Description
We need to analyse the product using the below criteria. My product is Radio Broadcasting in the USA. Marketing success depends on the demand for the product and demand is driven by 5 major determinants:
- People’s taste for a particular product or service.
- People’s income
- The availability of complements which are other products that need to be used with the primary product. Gasoline, for example, is a complement to an automobile.
- The availability of substitutes for the product.
- Price expectations. There will be less demand if people expect a price to fall. More demand will exist if people expect prices to rise.
These demand determinants need to be considered along with some of the following:
- What product features would appeal to people in this country/culture?
- Are there supply chain issues?
- Are key resources available and competitively priced?
ONLY USE THE BELOW RESOURCE WHILE ANALYZING THE PRODUCT MARKETING.
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Explanation & Answer
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Running head: Radio Broadcasting Industry
RADIO BRODCASTING MARKETING ANALYSIS
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Radio Broadcasting Industry
2
Introduction
In the United States of America the Radio Broadcasting Industry is made up syndicates,
networks and stations that deal in the transmission of audio programs. This is done through AM
channels, FM channels as well as satellite channels. The main agenda for this industry and its
role in the market is to operate radio stations and networks, to transmit radio programs, to its
subscribers as well as the general public and also to be a source of entertainment through hosting
daily news as well as covering emerging issues on matters of religion, sports, business and talks.
There are several other industry that have similarities with the radio broadcasting industry. The
television broadcasting industry which broadcasts through TV networks, cable networking, an
industry that consists of special TV programs and cable networks which are provided at a
subscription fee, the internet broadcasting and publishing industry which uses the online
platforms on the internet to do its broadcasting and satellite TV providers. Like any other
industry, this one also has its major products and services. Most companies in the industry deal
in news and talks, urban music, country music, top 40 music carts, classics and adult
contemporary music. Just like the other players in the industry, radio broadcasting generate most
of its products from advertising. With advancement in technology, the internet has taken the
world by surprise, but the radio broadcasting firms are also using the internet to better their
services, increase their connection and interaction with their customers and provide customized
services and content, because at the end of the day, this is an industry where the customer tastes
and preferences matter a lot.
In the year 2016, the industry made a revenue of $18.3 billion, a profit of $2.o billion, paid
wages of $5.0 billion and had 3,348 registered business. The annual growth between 2011 and
2016 was -03%. IBISWorld predicts that in the next five years until 2021, the annual growth of
Radio Broadcasting Industry
3
this industry will have risen to 0.5%. The marketing success of an industry is greatly defined by
the demand of its products and services in the market. This paper will look at the determining
factors of demand of goods and services in the radio broadcasting industry.
FACTOTS DETERMINING...
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