Television Set Demand Analysis the Essay

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The most important complementary product for TV sets is represented by the Home Theater System. The demand for such products is increasing. The increase is also due to a diversity of suppliers, which led to reduced prices.

Another product that can be considered TV set's complement is the VCR, or the DVR, its modern and more searched for version. Just like in the case of TV sets, the DVR comes in a very wide range, there are numerous suppliers fir this product, the prices vary in accordance with the quality and degree of technology advance. The demand for this product has a similar evolution as the demand for TV sets. However, the demand for DVRs is smaller than that for TV sets.

Given the circumstances presented above, one may conclude that the demand for TV sets is an inelastic one. The characteristics that generate this situation are: the reduced availability of substitutes, the necessity for this product, and its importance.

As mentioned above, the computer is the only major substitute for the TV. And this does not even apply to the majority of consumers. People will always buy Tvs, and most households will own at least one TV, since it is quite unlikely that a significant substitute will enter the market.

Regarding the importance of the TV in the consumer's income, the price spent for this item is not an extremely significant one, given the fact that such products are not bought frequently by the same consumer.

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The necessity for buying a TV set is a very important one for most consumers. In this case, the consumer has no willingness to postpone the purchase. Also, the purchase cannot be postponed for a very long period of time.

The supply for this type of product is a diversified one. There are several producers. There are numerous types of TV sets. Any consumer can be satisfied by at least one of the offered products, in terms of price or of technical requirements. It is not expected that significant changes will be produced in the demand and supply for TV sets.

However, there may be temporary increases of demand once new technologies are used. For example, the introduction of the 3D TV is expected to generate increased demand for these products and to increase the sales of electronics giants like Sony and Panasonic (Richards, 2009). Even if the financial crisis has affected many consumers, this situation has not severely affected the TV sets market segment. The demand for such products is expected to increase the value of the market.

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