Marketing in the Information Age for Specialty Recored Music Store Research Paper

Marketing in the Information Age for Specialty Recored Music Store - Research Paper Example joys reasonable amount of foot fall Weakness Lack of Digital Presence Lack of shop branding Product line offered is relatively narrow Opportunities The store owner has 50% ownership in a local bar that specializes in- house music. This provides an opportunity to promote the offerings of the store Reasonable demand of the offerings as the store enjoys relatively good foot fall Threats Presence of larger firms like HMV Customers are switching to the bigger firms trough online medium. Store Diagnosis Based on the back ground of the study and the SWOT analysis it can be understood that the shop has entered in to a viscous circle. Customers are visiting the shop; but due to the organized nature of the shop, people are losing interests, People are switching to other firms like HMV through the online medium. Add to that the firm has no online presence. Creating Digital Presence The first step towards making the digital presence is to have a website. As mentioned earlier having a business wi thout a website is like having a business without face. If the store owner does not have the expertise, then it can be outsourced to any SEO company. The website must have product sections clearly mentioning the products offered by the store. It must be made sure that the website visitors have the opportunity to buy the products online. Once the website is created the next step would be to make people aware of the web presence. Again that can be achieved by using SEO techniques. Online medium can also be used to promote the store location by using advertisement on Google Maps. Web presence should be complemented by presence on Social Media; especially on Facebook and Twitter. Social Media is a great place to engage people and get personal with the users. Studies have revealed that small... This report approves that there exists a music store on Queen Street West in Toronto containing theme based CD's, records and DVD's. The collections are based on the cultural interests of the shop owners. The store does not have any online presence. Store enjoys reasonable amount of foot fall. But, due to the unorganized nature of the shop very few people actually buy the collection. Based on the back ground of the study and the SWOT analysis it can be understood that the shop has entered in to a viscous circle. Customers are visiting the shop; but due to the organized nature of the shop, people are losing interests, People are switching to other firms like HMV through the online medium. Add to that the firm has no online presence. This essay makes a conclusion that Due to the rise of digital technology internet has become the most popular medium to get information for the customers. There just like any other business the music store should also have digital presence in the form of website as well as presence on social media. This will provide the store stop the leaking of customers. Add to this the store needs to get the act together when it comes to store operations which is pretty unorganized to say the least. Store ambience, standard operating procedure in the form of organizing the products based on certain parameters, knowledge of the store staff is going to be the key to success. Also the bar can be used to promote and generate awareness about the store. The thin looking product line can be also being broadened adding new products to target new customer segments.