lifestyle and personality and price by jennifer murray

The life-style and personality of consumers for the Sony Salveo are extremely important to tune in to when marketing our product. The Sony Salveo must fit perfectly into the lives of each individual in a smart way. Our target market are those ranging in age from 35 to 55, consisting much of a group of people who are also known as baby boomers. 78.2 million is the estimated number of baby boomers as of July 1, 2005 (U.S. Census Bureau, 2006). In the 1990s, approximately 76 million people in the United States were born in the baby boom years, representing approximately 29% of the country's population. Since baby boomers make up such a sizable portion of the consuming public, their spending habits and lifestyles have a powerful influence on the economy (Answers.com). This is a wide group of people; however our product will attract those who are concerned not only for having a valuable lifestyle, but a healthy one too. According to the 2003 Census Bureau, 27,813 fitness and recreation centers nationwide exist for baby boomers to visit on a regular basis who are trying to become or stay physically fit and $2,695 was the average annual expenditures on health care in 2004 for people ages 45 to 54 (U.S. Census Bureau, 2006). This proves that this age group is focused on staying healthy to avoid any harmful injuries or illness.
Our target market was born within the years 1952 and 1972, therefore most can identify with effects from memorable events such as the Vietnam War, the Civil Rights Movement, and the Watergate scandal. Such events can attest to the characteristics of this generation as being experimental, free spirited, social cause oriented, less optimistic, distrust of government, general cynicism, and believing in individualism (Answers.com). The projected future for this target market’s wants and needs is security, diversity, and success. The Sony Salveo is a new product that designed for them with these distinctive characteristics in mind.


Price
The Sony Salveo will use cost base method to derive its prices. They will add a 65% profit margin to the cost of the product to gain efficient revenue. Price and quality interactions – - In this way, price creates perception of quality. - High price attract an image of quality - This will allow Sony Salveo to increase its market share



Works Cited

Answers Corporation. (2007). Baby Boomer. Retrieved April 2007, from http://www.answers.com/

Kerin, A., Roger, Hartley, W., Steven, Berkowitz, N. Eric, & Rudelius, William. (2006). Marketing. New York, NY.

U.S. Census Bureau. (2006, January 3). Oldest Baby Boomers Turn 60!. Retrieved April 2007, from http://www.census.gov/