The Company CEO Mr. Nick Woodman argues that with such rapid growth, the firm will invest in talent, new products, and technology to attain sustainability. Moreover, the company plans to improve the consumer-centered marketing strategy. The Woodman argues that the customers are essential in creating a brand. External Analysis Threats and opportunities are available in the external environment of business. Opportunities are the positive externalities and the potentials that are available in the external business environment but have not been harnessed to advantage the business. Threats are conditions that can negatively affect the business operations of business. This section discusses some of the Five Forces Model Rivals Many competitors have entered the camera Industry in the recent past. Many companies have emerged hence the competition in the market. Lopowski (2014), argue that GoPro has gained the lead through the production of quality cameras. The key competitors are JVC, SONY, and
A PROJECT ABOUT GoPro 12 Germin. These companies have increased the quality of their products to match GoPro. Their cameras have designed in the same way; can be mounted on different surfaces to capture footage from professional angles. The competition increases have the number of companies continue to venture into the business. Pivothead has changed the business operations. It allows the users to wear the cameras as sunglasses. They have improved on the idea of sharing videos by developing software that enables the device to synchronize with the phone and instantly share the videos. New Entries The threat of new entries is low since GoPro has established its market. GoPro has improved innovative approaches and technologies. Therefore, a company seeking to compete against the GoPro product would incur a lot of financial implications to enter the market. Kohler (2015) asserts that GoPro has acquired the legal procedures that protect its brand in the market. Additionally, the brand has gained prowess in the market, and its popularity has doubled over the past years. GoPro also uses efficient customer distribution technique that is cheap and reliable. Buyers Many companies produce similar motion cameras. The diversified electronics companies (DEC), camera manufacturers and other businesses also compete for the same market (Forbes 2013). Therefore the buyers have a wide are price sensitive. They have a broad range of products to choose at a low cost. The competing companies have no otherwise but to keep their products at a reasonable price to attract the attention of the customers. However, there is no stiff competition in the market for versatile camera products. Therefore, the companies have to produce quality and convenient products to reduce the consumer bargaining power in the market. Suppliers
A PROJECT ABOUT GoPro 13 The market in electronic business is becoming complicated day by day. The latest trend in the market shows reliance on third party providers. However, there are few reliable vendors in the electronic business. GoPro 2014 argues that suppliers reduce the profitability of the company since they are adding to the variable costs of operations. For instance, GoPro has only one source supplier.
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