The Microeconomics of the Video Game Industry Essay

Tommy Deen November 28, 2006 ECO 201 The Microeconomics of the Video Game Industry Video games have been around for years with many different types of consoles and games. The video game industry has grown into a $20 billion dollar industry over the past ten years, and it only shows signs of growing larger in the years to come. In the United States alone, the market has grown considerably where 60% of all Americans play video games, 40% are women, and 60% of all gamers are between the ages of 25 through 44 years old (games-advertising.com). According to an article on Gamespot.com, analysts estimate that the video game category will have about 50 to 55 more square feet of shelve space in Best Buy by the year 2007. The video game†¦show more content†¦Stores immediately sold out the day the Xbox 360 came out. According to Wikipedia.org, Microsoft was not able to supply enough systems to meet initial consumer demand in Europe or North America. Many potential customers were not able to purchase a console at launc h and the lack of availability led to Xbox 360 bundles selling on eBay at grossly inflated prices, with some auctions exceeding $6,000. It was reported that 40,000 units appeared on eBay during the initial month of release, which would mean that 10% of the total supply was resold. By years end, Microsoft had sold 1.5 million units; including 900,000 in North America, 500,000 in Europe, and 100,000 in Japan. Another example of this tactic being used is with the release of Nintendos Wii. A total of four million Wii consoles were to be released worldwide with the majority of that number going to North America alone. On November 19 of this year, the consoles sold out immediately. Some stores passed out cards for the console to people who were in line the night before. Circuit City had people camping out early in the day, but gave out tickets to people later in the evening. They even had a sign that stated they only had thirty Nintendo Wiis, yet people were still hopeful and stubbor nly stood in line. Sonys Playstation 3 was released on November 17, 2006 with an even shorter supply than the Nintendo Wii; some consumers camped outside of theShow MoreRelatedUop Eco 365 Week 2 Individual Assignment1003 Words   |  5 Pagesthe simulation shows the effects of things like new employers moving into the area, rent control laws being put into effect and the change in trend from apartments to homeownership and back again. Microeconomics Versus Macroeconomics In this simulation, concepts from the study of both microeconomics and macroeconomics are observed. Macroeconomics covers factors that affect the whole economy of an area, not just one company. Events such as scenario four’s introduction of Lintech into the areaRead MoreShould College Athletes Be Paid?1402 Words   |  6 Pagescollege sports. 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World War I ( Wwi ) - 959 Words

World War I (WWI) had many main events from 1914 – 1918. It was known as the Great War and the war to end all wars. It also introduced us to many new technology to including Barbed wire, machine guns, artillery, poison gas, airships, aircraft s, new naval vessels and tanks. All these wartime machines and equipment resulted in unprecedented carnage and destruction, with more than 9 million soldiers killed by the end of the war. This First World War or the Great War, was a global war centered in Europe. This global conflict pitted 2 groups against each other â€Å"The Allied Powers† and â€Å"The Central Powers†. The Allied Powers was made up of Great Britain, France, Russia, Italy and The United States. Important people that were known for the Allied Powers were Herbert Henry Asquith, Prime Minister (UK), Woodrow Wilson (U.S. President), Aristide Briand, Prime Minister (France), and Prime Minister (France). The Central Powers was made up of Germany, the Austrian-H ungarian Empire, the Ottoman Empire and Bulgaria. Important people that were known for the Central Powers were Prince Max Von Baden, Chancellor (Germany), Heinrich Von Clam-Martinic, and Prime Minister (Austria). The First World War started off with a â€Å"BANG† literal. WWI started on June 28, 1914 with the assassination of Archduke Franz Ferdinand and wife Sophie. Many major events follow within the years of 1914-1918. July 28, 1914 Austria-Hungary declares war on Serbia, August 1, 1914 Germany declares war on Russia, August 3,Show MoreRelatedWorld War I ( Wwi )1307 Words   |  6 PagesWorld War I (WWI) brought unprecedented change to the world. Never before had the entire world engaged in such brutal conflict. World War I brought about great pain and sorrow for the whole world. 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Business Marketing The Primary Target

Question: Describe about the Business Marketing for The Primary Target. Answer: Introduction The primary target for the super Broadband is mainly scholars such as high school students, university students, tutors and as well as other interested people who are computer literate and mainly rely on a fast internet service to help them accomplish their daily chores. Alternatively, the Super Broadband products and services will target tourists based on its reliable services accompanied by variety of entertainment option as the business will be situated in the attractive serene environment in the coastal neighborhoods. Feasibility and profitability The introduction of the complementary services and products along with reliable internet speed is based on an extensive research process that involved a series of interviews with the potential users who are the tutors, high school and university students, small local enterprises as well as tourist. Further, the Super Broadband business products and services were identified through evaluation of the break-even point. Essentially, the main factors that were considered include the amount of services and products that the business required to sell to its target market in order for the business to recover the initial cost of putting up the business venture as well as the expectation of the profits to be realized (Ko, 2012). Additionally, conducting market analysis played a crucial role before the introduction of the Super Broadband purposely to evaluate the marketability of the improved quality and services to be offered. The results of the market analysis conducted was essential in providing concise report for competition in prices as well as the expected number of customers that were going to rely on Super Broadband frequently. Through evaluating the price gaps in the market, the new business was identified therefore making the business viable able to compete favorably in the market. Competitive advantage What gives the Super Broadband a competitive advantage, is the business structure which involves providing lower-priced products with improved quality products and services. In addition, the business offers a conducive working environment along with delivery of light meals to the potential users. Offering customers fast and reliable internet along with delicacies and a healthy working environment has played a critical role in giving the Super Broadband an added advantage over its competitors and therefore attracting more customers to utilize the services. The business structure is also designed to offer quality services for cheaper prices and also giving discounts to customers on variety of products as well as membership plan (Ridley-Duff Southcombe, 2012). Also, the business provides ticketing as well as transportation services for special customers thereby enhancing efficiency, managing time and maximizing the value of the products that are offered. The Super Broadband aims at providing a clean and healthy environment complete with comfort. The entertainment provided at the premise includes pop culture and RnB type of music. Due to the fact that the business is at the coastal areas the outside environment provide a serene atmosphere for relaxing which also gives the business as competitive advantage over other similar businesses. Mission The mission of this business is to become a leading internet service provider and entertainment center for a wide range of customers. Through the provision of the services the business also looks at improving the social and cultural backgrounds of the users as well as attracting people for picnics and leisure activities. Additionally, the business aims to create a social place for people to share their ideas and hobbies as well as development strategies for the purpose of improving the community around the business (Chiabai Rbbelke Maurer, 2013). The business would not have any competitive advantage if the introduction of light meal and snacks were not being provided at the premise upon a customers request thereby attracting more customers as well as retaining the existing customers. The business also aims at expanding by investing in conference centers and halls for customers to make call both locally and international. Business Strategy In order for the business to attract more customers, it looks at renovating the interior of the premise to make it attractive and appealing to many customers. To diversify the products and services, introduction of writing as well as distribution of video packages and music is necessary. Making the technology completely user friendly is an added advantage towards attracting more consumers to the premises (Mason Harris, 2006). By employing trained and specialized personnel, the business will be able to meet the needs of the customers which will attract more clientele to enjoy the services offered at Super Broadband. PEST Analysis PEST analysis involves the political, economic, social and technological factors that affect Super Broadband business in relation to the way it operates. Some of the factors that affect political analysis include environmental issue where the business through its serene environment, helps to conserve nature and by so doing the tourist as well as local residents who will use the premises will observe the beautiful sceneries at the coast. Also, the current legislation advocates for improvement technological services since according to ABS publication internet access has been on the increase implying many people are becoming dependent on these services to allow them carry out their daily activities. The government has also put measures in their legislation to ensure that social enterprises are able to compete favorably in the provision of fast and reliable internet services (Curnow Randall, 2007). Local and international lobbyists have also been on the forefront in championing for enhancing accessibility of ICT services as it plays an integral part in improving the economy through improving productivity and efficiency. The government through its policies as well as trade policies has been able to support various initiative such as Super Broadband whose mission is in line with governments agenda to increase the usage of internet services to help equip students with advanced skills aimed at making them competitive for the job market. Economic The Economic issues affecting the Super Broadband business model range from the current economic situation. According to ABS publication, the internet plays a critical role in the economic growth of the country as the use of the internet affects almost all sectors of the economy. The use of the internet has been increasing across the globe because on the impact it has in the growth of economy therefore, there is dire need for the potential users of the Super Broadband Company to have accessibility so as to be able to compete with other countries in improving the way they do business. Through the taxes generated from licensing and running the Super Broadband business the government is able to use that money to improve other sectors of the economy. Also, since the weather at the coastal suburbs is often sunny, tourists and other users of the business premise can enjoy a good weather throughout the year which makes the business more attractive to tourists. Since the tourists will be more likely to be the customers of the business, it will attract foreign exchange earnings for the business and improve the economic situation of the country in which the business operates (Kennedy, 2011). The large demand of users of the Super Broadband will improve the economy through various activities that impact the growth of the economy directly. Social The social aspect analysis of the business is generally focused on a few key areas such as lifestyle trends demographics, consumer attitudes, law changes affecting social factors, consumer buying patterns, fashion and role models as well as advertising and ethical issues. Based on the lifestyle trends, the primary targets market is mostly youthful people and due to the dependency on social media, users will need to catch up with the latest trends in various niches depending on the users interests. The business structure of the company appeals to the young generation to which the brand is targeting and through attracting the young generation the company will be able to market itself as a social enterprise to improve knowledge and welfare of the people around the business. The advertising of the company will be focused at targeting the potential users through social media platform which appeals mostly to the young generation and tech savvy individuals who normally browse the internet o ccasionally for various reasons. In order to market the businesses to the intended target market, the business premise will be used to host major social events to promote the business as a hub for growth and innovation through quality and reliable services offered at cheaper prices. Technology The impact of technological aspect of the business is centered on facilitating improved research. Through competing technological advancement, the consumers are able to receive quality and improved product and services at cheaper prices. The business structure of the company is also centered at improving communication and information exchange through providing reliable services for users of the Super Broadband business. The business is also going to be an innovation hub for both the local and international users who would be interested in using the premises for products and services offered. Other factors that would be considered for the business include, technology legislation, consumer buying mechanism, intellectual property issues as well as manufacturing and maturity capacity of the business. Micro-environmental factors Competitors Since the business model is structured to offer cheap and affordable products and services, there will be very little competition and competitors may have to adapt with the changing trend or else they will be put out of business. Customers The potential target customers are specific to the business model which offers the business an opportunity to conduct targeted marketing that is aimed at attracting more customers and well as retaining existing customers. The effective marketing campaign is very crucial in building a strong customer base. Suppliers In order for the business to operate at optimum level, it requires supplies to deliver quality products that can enhance user interactivity. The technology to be supplied should be advanced at the same time easy for the users and also offers value for money. Customer relationship and Management The Super Broadband services has various compelling features that can be used to assist with customer feedback. This way, the business is in a position to understand what exactly do their customers want and how do they feel about the services which can facilitate easy decision making. Additionally, the business has specialized and trained personnel staff which is ready at all times to attend to the needs of the users of these services which might include any problem that arises with user interactivity with technology. Also the business has developed a system that develops interrelation between the customer and the company in order to facilitate efficient tracking process of customers in relation to sales and feedback. Essentially, the business model is structured to incorporate its business operations through identification of promotional strategies for improving service delivery to the customers and increase profits for the business. The business adapts through implementation of various customer relationship models such as Quality Customer Index which plays an important role in acquiring as well as retaining customers. In addition, the business will apply customer relationship and management model that will be effective in promoting customer loyalty as well being useful in penetrating various target markets in order to reduce competition. Through the use of these technologies, the company is able to promote the business to improve sales and through analysis on customer feedback it can offer quality and reliable services (Werber, Rajkovic, Urh Znidarsic, 2015). The distribution channel The Super Broadband Company is aiming at growing its business operations to other parts where there is lack or limited internet speeds or completely remote areas with no access. The main idea of the business to provide communication platform, entertainment and serene environment for relaxation which is the key selling point for Super Broadband business. The business model will be marketed across the globe as a special hub for young generation to improve their knowledge and grow as individuals in various segments of the economy. To effectively realize market goals, the company intends to carry its market operations through the use of social media platforms for the purposes of targeting the younger generation who are mostly in need of the services that the Super Broadband is offering for entertainment and conducting research. In addition, the marketing structure of the business will include institutions of higher learning in order to attract more potential customers who would want to use the services provided in the premises. The business is looking to expand its operations to areas that are populated with young generation who are lacking these services at a cheaper cost as well as improved reliability. With every subsequent expansion of the business, there will be a supervising agent who will run the business on behalf of the company and the tasks for the supervisor will be to ensure that all the facilities are working at full capacity for the business model to break-even and be able to compete favorably among related business structures. Due to the advancement in technology, it is possible for the business model to allow people to access the services through a registered account with the Super Broadband digital services in which billing information is going to be calculated depending on the usage. A user will have to fill in their profile information chose their billing options as well as selecting the packages based on their usage to reduce bureaucracy and increase efficiency for improved productivity. This model is going to allow users to fund their accounts in order to access the services after which a user will be granted full access including ordering of beverages and snacks and then after a user logs off the billing can then be made to the company. The purpose of funding the business prior to usage is to guarantee profits as the business model is structured to accept funding for daily, weekly, monthly or yearly depending on the users preferences and packages selected. Therefore, with this billing structure, the business can break-even much faster or have enough funds for current expenditure and other related business operations. In addition to billing, providing easy access and reliable service will help attract students who want to enjoy working in cool environment. SWOT Analysis Strength The business advantage of the company is that it is going to offer reliable internet speeds that are affordable and easy to access along with entertainment and serene environment which will attract more user and give the business a competitive edge among its competitors (Zhevelev Sarah, 2008). Other strength for the business include the strategic location, price of services as well as distribution. The experienced personnel staff will give the business an added advantage over other competitors. Weakness The things that will disadvantage the business model is the lack of sufficient investment capital for conducting advertisement, data access and robustness of the business to be able to compete across the globe. Opportunities There are numerous opportunities for the business to expand into other markets. Improved products and partnering with investors who are willing to push the business model to new heights. Global influence also plays a critical role and offers the business model room to always stay ahead of the trend in the industry. Since competitors are not offering the same products, the business model provides an opportunity for the business to obtain a larger market share and expand the business. Threats The threats that face the business model include the demand for the services, environmental impacts such as bad weather, bad competition from similar businesses offering the same services and products. Seasonality is also a major threat as students are not in schools throughout the year which poses a threat to the business structure (Simkin, 2002). Marketing Plan Market Segmentation The market segmentation of Super Broadband business will target the people who are potential users of internet services with reliable speeds. The segment analysis done for the company evaluated the target market to consist of high school students, university students small business owners and tourists. Market Targeting The market targeting was analyzed and the primary target market is more likely to be attracted to reliable and high speed broadband network as well as entertainment spot that has a cool and serene environment for the target market to relax. Additionally, beverages and snacks are more appealing to the young generation hence they will be attracted to have all these in the same facility. Market Positioning The Broadband business is strategically placed in the market to be able to compete favorably with other competitors because of its diverse nature of products and services with complementary good that are appealing to young generation. Marketing mix Product The product being offered is unique due to its business model that offers quality and improved speed that are reliable. Also, the business offers beverages and snacks which a customer can request at any time having subscribed to the services. Price The price strategy of the business is to offer affordable prices for quality and reliable internet speeds that do not match any other competitors. The business model will also use subscription for various packages based on customers preference and pay upfront to access the services. Promotion The company will focus on promoting its product and services on social media platforms in order to attract the primary target who are bound to use social media the most. Place The business utilizes both the customary and cutting edge broad communications in achieving the planned clients base. The utilization of customary media targets more seasoned era due to the inside and out examination of issues displayed on this stage. Further, Facebook and Twitter platforms are used in achieving the more youthful eras because of their desire and inspirations in the utilization of cutting edge technology. Moreover, conventional media incorporates that utilization of TV, radio and magazines that scope the focus on a larger population. Subsequently, the administration for Super Broadband prints announcements raised in vital spots that are promptly recognizable by the target market niche. The administration utilizes flyers and business directory for commercial centered at capturing the attention of the target market. The social media platform is to be utilized fundamentally as a part of achieving the young people and other corporate substances. The online networking advancement is to include a few advertisements of the business in a noteworthy number of sites that have higher traffics. In addition, Super Broadband is to put resources into a modified site that component the exercises, occasions, and advancements that are directed by the business. Facebook and Twitter will publicize the everyday operations and occasions to all the potential target market of the business. Arrangement of discounts will be implemented to customers who frequently use the services in order to increase customer loyalty. Essentially, discounts are to be given during holidays for all the visiting customers. Association of challenges that include both the young and the grown-ups are to be created as this will be essential in building a strong customer base who will become frequent users of the business. Conclusion and Recommendations Among the important factors to be put into consideration is to always ensure that the business model is structured in a way that it can help the business to achieve its objective as efficiently and effective as possible for the business to continue being a viable venture so that it can attract more investors who will increase capital so that the business can be expanded to various markets and generate returns for the investors. The business venture is starting a single entity with plan to expand its services to other parts of the country and globally in order to create a chain of business model that not only offer affordable broadband networks and entertainment services but also quality and value for money. With the inclusion of various cultural and social events, the business and promote itself therefore increasing awareness and attracting a huge customer base. The Super Broadband objective is to promote community development through advance computer systems as well as promoting soc ial behavior development through diversity of cultural events. References Research and markets: Global enterprise social software (ESS) market (on premise, on demand, social collaboration, enterprise social networks) 2014-2019. (2014, May 22). Business Wire Kerlin, J. A. (2010). A comparative analysis of the global emergence of social enterprise. Voluntas, 21(2), 162-179. Ko, S. (2012). Viability of social enterprises: The spillover effect. Social Enterprise Journal, 8(3), 251-263. Ridley-Duff, R., Southcombe, C. (2012). The social enterprise mark: A critical review of its conceptual dimensions. Social Enterprise Journal, 8(3), 178-200. Chiabai, A., Rbbelke, D., Maurer, L. (2013). ICT applications in the research into environmental sustainability: A user preferences approach. Environment, Development and Sustainability, 15(1), 81-100. Mason, K. J., Harris, L. C. (2006). Market orientation emphases: An exploration of macro, meso and micro drivers. Marketing Intelligence Planning, 24(6), 552-571. Ridley-Duff, R., Southcombe, C. (2012). The social enterprise mark: A critical review of its conceptual dimensions. Social Enterprise Journal, 8(3), 178-200. Curnow, Randall, MD,M.B.A., C.P.E. (2007). A marketing plan: Like it or not, you already have one. Physician Executive, 33(4), 34-6. Kennedy, M. (2011). What are we really doing to market electronic resources? Library Management, 32(3), 144-158. Simkin, L. (2002). Barriers impeding effective implementation of marketing plans - a training agenda. The Journal of Business Industrial Marketing, 17(1), 8-22. Werber, B., Rajkovic, U., Urh, M., Znidarsic, A. (2015). Computer literacy and use of ict as key factors of micro-enterprise success. E+M Ekonomie a Management, (2), 165-182 Zhevelev, H., Sarah, P. (2008). The effect of visitors' pressure on the spatial variability of sandy soil in an urban parks in tel aviv. Environmental Monitoring and Assessment, 142(1-3), 35-46.