As seen in the time table we created above, the expected release date for the product is May6, 2016. In order to get to that point, there are two stages, called product development and testing and production and market launch. The schedule is highly tentative and subject to changes depending on time. Some may think that a new product would take much longer to develop. However, GoPro's new product is mostly an improved version with more features and capabilities.
We have concluded that GoPro have a niche market because
their primary focus is geared towards the action sports community. Whereas
other camera manufactures have a wider target market. The GoPro hero meets the needs
and wants of it market but our goal is broaden that market to ultimately
increase revenue and profit. After doing going through the market segmentation
process we have determined that our target market is going to be between the
ages of 13-30 with very active lifestyles. They will also be middle class and family
oriented mainly focusing on people who want to capture exciting moments in
their life to share with family and friends. Will are also including
photographers and filmmakers who are looking to capture shots from a point of
view perspective. This segmentation will include former, first time, medium, and
heavy users of the GoPro camera.
I have also determined GoPro competitors these include
contour, Sony, Decathlon, Neo sports camera, Drift Innovation, and Go Bandit. Theses
manufactures currently have product that compete directly with the GoPro and
are high quality substitutes. However, Samsung, Canon, Nikon, Panasonic, and Olympus
also compete with GoPro in the camera market although they currently do not
have any action sports cameras as part of their product line these companies
are more than capable of developing a similar product that will rival the
GoPro. I have also been able to determine the GoPro faces even more competition
from smartphones. As smartphone become more and more advance so do the cameras
that come with them. As consumers we realize how convenient smartphone are and
if we have a phone that is capable of capturing high quality picture and video
the need to purchase a second camera begin to diminish. This will is a factor
we have be conscious of and in order to differentiate ourselves form the competition
and continue to be number one in the market.
International = growth stage , china, japan, Australia, south Africa, (search up where they sell gopros)
Warranties : search up, 30 days money back, damage/replace repairs for first month, faulty accessory replacement
Branding strategy…. Social media, youtube content of videos will be more personal= appeal to families
Make the 4 already waterproof,
innovators will get a free selfie stick promotion,
release in may 2016 right before summer
packaging product: similar, make it smaller to cut costs, black ,
yes exists with product line, updated, newer versions
yes fits with corporate strategy, free shipping
2) Place
Levels of customer service: our customer service plans to be courteous. 5% WHY??? Fast, knowledgeable, not a long wait time, Just in time = services , if someone calls or emails we will get back within 24 hours. Train professionals who sell wholesales, buy directly from them, chat box (ask questions), best buy, wholesales like Walmart and target, sports chalet, sports authority,
Customer service problems: Email, website, contact sales and support
Reverse logistics? Offer repair services, then recycle, fix and resell
Promotion: social media, extreme sport events, mountain dew, regular sporting events like football games, mount gopro to football head
Commercial focuses on a family road trip/ vacation
3) Price: elastic, people will buy more if its cheaper.
Cost for materials and time it take to make it, cost of packaging, advertisements, promotions.
Prices for other go pros will be knocked down, 399.99 and 299.99, lower price because competiton is increasing
Flexible, profit margins are so large, look up how much it takes to make the camera, customer based do all advertising, they don’t spend a lot on it.
Increase market share, profit 6.25% in the first year, can’t expect too much
4) Promotion
A. Identify your promotion objectives (persuade or inform) and explain why. = basically talk about how the GoPro Hero 4 exceeds all expectations with its new never before seen features and how it beats competitors.
B. What types of advertising will you use and why? = Media advertisements like television and online ads showing video clips/pictures from the gopro4
C. Will you use any other types of promotion? If so, why? If not, why not? = Are we????
D. Will you use any type of publicity? If so, why? The news? Radio?
Most of promoting and advertising of GoPro are generated by the users of products. Moreover, GoPro advocates and sponsors several sport events. In these events, GoPro has opportunities to show great actions of their cameras. The GoPro mountain games are the country's largest celebration of adventure sports, art and music that GoPro is a big sponsor. http://www.mountaingames.com/summer
Nearly a decade ago Nick Woodman introduces the GoPro to the
world, since its debut GoPro has gained a substantial amount of popularity among
the action sports community. With its compact size, durable build quality, and unique
filming perspective the GoPro camcorder has established itself as a fierce
competitor in the market. The announcement of the GoPro Hero4 has created an opportunity
to develop a new marketing plan that can wide GoPro’s customer base and
strengthen current customer loyalty.
The GoPro has developed a reputation has primarily being an
action sports camera. However, it can be much more than that it is also the
perfect compact camcorder for daily usage. It’s great for a family vacations or
road trip to capture those special moments in time. Maybe recording your child’s
sporting event, graduation, or birthday. Whatever the occasion the GoPro can
handle any task you through at it.
Our marketing plan should continue to focus on the needs of the
action sports community, but also make it a point to show that the GoPro Hero4
is a suitable replacement for anyone looking to buy a camcorder for everyday
use. As part of our marking plan we can create GoPro Hero4 videos that not just
capture action sport, but also special family functions, holidays, and more
traditional sporting events. This will demonstrate that the GoPro Hero4 is still
a full on action sports machine, but also reach out to consumers looking for
that everyday video camera.
GoPro cameras have been all the rage since its debut in 2004. In fact, the company sold 2.3 million cameras in 2012 alone (Mac 2013). The versatile camera is built to endure surfing, sky diving, and other hardcore activities at a reasonable price. At first glance, GoPro, Inc. may seem to be more of a niche business, focusing only on these surfers or skydivers. However, the overwhelming amount of these action cameras sold each year says otherwise. Moreover, at the beginning of July, GoPro, Inc. went public (Graham 2014).
So who is buying a GoPro camera?
1. Sports/Action Enthusiasts
2. Police, Firemen, U.S. Military include these cameras into training exercises.
3. Movie Directors, Bloggers, YouTubers, Etc.
YouTuber, Charles Trippy, CTFxC
4. Marine Biologist, Astronauts, and beyond.
These are just a few examples of GoPro consumers. Because of the durability and high quality, the market for these action cameras seem to continuously be growing.
Here are some questions for you!
Do you own a GoPro camera?
Do you think that these cameras are only limited to hardcore activities?
