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MMGP – BACKGROUND1Marketing Management Group Project – Background SummaryJohn W BayseJacob FurbeeColin HeiseZoe JenkinsLiberty UniversityBUSI520 – B21
MMGP – BACKGROUND2Marketing Management Group Project – GoProBackgroundDescription and HistoryGoPro cameras are a specialized product designed to provide high resolution, high definition pictures and video to customers who wish to capture their experiences, and extreme activities such as skydiving, scuba diving, and outdoor adventure activities. GoPro’s mission is to develop “hardware and software solutions to alleviate consumer pain points associated with capturing, managing, sharing, and enjoying engaging content” (“GPRO Profile,” 2015). These cameras are wide-angle lens, small, lightweight, and durable and able to be used “in the harshest of conditions” (Jarvis, 2013). Since GoPro cameras are small and lightweight, they are well suited and specifically designed to be worn on your body or mounted on bikes, boats, and other vehicles. The devise comes with a polycarbonate HD Housing unit with a shockproof and waterproof glass lens. This gives the camera the strength needed to endure the abuses that sporting and other rigorous activities subject the camera too. GoPro was founded by Nick Woodman in 2002. The company began to sell its camera systems on the market in 2004. The first model of GoPro cameras sold in 2004 used 35 mm filmtechnology. These early model cameras took only digital still photos. In subsequent years video cameras were introduced into the camera series. There have been numerous models and generations of GoPro cameras since 2002. The series of cameras listed in order starting in 2002 up to the 2015 current model are the GoPro Hero 35mm, Digital Hero 3, Digital Hero 5, HD Hero 960, HD Hero, HD Hero 2, HD Hero 3, HD Hero 3+, and HD Hero 4 series.
MMGP – BACKGROUND3On March 30, 2011, GoPro acquired CineForm Inc., which specialized in software programs that enable video compression and workflow technology. This acquisition allowed GoPro to incorporate CineForm technology into its 3D Hero systems. In February of 2014, GoPro filed for an Initial Public Offering, IPO, with the US Securities and Exchange Commission. Shares traded at $24 the first day of trading (Solomon, 2014). According to Nick Woodman, GoPro’s CEO and founder, the decision to become a publically traded company was based on the company’s desire to “expand our distribution of GoPro programming and the reach of the GoPro Network to new platforms such as Xbox Live” (Fiegerman, 2014). In other words, Go Pro’s goal was to use the additional revenue to develop GoPro’s pictures and videos into a media company, which would then sell the content captured by the cameras to various sources. GoPro is currently traded on the NASDAQ. The most recent significant event was the announcement in June of 2014 that former Microsoft executive Tony Bates would become the President of GoPro. Nick Woodman, founder and CEO, retains his position as CEO of the company. The company is headquartered in San Mateo, California.