Evaluating The Effectiveness Of Hmv's Business Information
Introduction
Business information is important to an organisation because when the organisation has done its research it can make informed decisions for the future and move forward strategically by setting goals which improves HMV’s efficiency consequently increasing profits.
Internal information comes from within the business, for example, meetings between staff and external information comes from outside sources of the business, for example, from the government.
HMV uses an internal system which is linked to all the HMV stores in the UK. Whenever a customer purchases an item this system will notice and automatically order the item from its suppliers to be replaced. Information also allows HMV to keep close relationship with customers. On its website it keeps track of your preferred genre of music and films and will automatically recommend new music and films that you personally enjoy. Taking time to know your customers intimately means repeat custom and sales leading to higher profit. Finally, business information leads to competitive …show more content…
HMV can look at rival adverts to see, for instance, what sales they have on, new products on sale etc. This is to keep up with the dynamic market and keep up with competitors. An on-line competitor of HMV is iTunes by Apple. The iTunes advert is cool and simple but does not speak of pricing etc.
So, in order for HMV to compete with such a cool brand image such as Apple, we decided to have a big sale the same time Apple brought out its iTunes advert.
We advertised this sale on through television so that consumers do not forget about us and so that they come to us to fulfil their music needs. We know from the past that consumers like a good sale so advertising our sale on television allowed us to reach that wide audience, communicate our sales promotions efficiently and sell more
Business information is important to an organisation because when the organisation has done its research it can make informed decisions for the future and move forward strategically by setting goals which improves HMV’s efficiency consequently increasing profits.
Internal information comes from within the business, for example, meetings between staff and external information comes from outside sources of the business, for example, from the government.
HMV uses an internal system which is linked to all the HMV stores in the UK. Whenever a customer purchases an item this system will notice and automatically order the item from its suppliers to be replaced. Information also allows HMV to keep close relationship with customers. On its website it keeps track of your preferred genre of music and films and will automatically recommend new music and films that you personally enjoy. Taking time to know your customers intimately means repeat custom and sales leading to higher profit. Finally, business information leads to competitive …show more content…
HMV can look at rival adverts to see, for instance, what sales they have on, new products on sale etc. This is to keep up with the dynamic market and keep up with competitors. An on-line competitor of HMV is iTunes by Apple. The iTunes advert is cool and simple but does not speak of pricing etc.
So, in order for HMV to compete with such a cool brand image such as Apple, we decided to have a big sale the same time Apple brought out its iTunes advert.
We advertised this sale on through television so that consumers do not forget about us and so that they come to us to fulfil their music needs. We know from the past that consumers like a good sale so advertising our sale on television allowed us to reach that wide audience, communicate our sales promotions efficiently and sell more