportunity to reflect over recent companies that were staples in my childhood and early adult memories and now are non-existent. In this paper, I will look, analyze and relate Blockbuster Video and their history to Jim Collins’ five stages of an organization.
...nal Public Radio: News and Analysis, World, US, Music and Arts. 31 March 2010. Web. 31 January 2011.
... Popular Music Studies 23, no. 1 (2011): 19-39. Accessed April 28, 2014. Academic Search Complete.
Over the years HMV has made use of the World Wide Web to market and
Jupp, V. and Sapsford, R. (ed.) (2006) Data Collection and Analysis. 2nd ed. London: Sage Publications Ltd.
A hand full of the most popular music festivals in the world are based in the United States of America. Today ultra is one of the biggest music festivals in the world. Spreading its roots to other countries you could call ultra a success, that was not so fifteen years ago when creator...
xistmusic. "News Release Tuesday." 16 December 2011. Da' T.R.U.T.H. Artist Profile. 02 December 2013 .
Organizational change is the altering of organizational structures and business strategy. As consumer preferences change, competition increases, and the economic environment fluctuates, business need to adapt to these changes to remain competitive. The management of Home Plus, a regional discount store, has proposed an increase of high-end products and a significant reduction in discount packaged goods. This is a change from the original business strategy in which the primary offerings were discount products. Before implementing the proposed strategy, Home Plus management must consider the benefits of the change and the consequences that may occur. As a member of the management team at Home Plus I disagree with the proposal to increase high-end
Since the establishment of the Internet, traditional ‘bricks and mortar’ stores, also known as store-based retailers, have been under siege by online retailers. As stated by Magner (2013), the next five years will observe an increase in online sales, domestically and/or internationally, as it provides consumers with a wider variety of products at competitive prices, no shop-trading hours and no GST payable on purchases made overseas which are under AUD$1000. Furthermore, the retail lifecycle for the majority of store-based retailers has hit the mature to decline phase. Magner (2013) states that a “slowdown [in] technological system changes and wholehearted market acceptance and market saturation of products” have been strong indicators for the store-based to reach the maturity phase. Additionally, the changes in consumer lifestyle, product range preferences, low-cost private–label merchandise and slow technological advances are factors preventing the sector from propelling into the growth retail lifecycle phase (Magner 2013). Examples of firms that have been affected by digital retailers are Myer and David Jones as they face disadvantages factors like high operational cost (i.e. labor and rental cost), low range of products in comparison to online retailers (Denness 2014). The example is further illustrated by Figure 1 (above) as it provides statistics for the falling revenue for department stores to digital retailers (NAB Group Economics 2014). Moreover, the averseness of larger store-based retailers to invest in online retail channel has resulted in an increasing number of competitors targeting lucrative Australian consumers. An example is UK-based fashion retailer ASOS, which launched a website dedicated to Australian patrons, ...
Rawlinson, J. (2013). Music Festival Tourism Worldwide - International - June 2013. Retrieved 02 28, 2014, from Mintel Report: http://academic.mintel.com/display/643783/
The government forecasts that by 2019, the GDP will rise of 0.2%. The consumer’s behaviour towards this economic recession will change and therefore affect the retail industry. Harrods will need to spend more money and investment in order to float or maintain business sustai...
The main symptom and concern is that Scotts’ European sales had increased as expected, but margins had dropped, as well as synergies between the acquired companies were not working as expected. In addition, one of Scotts Europe’s largest customers was threatening to leave due to unacceptable service levels that might cause a domino effect to other large customers.
With the invention of the Compact Disc (CD) in 1984 the music industry was able to increase their record revenues again surpassing $4 billion. According to the Recording Industry Association of America (RIAA), profits in 1988 increased up to $6.25 billion (Krasilovsky and Shemel, 2007). On one hand CD’s have proved to be very successful invention as it indicated that consumers are willing to pay for increased quality of goods and services. However on the other hand it had introduced issues relating piracy. Illegal reproduction of analog phonograph records was a relative harmless issue at this time, as the quality of sound would reduce by ea...
Best Buy opened it’s doors in 1966 by the name of “Sound of Music”, it wasn’t until 1986 that it proceeded to change it’s name to what it is recognized today. Best Buy is the top retailer in the nation’s (USA) consumer electronic retail industry. What makes Best Buy unique is that they sell electronics and appliances used for home and office, they provide customer service and business support through their Geek Squad Technical Support System, and they offer major tech brands and their products such as Apple and Windows in house. According to The New York Times, the computer and electronics industry consists of companies engaged in the retailing of computers and peripherals, consumer electronics and other technology products. The industry includes household appliances, audio and video equipment, consumer software, digital cameras, cell phones and components and other electronic goods.” Like many top leaders, Best Buy has not been immune to issues in regards to maintaining its status in the market. Some of the issues the company faces include, loss in stock value, loosing the retention of it’s customers, and being out-competed by e-commerce companies in the same industry such as, Amazon. All of this can be classified as a marketing problem Best Buy faces.
The Web. 24 Feb. 2014. The "Statistics". In The Know Zone. N.p., n.d.