Economic Analysis Any country's economic conditions impact greatly on any kind of trade or business. As the recent economic recession has plagued the economy of the world, Skullcandy needs to streamline their production and sales, similarly, marketing campaigns of the brands have suffered greatly as the economy has taken a drastic turn. Skullcandy faces havoc being a small company itself, it is difficult for it to undergo downsizing on an internal level and brainstorm ideas to penetrate into the market retaining their diminishing profits. Skullcandy could still use the economic conditions as a favor to their industry as, despite recession and inflation in the countries, people still listen to music, use earphones for calling their loved ones while enjoying a cup of tea or any other task of interest with their hands. The increased labor cost that Skullcandy provides to the dealers of China could be cut down by dealing with local manufacturers. Social Analysis Headphones and accessories are a must-have in the era of social media as video calling and learning online had become an essential part of people's lives. Music is a source of meditation, relaxation exercises as well as entertainment for people of all ages. In this modern era people prefer to live in their own comfort zone in their leisure time and use gadgets with earphones to listen to recitations, poetry, songs or tutorials. Skullcandy can deliver them their peace of mind through proper branding as it is an unbiased product that cannot get any controversial responses based on different social values and customs. The company's headphones
SKULLCANDY 11 already found an untapped niche among snowboarders, skateboarders, and action-sports enthusiasts that were limited to buy branded ski boards or kits. Technological Analysis With the arrival of the new technology and its miraculous advancements, companies have completely integrated themselves with all the recent changes that have taken place in order to inculcate modernism into their brands. In order to maintain an up to date attitude, all areas of life have turned themselves into a growing trend that has become the need of the hour i.e. social media. With a bombardment of engagement of posts and staying connected with the consumer family, it is pertinent to stay online and alive on social media. It takes moments to make or break a brand on social media. Customers' word of mouth is the review of any specific product today. Skullcandy has made its way into social media with its Facebook page and websites. The company needs to ensure what aspects it needs to keep in mind so as to engage people for utilizing the products they launch and to stay ensure that the customers' stay engaged and updated with the upcoming attractions.
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- Spring '16
- Brand, Skullcandy