Creative Strategy for Taylor Guitars
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21st August 2019
Creative Strategy for Taylor Guitars
Taylor Guitars, founded in 1974 in El Cajon California, has been a leader and innovator in the guitar Industry. (Beaumont, A., 2018) Taylor Guitars pride themselves on using exotic and unconventional woods in their guitar-making process. Taylor also invented both the bolt-in-neck in 1999 and the Expression System or ES for short, in 2004. The T5 Hollowbody, one of their newest designs, is an innovation in the guitar industry. It is compatible with both acoustic and electric amps and can instantly change playstyles. The T5 Hollowbody comes in four different models including Classic, Standard, Pro, and Custom. The T5 prices range from the “Classic” which starts at $1899 to the “Custom” priced at $3199. The target consumer for the T5 is going to be 25-34 years of age, and already playing either the blues, jazz or both. More than likely they will have been playing for several years and understand the value and versatility of the T5. According to the Bureau of Labor and Statistics, the average annual income for that age range is $58,065 in 2016. (BLS, 2016) The income of this age group is vital since the cost of the T5 is on the higher end of the pricing spectrum. The most direct competition for Taylor would be Martin Guitars first, Gibson Guitars second, and Ovation guitars third.