Strategy Plan for Hmv Group. - 1212 Words

TASK 1. a) Explain and analyse external factors affecting HMV. Executive summary HMV Groups markets had experienced rapid change over recent years and have become more competitive and with a diminishing amount of in store sales as consumers choose to use the internet to fulfil their needs. These trends are heavily influenced by celebrities and other social icons as well as advertising and publicity. The main technological development is that of the internet. It has also given rise to competition in the form of piracy which is a growing social/ political issue. Piracy has had a large affect on sales and demand within the industry and any changes in law/ legislation or enforcement of piracy will have a large effect on the HMV group. It†¦show more content†¦The main social issue that affects that can influence sales are lifestyle or consumer trends. The products sold by the HMV Group and its competitors are not necessity goods and have very wide ranges of appeal. Consumer trends can change very rapidly and can be very troublesome or profitable for retailers in the industry as it can either leave them with to much or too little stock to meet demand. Political Environmental issues government legislation international law universal rights taxation regulatory bodies government term and change trading policies funding, grants and initiatives pressure groups . Economic Economic trends taxation, seasonality markets and trade customer forces interest and exchange rates, competitors, suppliers, employment rates policies . Society Lifestyle trends demographic trends skills availability consumer attitudes and opinions media laws trends major events ethnic and religious factors gender issues business ethics environmental concerns . Technological Technological development research and funding information and communications innovation potential intellectual property issues new production processes transport technology . c) SWOT analysis of HMV The most common tool used to access the above is a SWOT analysis. SWOT is an acronym used to describe the particular Strengths, Weaknesses, Opportunities, and Threats that are strategic factors for a specific company. A SWOT analysis should not only result inShow MoreRelatedMarketing Management Question on Hmv- London School of Commerce1670 Words   |  7 Pagesassessment: * Each group must submit a hard copy of the report * Each member should speak for 4 minutes --------------------------------------------------------------------------------------------------------------------- Description of Assessment Requirements You have joined HMV’s marketing department in the UK and have been asked to recommend a marketing plan for HMV to ensure continued growth in the future. 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