The attributes of the product is very important. The product gets the main priority and if the marketer knows that the product is not up to standard, it will only make it more difficult for the marketer to make the product acceptable in the market. We know that HMV is already a very well established organization in UK and they are specializing in music, movies and video games. Therefore, a few things should always be kept in mind such as maintain their service quality and probably should priorities their loyal customers and offer special discounts. They have to ensure that the product is available at all costs and deliver the products to their consumer as scheduled. Everyone wants to stay up to date with the latest music, movies and video games. This is why they should never have their shelves empty and make sure all is up to date as well as maintain the quality of the product.
Price is an important factor and should be handled very delicately. A certain group of people enjoys the deduction of price and on the other hand, others would doubt the quality of the product because of lower prices. Since HMV is already a well reputed and one of the eldest stores in the UK, the prices should not be any less then its competitors because of its brand image which should be maintained and after all, this will ensure their customers that HMV is providing them with the best quality of service and product in the market available.
Promotion plays a major role in the perception of a particular segment. The promotion should be compatible with the positioning of the product which will lead to recognition of the brand and play as a proxy to evaluate quality of the product based by the prospective customers. HMV should come up with innovative promotional strategies and advertise through the medium of television networks, radio channels, leaflets, banners etc. They could always use a little promotional video before a...