Marketing Plan and Porter’s Five Competitive Forces

Marketing Plan
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Marketing Plan
Market and Industry Attractiveness
Beat by Dre Speaker is a revolutionary product in the music industry. Since its inception in the market, the product has attracted thousands of customers. It is believed to bring back the emotion into music, enhancing the quality of sound compared to competitors' products. Through its attractiveness and guaranteed quality, the product gained billion of sales across the world. Beat by Dre Speakers are designed for various purposes and come in diverse colors to align with client preferences.
Demographic Environment
The speakers are on-demand and preferred by people of diverse racial groups, ages, and social affiliations. Young people under the age of 34 prefer these speakers because of the fashion and lifestyle attachment behind them. In terms of race, the speakers are mostly purchased by African Americans, followed by Asians and Hispanics. Whites are the least people who prefer speakers. The demand has influenced product pricing and sale volume. Moreover, marketers know how they should target to maximize their outcomes.
The Economic Environment
One of the main economic factors affecting the product is the high demand from the young population. Moreover, the market size is growing as people from the international market can still shop for the product online or through authorized distributors within their country. There is very high consumer confidence, making it the most preferred speaker brand among young people.
The Regulatory Environment
The speakers are promoted through authorized channels following the legal stipulations of the jurisdiction. Moreover, it is a product that has been prove...