Businesses operating in any industry are bound to experience changing fortunes in so far as trade is concerned. There are several forces that play in the economy thus influencing the fate of each of the entities in a given sector. With this in mind, it is the sole responsibility for individual business organizations to examine factors within their environment and identify the interventions to keep it competitive. I further use interaction matrix to analyze how the business has changed over time. Finally, I conclude by comparing two players in this music sector and offer some appropriate recommendations.
Just like in any other economy of the world, the UK economy also suffers from quite a number of challenges. Being an important component of the economy, UK retailers have not been spared from the difficult moments that occasionally characterize the economy. Therefore, some traditional UK retailers such as music retailers who deal with the selling of music CD and VCD have been critically affected. In the past few years, some famous music retailers went bankrupt one after another. Cases in point include the Towers, KPS, and Virgin. Whilst some of the aforementioned retailers were troubled by the market changes, the likes of Find-CD, which is an online music company, were flourishing (Traynor, 2013).
According to the findings of Traynor (2013) in his research, nearly 140 music retailers are prone to the perilous economic period in the near future. A case in point is the HMV music retailer. HMV is credited for having been one of the longest-serving players in the music industry with a history of music retailing of approximately 91 years. It deals with the sale of CDs/DVDs containing music, movies, or video games. .