THE MINISTRY OF SOUND
INTRODUCTION
Ministry of sound is a global business started in London with an initial capital of ∈340000. Their core activities started with dance music club. James Palumbo as chief executive and Mark Rodol as the marketing director as from 1991, James Palumbo invested his personal capital of ∈225000 into the sound business. Mark Rodol took over as the chief executive early 2003 after a period of 12 years operation when things started going wrong in 2001 leading to the quitting of James Palumbo.
Ministry of sounds started successfully within the initial years of James being the chief executive starting from 1991, James Palumbo extended ministry of sound to a number of business lines such as clothing, tourism, music recording, radio and magazine, campaigned nationally against the use of drugs in clubs and many others until things started going wrong in the early 2000s which compelled James to resign as the chief executive officer.
Key terms
Core of business; core of business is the primary area or activity that a company was founded on or focuses on in its business operations
Merchandising business; promoting buying and reselling of goods
Venture capitalist; an investor who either provides capital to startup ventures or support small companies that wish to expand but do not have access to public funding
Entrepreneurship; is the pursuit of opportunity without resources currently controlled
Focus; is having the mind fixed on something
Brand strategy; long-term marketing support for a brand based on the definition of the characteristic
Brief on ministry of sounds ups and downs
Within 10 years James was able to build ministry of sounds into a music and media empire which worth nearly ∈ 150m.
Nevertheless in 2001 to 2003 ministry of sounds started to experience a downwards trend closing of many ventures of sounds such as the flagship magazine and Bangkok venture as result of change in law restricting late night clubs activities....