Answer: The answers are provided below
Explanation:
• Why do you think vinyl records are appealing to customers?
Vinyl records are appealing to customers due to nostalgia as people will typically love to recall their older times and hence will want to re-live them again. Also, listeners can listen to whole album rather than them listening to single tracks. Lastly, the packaging involved is great.
• Do you think the sales growth will continue to be strong for vinyl sales? Why or why not?
Yes, I think the sales growth will continue to be strong for vinyl sales. Due to the fact that vinyl records accounts for just a few portion of the entire sales in the music industry, this means that there is room for improvement and growth and can increase demand.
• What research would you want to conduct prior to making a decision to invest in new presses?
The research I would want to conduct prior to making a decision to invest in new presses are:
• The demand for vinyl records: This will help me to know the amount of people that request for vinyl records and know if there is any reason to invest in new presses.
Size of the market: The size of the market also plays a vital role in knowing whether to invest in new presses or not. If the market size is big, new presses can be considered, and vice versa.
Competitors: The competition had to be looked at critically in order to know if nee presses are required or not.
Consumers income: The consumers are the one purchasing the products so for anything to be done, they've to be taken into consideration. The higher the consumers income, the higher the probability of them buying new presses.
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