93%(14)13 out of 14 people found this document helpful
This preview shows page 9 - 12 out of 28 pages.
Economists suggest that GoPro will have yet another banner year relative to their growth and upward trend in stock price and return to their PE (Private Equity). As youth sports and young athletics become more and more popular economic trends will carry GoPro even further ahead inthe sales and growth categories. The sales will continue to rise and be impacted positively as long as the innovators at GoPro stay current with what is popular and always strive to improve the product, keep prices from harming their future sales, and keep leveraging social media. Technological ChangesOver the past decade, GoPro has succeeded in successfully advancing the technology of their camera. The first model began as a 35mm Hero camera. This was a basic model that took
MMGP – GOPRO10still photos. Today, the new HERO4 camera has a 12mp CMOS system combined with a f/2.8 fixed maximum aperture. The latest HERO4 camera also features Bluetooth connectivity, and an upgraded processor. Go Pro advertises that this new model is twice as fast as their previous model, the HERO3+ Edition. As technology advanced, GoPro cameras have kept up with the technological pace throughout the past decade. James Trew (2014) of Engadet stated “[a]lthough it's more revision than revolution, the Hero3+ maintains GoPro's position at the top of the action cam market.” Camera technology is changing at a rapid pace. Cameras are increasingly being integrated with other systems and technology. GoPro has maintained a competitive edge by its ability to consistently upgrade and get new products to market quickly. Dan (2012) of Forbes Magazine observed, “[i]mmensely successful companies can become myopic and product oriented instead of focusing on consumers’ needs.” GoPro has aggressively marketed to a younger and active generation. Marketing to a younger generation requires constant innovation and advancement. GoPro has successfully kept its cameras relevant and thus accepted by the target market.Consumer Tastes and PreferencesThe GoPro camera and technology product line and its accessories are targeting a broad range of consumers from the sports fanatic to the athlete and the family of three that have a pet that they want to spy on when the house is empty. Across the diverse market of consumers’ lies abroad range of what uses that consumer chooses to do with the products they purchase. Consumers who purchase this product and its accessories want to capture live photos or video images of anything from skydiving to a sporting event. This would seem to be a similar niche as
MMGP – GOPRO11“Reality TV.” Consumers want to be surrounded with the thrills and excitement of their wildest adventures and also for some consumers, utilize the product to satisfy curiosity of the unknown.