What needs and wants are fulfilled by karaoke singing
In my view, I would say there are 2 types of needs one’s can achieve from karaoke singing, first of all, it would be the social needs to network with people (eg. socializing/mingle around with people would portrait a sense of belonging). Secondly, to some people it would be something more towards individual needs where they can express themselves/show affection to people. For wants, it would be something which is shaped by individual’s personality, (eg.
Individual preferences of certain products/services) or perhaps marketing strategies/advertisements which attracts them towards such wants (eg. promotional/discount coupons, contest, loyalty programs, etc).
Can these needs and wants be satisfied with other products, services or activities
It all depends on individual. Yes, Karaoke Singing is a form of entertainment and there are many similar alternatives which can be replaced. For example, alternatives such as Concert, Live Band, Movies, Guitar Hero, Mobile Apps/YouTube which provide an avenue for karaoke singing/sing-along, etc.
On another hand, karaoke are irreplaceable because there are no other forms of entertainment which are exactly the same as karaoke singing that can be replace off. If I were to give an answer, it would be No. Because even though there are similar alternatives to replace karaoke singing, at the end of it all, it would never be the same in terms of the environment’s atmosphere, social activities, facilities, etc that karaoke singing can provide.
What trends in the environment forces (social, economic, technological, competitive and regulatory)
- Social: Karaoke singing is used as a form of social networking (eg.
you can organize gathering/outing/business trips with your clients/colleagues/friends/family for socializing purposes when it is necessary). And it plays a part for karaoke singing to survive in this industry, despite the presence of modern technology nowadays.
- Economic: Consumer income would be affected if the global economies aren’t doing well. For example, in macroeconomic conditions such as Inflation, Recession, Consumer Sentiment would affect the karaoke business. Although on a usual basis, at good times, people are willing to spend more on entertainment and bad times people usually tend not to. And aside from that, consumer sentiment like their current spending is affecting the karaoke business as well (eg. certain people might think that karaoke is a waste of money and do not wish to spend, yet, others may think is a must because is one of the ways to network with people).
- Technological: Growing demand for portable devices/home devices. Since nowadays, smart phones are a form of portable devices in the modern technology, karaoke singing apps can be easily found/download. Therefore, people would think that it is a hassle to go for karaoke singing in an outlet, when they can just sing along through their smart phones. Thus, it may affect the sales of a karaoke company with such demand of services and will be considered as something outdated in the near future.
- Regulatory: Greater concern for privacy and personal information collection. (eg. song producers/artist/writers are claiming the copyrights of songs. Therefore, it poses difficulties/threat for karaoke companies to provide songs).
- Competitive: Development and growth of competitive intelligent departments (eg. people are providing more alternatives like smart phone apps mentioned in the Technological Forces or YouTube videos with sing-along services). All of these can replaced karaoke singing and eventually affect karaoke companies.
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