Vintage cloth trade Research Proposal Example | Topics and Well Written Essays - 2000 words

Vintage cloth trade - Research Proposal Example Yet the proliferation of online music and change in the customer attitude towards purchase of music has weakened the position of HMV. This paper has conducted a secondary research on HMV to find the loopholes in the current management system and suggest ways in which HMV can improve its future prospects. It has been found that lack of investment in online music business has led to the quick fall of HMV and there are considerable deficiencies in the management system which have further weakened HMV’s share. An analysis of the change noted in the customers’ taste had pointed out the reason behind decline of HMV. Consumers in the digital era have been found to engage in practices such as, piracy and free download, with the support of technology. Improved product differentiation and enhancing customer experience are the possible ways in which HMV can improve its prospects for future. As the last presence of high street music store, HMV, which stands for His Master’s Voice, has a long history of 93 years. HMV is typical enough to represent the whole music entertainment industry as the matter of fact that it is the last remaining music retailer. Their first store was born in 1921 and started to sell gramophones, radios and popular music hall recordings (BBC, 2013). The following new era of CDs (Compact Discs) turned HMV into a hugely profitable music record company successfully during 1980s (BBC, 2013). However, around 2000s, the invention of MP3 has reshaped the traditional pattern that consumers used to listening music. Due to the contribution of digital revolution, which was generated around 2010s, HMV’s retailing experience is no longer as attractive as it was (BBC, 2013). As the HMV’s annual report in 2012 (Figure) proves that the music giant has started suffer from financial losses and sales decline. Nevertheless, since the music retaile r did not react as early enough as it can to embrace the digital trend, HMV formally went into administration in