How to Create Value in the Phonographic Industry for Consumers Between the Ages of 20-25? : A Study on whether Consumers Who Find Value in Artists Show More Behavioural Intent to Buy than Those Who Do Not, with Regard to the Phonographic Industry

Abstract

The aim of this study was first to establish what factors influence the value perception of 20-25 year-olds, with regard to the phonographic industry. The second aim was to establish whether value perception has an impact on purchase disposition, with regard to the phonographic industry.

The method applied in the study was that of qualitative research. However the qualitative data was quantified to enable the comparison and presentation of the data. The data was gathered by the use of in-depth interviews which were carried out with a convenience sample of 18 respondents. The theoretical frameworks used for the interviews were the means-end chain, the multi-attribute attitude model and the model of reasoned action.

As a result of the data gathered, the research revealed attributes, consequences and final values that generate consumers’ value perception. The attributes found to create value were songs which endure the test of time, knowing the artist, the message of the songs/artist, skill and originality. The consequences of the attributes found to create value, were most notably appreciation, collectability, accompaniment, philanthropy and integrity. The attributes and consequences that led to the final values of self fulfilment, belonging, and satisfaction, were most significant factors for value perception. The study also found that perceived value influences the consumers’ buying disposition, with regard to the phonographic industry. The respondents showed more behavioural intent to purchase artists’ music in which they found value.

As a result of the findings, the author recommends marketing endeavours to focus on value creation rather than distribution and pricing.

Tämä lopputyö tutki ensin mitkä tekijät vaikuttavat 20-25 vuotiaiden oletettuun arvoon levyteollisuudessa. Sitten lopputyö tutki mikäli oletettu arvo vaikuttaa ostohalukkuuteen. Tutkimusmenetelmänä käytettiin laadullista menetelmää, jossa vastaajia haastateltiin henkilokohtaisesti. Tutkimuksen tuloksena löydettiin tekijöita jotka vaikuttavat olettettuun arvoon. Tutkimus myös löysi, että olettettu arvo vaikuttaa osto halukkuuteen. Suosituksena tutkimuksesta, musiikin markkinoinin pitäisi keskittyä arvon luomiseen.