I think the Vita needs a price cut because presale price, the Vita is only $50 less than the standard Wii U model, more than the 360 at $199, and only $20 less than a PS3 that includes Uncharted 3 GotY or $30 less than the model that includes PSABR and Ratchet and Clank HD Collection.
The Vita hasn't really had a great sale except for Black Friday. So right now, the Vita is also competing against the PS3 Holiday Bundle that's $50 more and includes three new games, one of them LBP Karting and the 360 bundle that's the exact same price and includes Forza 4 and Skyrim.
I think price is a major factor. It's not aimed towards kids like Nintendo portables are, so it's competing against consoles as well. The reason for this is that most people play their portables more often at home. The age group the Vita is aimed towards are most likely going to have a television or even an HDTV, so why get the Vita when you can get a console at around the same price or less and it also includes games?
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