Updates of iTunes to version 11.1.4 on windows computers has not gone smoothly and results in several errors. This issue has shown up on windows XP-Windows 8 computers both 32 bit and 64-bit. It is my guess that updating to this version version does not do an adequate job of removing older obsolete components still remaining on systems that have older versions of iTunes installed for a while. Apple probably forgot to do adequate lab tests before releasing 11.1.4 All this probably stems from apple abandoning MobileMe and previous apple sync applications and replacing them with iCloud Control Panel 3.1 for Windows. Since iCloud came out windows users no longer really need iTunes to sync their calendar and contacts to an iOS Device like an iPhone or iPad.
If it is not too late, I you could just skip iTunes version 11.1.4 and wait until the next version comes out. If you want to install an older version of items try: iTunes 11.1.3 (32-bit) or Tunes 11.1.3 (64-bit) (Nov 2013). However, you may be just kicking the problem down the road and still need to uninstall all the artifact programs apple abandoned on your PC for it to come up again in the next update.
Anyway, to really address these Apple software product errors you need to manually remove older obsolete apple products manually in a certain order. Then reboot. A subsequent re-install of iTunes it then optional for those who no longer use iTunes to buy or manage music. Apple is aware of the problems with iTunes 11.1.4 and has specific instructions for addressing the issues. See: http://support.apple.com/kb/TS5376\
see also: Sync Outlook, Calendar and Contacts (TrustedCTO)
What other products do people now use to obtain music and videos? Pandora, Hulu, Netflix, Amzon prime instant video, Crackle, LetMeWatchThis, GooglePlay… and the list grows and changes every day.