STRATEGIC MANAGEMENT

Universal Music Group

[Writer's institute]

Universal Music Group

Introduction

Every business exists for the purpose of making profits. The management of a business tries to maximize the wealth of the shareholders so that the investors' confidence can be gained. The shareholders have confident in a business that is open to change and has an environment that encourages the workforce to welcome the environmental, technological and organizational change. In order to make profits, it is important for the business to stay productive. None of the business can stay productive until the organizational processes are structured according to the needs of the customers.

It is impossible for the business to sustain its existence if it doesn't adapt to the changing environment. The music industry is going through a phase in which its entire structure is witnessing a drastic change. Each and every organization in the music industry has to adapt to this change, otherwise they are going to be seen as big time losers to their competitors that have changed according to the market needs (Tschmuck, 2012, p. 5). The paper is going to discuss Universal/EMI as a digital music organization and how it needs to change and revise its strategic vision according to the needs of the market to stay competitive in the industry.

Discussion

One of the most important things to be noted here is the ability of the business to adapt to the change that its customers want. For big organizations, it becomes difficult to change their structure and operational functionality because of their complex structures. For these organizations, the organizational change becomes problematic because of the status quo that they follow. The change in the music industry is positively appreciated by most of the concerned people but the companies that have not been able to change their structure are not even recognizing the need for change. It is important for the business to be market-oriented because otherwise it will not be able to foresee what its customers are expecting from its products in the future. The management has to be visionary and should keep a futuristic view.

The businesses that are highly innovative are the ones that can cater the changing needs of the customers (Pritchard, 1990, p.3). It is an era of information, where the customer is aware about all the products that are available to him. The customer can perceive the differences between the products and can choose the best products from the cyber-shelf. The customer is going to prefer a product that offers more benefits than the competitors. The customer is going to opt for a product that exceeds his expectations. All the customers have the necessary information to evaluate the features of a product that is available. In the digital age, the most important thing for the customer is to get the product at his convenience and he will prefer the products that are easily available at a very low price but provides superior value (Witcher & Chau, 2010, p. 12).

The customer in the music industry is going to ...