Product Overview
Introduction
GoPro
is a company, which offers a series of unique video capturing cameras and
accessories. GoPro has established a brand which differentiates its line of
cameras from those of competitors’. The GoPro camera series offers a multitude
of features from incredibly high resolution and frame rates to waterproof
durability. The GoPro company is the first of its kind in many ways, including
having won an Emmy award for high quality performance video footage. The GoPro
series is a favorite among athletes, adventurers, and anyone hoping to capture
exciting footage in a unique way.
Problem Statement and Issues
In
developing a marketing strategy for GoPro, our goal is to establish a target
market, reach new targets, and further differentiate GoPro from its
competitors. Because GoPro can be considered a luxury product, it is important
to establish a need within the target market. Additionally, we must achieve
competitive advantage by ensuring our customer base and target audience is
knowledgeable regarding the capabilities and functionality of GoPro, unmatched
by its competitors. In order to reach our goals and overcome these issues, we
must develop a comprehensive marketing strategy which will directly combat each
of the aforementioned issues.
Advertising/Marketing
Objectives
Many
companies are in the introductory stage if not already launching their version
of mountable cameras at a fraction of the cost for what a GoPro costs. The
marketing objectives below will help GoPro maintain the advantage that they
currently have in the market.
1. Reminder
advertising: Objectives will encourage
the target audience to switch brands, make the purchase and create a preference
in the market for the product as opposed to its competition.
- Television ads,
radio and billboards using athletes and consumers that use GoPro to highlight their exciting lifestyles.
- Social
networking ads, Search engine ads, and Behavioral ads
- Mobile apps,
SMS, and emails
2. Informative
advertising, seeks to tell the market about the product, explain how
the product works, provide information on pricing, and
build awareness of both the product and the company. Such
objectives are normally pursued at the launch of a new
product, or an up-date of an existing product. GoPro is set to release
its newest version, GoPro Hero 5 in October 2015.
- Comparison
ads that display why GoPro products are of higher quality than its competitors
are.
- Technical/Benefits-
Ads that explain why the improved features of Hero 5, make it a superior
product. Such as the A10 chip which allows the user to capture 4K videos at 60 frames per second.
- Demonstration
ads that show how to get the most out of what GoPro has to offer.
Highlight ordinary people using the Hero 5 and their reactions to its
features such as battery life, waterproof, WiFi and Bluetooth
features.
3. Persuasive
advertising is required when there are similar products in the market
place and the winning product will need to differentiate itself from
the competition.
- Video
storytelling- Creating advertisements on YouTube with pro-athletes providing
testimonials on the benefits of using GoPro. (ethos)
- TV
and social media advertising that use buzzwords such as better,
stronger, faster, and higher. (Logos)
- Print
ads that show a desired lifestyle such as risk-taking, or a new sense
of adventure. (Logos)
Aims
1. To
increase product awareness and build brand loyalty among targeted
customers.
2.
Inform the market about our new product; explaining the many ways it
can be used, and the advantages of using GoPro instead of competing devices.
3.
Reduce consumer resistance to buying the product. Show consumers why
the product is worth the price and how it makes a solid investment that
allows the consumer to capture their lives in a new and exciting way.
GoPro
Product Profile
Product
Name – GoPro
Product
Classification – Video recording device/Photo capture device
Product
Characteristics – Compact HD recording, professional video quality, photo
capture, audio capture, long battery life, and Wi-Fi connectivity.
Distribution
– GoPro action cameras are distributed in 90 countries around the world, mostly
using a distribution network outside of the United States. GoPro works with three general classes of
retail trade, specialty retailers, such as surf, bike and dive shops that do
not traditionally sell electronics, sporting-goods retailers, including Sports
Authority, Dick’s and Academy, and traditional CE retailers, such as Best Buy,
Target, and Amazon. (Tarr, 2013)
Product
Life Cycle – The GoPro is currently in its growth stage of the product life
cycle. Growth is the stage where a company starts to see improved sales
and revenues due to consumer acceptance of a product. During this stage, it is
essential for GoPro to educate distributors to gain outlets to
sell its products to a larger consumer base.
The
Brand - GoPro is a brand of mountable
and wearable cameras and accessories. Nick Woodman created this brand of
wearable cameras.
References
GoPro. (2015). About
Us. Retrieved on April 7, 2015, from http://gopro.com/about-us/
Tarr, G. (2013, May
19). GoPro Takes Camcorder Market By Storm.In TWICE. Retrieved
April 8,2015, from http://www.twice.com/news/news/gopro-takes-camcorder-market-storm/42506
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