Affordable Streaming Service;Consumer Behaviour and Product Placement-Essay

Introduction:

To operate a successful business in today's world where consumer behaviour has been changing rapidly due to economic instability and changing priorities, it has become crucial for businesses to understand consumer behaviour to remain relevant in the market (Singh et al.,2022).  According to Mulla (2022), with such inflation rates and economic conditions, consumers have to adjust their lives according to restricted budgets and busy schedules, thus businesses have to upgrade according to the evolving needs of the consumers. Thus, there are some patterns that affect the decision to purchase a product or service. Among these patterns, the elements of convenience and affordability hold great significance as there is always an ever-increasing need for options that remain accessible according to the budget in our day-to-day lives (Arun et al., 2021). In this report we will look into the influence of these elements in the retail sector, focusing on the streaming service providing the development of a new affordable streaming subscription service by the name of "Ease-Stream", that is developed to capitalize on these market trends and how business adapt themselves according to these trends and ensure sustainable growth.

A) RATIONALE FOR CHOOSING THE PRODUCT:

After the comprehensive study of consumer behavior, where the demand is related to products and services that offer convenient and cost-effective options, the 'Affordable Streaming Subscription Service' by the name of "Ease-Stream" seems like a good entertainment product. As mentioned by the Market Line report, customers purchase products that help them save time and money so that they can deal with economic instability and busy lifestyles.

Consumer Demand for Convenience:

Today’s consumers are catering to multiple responsibilities at a time from work to family or any other commitments. Thus, our affordable streaming service allows viewing on demand so that it can fit into their schedule whenever, offering flexibility that aligns with the busy and fast-paced life of the consumers (Giertz et al., 2022).

Consumer Demand for Accessibility:

As stated by Petcharat & Leelasantitham (2021), consumer demand for accessibility has facilitated the rise of many streaming platforms and the decrease of traditional cable operations, which has created a space for an affordable streaming service that provides on-demand viewing according to the preference of the consumer, fitting into the busy schedule flexibly and align with their fast-paced lifestyle.

Consumer Demand for Diverse Content:

The audience today is well-informed and has diverse tastes, thus they not only consume mainstream content but also consume content related to their interest or niche. Thus, a subscription service that provides content on versatile topics and genres including documentaries, movies, series etc. from various parts of the world can cater for the diverse preferences of consumers (Bourreau & Gaudin, 2022).