Sample Essay
After reading the case, it was identified that the business was facing a decrease in its revenue and turnover. The shop was losing clientele and as the niche market being targeted by the business was getting extinct. The root of the problem here is that the proprietor of the business is not the kind of person who wants to change himself or his business. The environment and the market dynamics on the other hand are changing rapidly. Therefore if the whole product and service proposition of the business can be changed, the business can become a successful venture again.
It is not possible for the proprietor to change the nature of his customers or to change the expectations and demands of his niche clientele. As a result it was not a wise decision to change the layout and setup if the hop while catering to the same clientele. The constraints that are identified for the shop pertain to the following:
- Rapidly changing dynamics of the music industry
- Constantly changing demands of the customers
- The eccentricity and the artistic taste of the business’s old clients
- The future trend of growth of the music industry
- The location of the shop
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