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An industry analysis of HMV company in the UK - Essay Example
Pages 4 (1004 words)
An Industry Analysis of HMV Company in the UK of submission AN INDUSTRY ANALYSIS OF HMV COMPANY IN THE UK HMV (His Master’s Voice) is a company with chain outlets based in the UK, stores and outlets in Singapore, Ireland and Hong Kong…
Consumers have various products to choose from, either purchasing in blu-ray disc formats or on-line music downloads in MP3. Challenges of piracy and illegal downloading in the market have been playing a great role in the physical sale of music. Plans for dealing with piracy and illegal downloads would be to increase growth of live entertainment and ticketing, as stated on the HMV group website. As stated on Complete Music Update (2012) home page, HMV competitively shared the market for music entertainment with Amazon, with HMV having 19.9% and Amazon, 19.2%, though HMV’s percentage growth of its market share has faced considerable challenges from play.com, iTunes and supermarkets. Like any other company going through the various stages of growth which are market introduction, growth, maturity and saturation and decline, HMV has gone through different growth stages since its opening in 1921, which marked its market introduction stage. The company progressively grew, expanding its markets and consequently increasing sales, human resources and advertising, competition being minimal at the time (Reynolds et al., 2004). In the 1960s, HMV experienced tremendous growth. It expanded and doubled in size so that by 1976, HMV was the leading retailer in the UK, specializing in music and other entertainment products. ...
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