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Teenage Lifestyle: Economic Factors - Coggle Diagram
Teenage Lifestyle: Economic Factors
The product market
LED Lights
Why so popular?
In recent years its become more and more popular for mostly teenagers, but also young adults, to have LED lights installed within their rooms somewhere. This can be done within previous lighting systems or simply strips of lights being placed around the rooms border. Their simplicity has made the become into a somewhat trend and has increase the demand for them within the market.
How 'good' are they?
Here is a list of benefits offered by LED lighting:
Brighter, more controllable lighting.
Increased energy efficiency.
Requires far less wattage than standard HID, CFL, and Incandescent lights.
Produces less heat
Unlike bulbs, which use filaments, LEDs will last thousands of hours.
LED lights are hugely sold on online websites such as amazon and eBay. They also can be bought within most hardware stores
Financial position of the costumer
As they don't receive money via 'proper jobs' their only source of income is from things such as pocket money, allowance or just gifts.
Teenagers below the age of 16 won't have jobs but 16+ might potentially have small jobs that earn them little amounts of money due to the minimum wage for they age
This means that their overall budget for buying things tends to be a small amount due to their small income
What stage are LED lights within the market?
The use of LED lighting products is growing rapidly. However, there are no in-depth, updated studies that show how to assess and compare these products for eco-design purposes.
Most would consider that LED lights are still within the Growth aspect of the product life cycle.
What does this mean exactly?
During the growth stage, consumers have accepted the product in the market and customers are beginning to truly buy-in. That means demand and profits are growing, hopefully at a steadily rapid pace.
The growth stage is when the market for the product is expanding and competition begins developing. Potential competitors see success and want in. During this phase, marketing campaigns often shift from getting customers to buy-in to the product to establishing a brand presence so consumers choose them over developing competitors.
Additionally, as companies grow, they'll begin to open new distributions channels and add more features and support services.
Cost of Development
The cost of LED light products is sometimes varied. In most cases they are reasonable priced with cheap bulk production prices but there are multiple cases where bigger sized led lights are sold for much higher due to their production pricing become a lot higher then before
Therefore the solution for sealing these to teenagers is to make smaller sized products ignorer to increase the sale rate of the items and increase the revenue earned
Testing is also involved within products and LED lights tend to be relatively safe