Running head: WEEK 4 ASSIGNMENT PRODUCT ASSESSMENT
Week 4 Assignment Product Assessment
July 30, 2013
Many people enjoy listening to music nowadays for relaxation or to become more energetic. For whatever reasons a person enjoy music, it becomes an essential part of their lives. In a world where technology continues to grow the once popular music medium known as compact disc are now marked obsolete.
Current Target Market
In the last four years in a row, cd‘s sales have dropped nearly 20% mainly caused by digital downloads (Christman, 2013). The target markets for compact disc include all people –including different races and incomes. Teens, young ...view middle of the document...
One reason why demographic factors affect the popularity of compact disc is the different generation from old age to the new age. The older generations are not buying music compact disc anymore because they have already transferred their music collection from record or cassettes to compact disc (Segall, 2013). The teen’s generation makes up 25 million people in the U.S. population and they spend at least 72 hours a week on devices like T.V., cell phones, internet, iPod and mp3 player (Lamb, 2013)In addition to 82.3 percent of the U.S. teens spending their time online according to the Census report (Computer and Internet use in the United States, 2013). Teens spending that amount of time on the internet and other electronic devices ,Apple target the specific group by making the iPod a convenient and modern way to listen to music (Teens , 2013). Digital downloads are more appealing to them and easily access as well.as the price is cheaper to buy them.
The economic factors that caused music compact disc sales to decrease and compact disc to lose appeal is partly blamed on the recession status of the country. The average cd price is 13-25.00 dollars. The consumer with low income and with 15.9 percent of the population that lives below the poverty level is not likely to purchase music compact disc over their daily essential needs items. Consumer income is a key factor on consumer buying habits as well as the “willingness” and the ability to buy (Lamb H. M., 2013). Another economic factor that affected the consumers of appeal on compact disc was when the internet released the free P2P file sharing network like Naptser and LimeWire, it started an epic of free music downloads. Consumer`s mind were set why pay for them when you can get it free. Those sites created a legal factor in which consumers were violating copyright laws and were illegal downloading songs.
Right in the middle of a down economy a big digit technology shift happed, Mp3 players were created and compact discs started to lose appeal because it was the beginning of the digital download era. Apple introduced iPods and soon after releases the iTunes store song, were .99cent and more. Then cell phones came to market that had apps to download for paid songs.
Marketers of the product or service you selected could take to address the product’s declining appeal to consumers.
One possible recommendation for a marketer could take to address the decline in appeal consumers have on compact disc are to remarket it to a different generation since everything based on new technology. Targeting the preteen market would be possibly lower the price for consumer to purchase. Lower prices will also gain the interest to low income consumers which will influence the ability to purchase the compact discs. Another recommendation for a marketer to address the declining popularity is possibly developing an app that consumer could sync their already purchase favorite song and transfer them to a compact...