MMGP: Market Analysis
Abstract
This paper discusses the various factors affecting the purchasing behavior of consumers of Beats Electronics. Personal, social, and psychological factors were identified. Personal factors include job and economic situation, stage in the lifecycle, age, personality, values, lifestyle, and self-concept. Social factors include reference groups, family, social roles, and statuses. Psychological factors would include learning, motivation, perception, and memory. Beats Electronics uses demographic segmentation by generation and behavioral segmentation targeting the music enthusiasts specifically the hip hop generation.
Beats Electronics should be able to get a full grasp of its target customers in order to meet their needs and wants better than their competitors. Moreover, by getting a full grasp of their target customers, emerging trends will be determined and analyzed and the company will be able to come up with a marketing decision. According to a study conducted by Foxall, Castro, James, Yani-de-Soriano, & Sigurdsson (2006), setting consumer behavior is based on the learning history of consumption and depends on informational and utilitarian consequences. Thus, a lot of factors affect the purchasing behavior of consumers. The following factors are deemed to affect the customer base of Beats Electronics:
Personal Factors
Personal factors affecting the consumer include work and financial situation, age and stage in the life cycle, personality and self-concept, and lifestyle and values. The prices set by Beats Electronics target the class A and B and those who have work and are financially viable. The age group targeted is those in the younger population because of their preference for hip hop music. Personality may also affect the consumer’s purchasing decision as Beats Electronics target those who are musically-inclined are in the hip-hop...