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explain the ways in which an online presence may support the achievement of business aims and objectives by attracting customer interest.

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Introduction

1. Task 3 In this part of the assignment I am asked to explain the ways in which an online presence may support the achievement of business aims and objectives by attracting customer interest. I have described and studied different companies operating in music industry. It has been said that all these companies have similar aims and objectives. There is a brief reminder of the main aims and objectives of HMV and Virgin: * Survive - initially break even - this is more relevant to new established companies. However, this can also relate to companies such as HMV and Virgin who e.g. want to enter a new market or launch a new product or service. It is vital for them to break even. However, large companies such as HMV and Virgin expect a fall in their profits as they tend to spend enormous amounts of money on promotion. Nevertheless, it is in their interest as they aim to increase their profits in long term development. ...read more.

Middle

Apparently, today's music industry depends on the ongoing development of technology. Companies have to sort of reposition themselves in the market place or try to penetrate into new markets in order to appeal to customers. One of the main technological developments is the Internet. Companies started setting up their own websites. The Internet or E-commerce is a new market where companies can boost their profits by expanding their customer base and meeting the needs of customers who prefer to for example shop online. The competition led companies such as HMV to set up their website in order to expand their customer base. By expanding their customer base, the company aims to boost their profits and beat competitors such as Virgin. It is vital that HMV's online presence to be similar to their shops. It eases customers to recognize HMV by colors, logo, products and services sold both in the stores and on the Internet. The products that HMV sells are mainly CDs, Vinyl, music books, MP3 players, Ipods, posters, DVDs, Video, games etc. ...read more.

Conclusion

Please see the table below: HMV Choice A Choice B Choice C Unlimited access �14.99 a month right to burn the music to CDs Limited access 50 tracks �4.99 a month Individual tracks or entire tracks The price varies Virgin Over 1.2 million tracks, from old classics to the latest and greatest, with the best sound quality in the UK. Buy individual tracks for 79p and Albums with a discount. or Subscribe from �9.99 and listen to anything, whenever you want, that's unlimited music for the price of a CD! As you can see the prices at HMV are cheaper. However, the prices of CDs in HMV are slightly expensive. For example the latest CD of Madonna in Virgin is �8.97 and in HMV is �9.99. Obviously, Virgin tries to sell all its products and services in their stores and their website. The company targets and reaches new customers. E.g. customers who pop into the store to buy a CD may also become interested in buying other products and services such as concert tickets and travel insurance. Whereas, HMV attracts customers interested only in products related to music such as CDs, DVDs and mp3 players. 1 http://www.oaa.org.uk/default_frame.asp ?? ?? ?? ?? 1 ...read more.

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