Swot Analysis of Music Industry
Strength
The music industry has generated jobs for all kinds of people. The music industry gave some source of income for musicians, graphic artists, record company employees and many others. The music industry served as a venue for individuals to sell their musical capabilities and capacities.
Weakness
One of the problems for the music industry is its inability to solve piracy. The music industry has not found a good solution against the unauthorized sale of music album and songs online. Another problem for the music industry is its low sales brought about by piracy and the onset of the internet as a media to sell songs. The internet reduced the need for cds created by businesses in the music industry
Opportunities
The music industry can make use of the internet to make itself known to more people. The internet can help reintroduce the music industry to a wider client base. Through advancements in technologies the music industry can make the next media after Cds and portable music players. The music industry should introduce newer means of purchasing and listening to songs.
Threats
The biggest threat to the music industry is piracy. Piracy has caused the low sales of songs and it reduced the profits of music companies. Piracy can be the one that will cause music businesses to close thus causing the jobs of people. Another threat to the music industry is other sources of entertainment like television and movies. The alternative forms of entertainment cause lesser profits and clients.
Current scenario of Apple iTunes in UK and its impact on music industry
Apple iTunes has achieved 80% of the UK market as of 2005. This is not good for the music industry since it means lower sales for the record companies and their suppliers. This also means that the client base of the music companies would mostly be the clients of Apple iTunes.
SWOT of Apple iTunes
Strength
Apple iTunes has a global brand. Most people know Apple iTunes and most use it for the songs that they want to hear. Apple iTunes made use of the internet as a way to reach more people and make sure that something purchased would be immediately received. A strength for Apple iTunes is its global network of songs. Apple ITunes has a grasp of various songs whether they are new or old. This makes is useful for all types of clients.
Weakness
A weakness of Apple iTunes is its inability to be free from any security threats. Just like other products of the internet Apple iTunes has not been able to make it security threat proof. Another weakness of Apple iTunes is its inability to counter piracy. This product has not made piracy weaker rather it made piracy more prevalent.
Opportunities
An opportunity for Apple iTunes is to attract those who purchase illegally downloaded songs for the internet. Apple iTunes should determine means to reduce the cost of a song so that people would be enticed to purchase songs in a legal way. Another opportunity for Apple iTunes is to improve its security features.
Threats
A threat to Apple iTunes is the continuing demand for cds. Cds are made for those who cannot afford the prices of songs in Apple iTunes. Cds are also for those who prefer listening to songs in an older way. Another threat to Apple iTunes is the creation of other sites that sell songs online and offers better deals on songs.
Future scenario of apple iTunes
Apple iTunes would continue to be used by clients. It would remain as a primary means of selling songs online. Apple ITunes would continue to dominate the online market and it would continue to attract clients. Moreover Apple ITunes would reach deals with other forms of entertainment so that they can sell online television shows or the like.
SWOT of Apple’s competitors
Strength
Apple’s competitors have been chosen as a cheaper alternative. The competitors of Apple offer lower rates on their products. Apple competitors such as Microsoft are also known by the older generation thus they prefer to use Microsoft’s product than Apple. Apple competitors have been established firms thus people trust their products.
Weakness
A weakness of Apple’s competitors has been their inability to surpass the technological advancements made by Apple. The competitors have not found a way to counter the success of the products of Apple. Another weakness of the competitors is its inability to attract the younger generation which is the main market of Apple.
Opportunities
An opportunity for the competitors of Apple is to create newer products that will outdo Apple. Competitors such as Microsoft need to develop systems that have lesser errors and lesser technical glitches. Another opportunity for the competitors of Apple is to do what Apple has not done which is to counter piracy. The competitors of Apple need to determine means to eradicate piracy and the illegal selling of songs.
Threats
A threat to the competitors of Apple is the changing demands of clients. Clients have changing demands and not all companies can cope up with client’s request. Another threat to the competitors of Apple is the creation of other technologies or media that tend to entertain the clients. As technologies improve so thus the media which provides entertainment to clients. Not all can adjust to the creation of alternative media.
Apple’s Future Strategy
Apple should focus on determining technologies that costs lesser and would be a cheaper alternative. These technologies should not only contain Apple’s trademark functionalities but should be cheaper so that more people will be enticed to purchase products from Apple.
Future threats like Facebook and Myspace
Apple should maintain the quality of their products and services so that they can compete with threats like Facebook and Myspace. Apple should make sure that their products and services will be incomparable to Facebook and Myspace. Apple cannot fully brush off threats like Facebook and Myspace but they can make better products and services.
Marketing mix for Apple
Product
Apple’s products include the Apple computers, I pod, I phone, Apple TV and computer software. These products are popular in the whole world and has been part of human living for quite a few years
Price
Apple’s products are differently priced. The Apple computers, I phone and I pod are the most expensive. The computer software has varying price range. The prices of the company’s products vary in its contents, its use, the material used for it and the value it has on the global market.
Promotion
The products of Apple are promoted through TV commercials, the company’s website, website of non competitors and other visual advertisements. The products of Apple are known not only because of the promotional strategy but because of demand for each one to have an Apple product so that they will be considered cool.
Place
Apple’s products are sold in its different branches in most parts of the world. Apple’s products are also sold in most electronic shop and online stores. Apple’s products have also been sold by physical or online retailers.
Market segment and how apple is going to retain its position
Apple’s segment includes the younger generation but there are some older individuals that purchase its products. Apple can retain its position by continuing to make technologically advanced products that the younger people will continue to patronize and suggest to other people.
Conclusion and Recommendation
Apple and its products has been an important part of the electronics industry; it is necessary for Apple to make sure that Apple keeps the industry alive through creating more technologies that will satisfy the needs of clients. Apple should devise means to attract clients by creating and distributing the best kind of technology.
Credit:ivythesis.typepad.com
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