Analysis of the market for Beats Essay Example | Topics and Well Written Essays - 1500 words

Analysis of the market for Beats - Essay Example The product has been featured in numerous music videos and ad campaigns that have created a very high profile image for the brand and its products (Libby, and Tregarthen 34). The numerous endorsements by celebrities have made it very glamorous to be associated with the brand. That explains the large number of young people wearing the headphones and earphones around their necks. School going children and young working adults all possess or wish to own a pair of Beats headphones or earphones. Other than the popularity that the product has gained from celebrity endorsements, the brand produces high-quality products. The sound quality of the audio devices is much higher when compared to the competitor products. The bass produced by the earphones is appreciated by music lovers of specific genres such as hip-hop, dance and electronic music. The market in the United Kingdom is promising for products produced by Beats. In fact, the BPI released statistics that suggest that companies dealing with technology would enjoy transacting business in the United Kingdom. The UK has 64.1 million resident citizens. Of this population, 12% are young adults who are between the age of 16 and 24. This accounts for 7.1 million young adults which are the target market for beats. In the past five years, according to BPI, there was an increase in sales made by the technology sector accruing to $11 billion. The sales in smart-phones and tablets accounted for the majority of growth in the technology sector. Music was among the key driving factors for this massive growth in sales. This is because the United Kingdom was found to purchase more music related products than other first world countries by approximately 25%. All these facts indicate that Beats doing business in the United Kingdom would be a profitable endeavor. Beats  is  a household name in every country on the globe. However, this does not mean that it is the only producer of quality audio devices; especially in the United