They produce the so-called action camcorders; small, very robust, waterproof cameras. With the help of smart marketing strategy, GoPro was able to position itself as a successful brand. Industrial safety regulations in the Consumer Goods sector. The Technology Sector is witnessing a major shakeup, new age business models in the industry are transforming both customers and businesses. No plagiarism guarantee. (Statista). It, therefore, needs to ensure that it maintains this. GoPros flagship Hero 9Black has a 23.6-megapixel sensor. GoPro, Inc. develops and sells mountable and wearable cameras, and accessories in the United States and internationally. 2. The global sports industry is expected to be worth $600 billion by 2025. 2 LO: 5: Explain value chain analysis and benchmarking in strategic management. Grand . In this market buyers are price sensitive as there is low differentiation among devices and a lack of diversity of choice. Business Model Analysis framework can be used by organizations to articulate growth strategies and identify cost optimization opportunities. 2842 Words. The GoPro gaze. The Gopro Brand Analysis. It is the ultimate user-generated content campaign. The foundation of Army leadership is grounded in history, loyalty to the nation, and accountability to authority. An Analysis of GoPro's Marketing Strategy", 2017). The inherent risk with their technology is that it is susceptible to imitation, and many new entrants are already trying to duplicate their success. There is limited growth due to a lack of succession. This information can help a company in determining the current lifecycle stage of the industry. While this is good for control over the companys direction, it means that the best person is not necessarily doing the job. Executive Summary This case study will provide strategic information on the San Mateo, California company: GoPro, Inc. An organization is separated into internal and external environments. To be in a position of achieving this, GoPro ensures that their cameras are affordable, attainable and at the same time adaptable. (Cision US Inc.). They are just awesome. Car industry is fast moving toward automation led by technology firm such as Google & manufacturing is disrupted by Tesla, which has stated an electronic car revolution. R&P Research Industry Intelligence Platform provides historical data for the last 15 years with an easy to use benchmarking interface for in-depth comparative business analysis. Some societies encourage entrepreneurship while some dont. Available from: https://gradesfixer.com/free-essay-examples/the-gopro-brand-analysis/. The rise in technological adoption and penetration offers GoPro a foothold in these markets and the opportunity to be a part of the popular culture of these regions. (Statista). PESTEL stands for - Political, Economic, Social, Technological, Environmental & Legal factors that impact the macro environment of GoPro, Inc.. Changes in the macro-environment factors . Companies with strong expertise in consumer electronics (and large R&D budgets) have the resources available to quickly enter this space (as demonstrated by Sony, Panasonic, JVC and Garmin). Its software capabilities are also incredibly powerful. GoPro maintains $25 million in inventory. Please note! Since then, GoPro focused on developing the best high-end sport cameras to be used in any situation. Labor costs and productivity in the economy, Business cycle stage (e.g. The price of Gopro product is well known for high price compare to other competitors. With this in mind, GoPro design their cameras as durable, lightweight and can be worn or mounted with ease. It will provide tools used for management decisions as well as an analysis of the information. 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GoPro utilizes cutting-edge technology, as well as premium material and parts in its manufacturing processes. It also offers mountable, wearable, and voice-activated accessories comprising equipment-based mounts consisting of helmet, handlebar, roll bar, and tripod mounts that enable consumers to wear the mount on their bodies, such as wrist housings, chest harnesses, and head straps. The accounts payable numbers are for the fiscal year ending in December. GoPro has been able to grow its sales and popularity as years pass safeguarding its future (Kinsley, 2016). The GoPro brand is synonymous with action cameras as the Nick Woodman-led company essentially created this market by launching the first commercially available action camera back in 2002. By clicking Continue, you agree to our terms of service and privacy policy. GoPro shipped more than 2.8 million units in 2020. This is one of the major limitations of SWOT analysis. The SWOT analysis for GoPro is presented below in a matrix followed by the detailed analysis report. GoPro generated a total of $1.2 billion revenues during 2016. Click below to reveal how well gopro.com meets visitor expectations and captures their interest. This means that there is a lot of capital held up in its inventory, especially as finished products. 3. Certain capabilities or factors of an organization can be both a strength and weakness at the same time. PESTEL analysis is a widely used strategic planning and management tool. The Global Action Camera Market size is expected to reach $8.9 billion by 2025, rising at a market growth of 18.3% CAGR during the forecast period. GoPro posted a net loss of $67 million. GoPro has established itself as one of the best at taking advantage of this medium by using a unique and powerful technique. For example, GoPro Inc can combine the Porter 5 force model with . By performing strategy analysis, business analysts define the context of requirements and designs of certain changes. Moving forward, GoPro is faced with strategic challenges which will be brought by new market entrants, incumbent competitors, and substitute products which may offer new disruptive technologies. Send your data or let us do the research. GoPro generated a total of $1.2 billion in revenues during 2016. The Hero 6 has an improved dynamic range, so it is able to shoot better in mixed sunlight and in low light condition. The development of travel industry and a . This makes it useful in filming dangerous or strenuous activities such as extreme sports. Altogether, the strategic analysis of GoPro shows that the brand enjoys a stable position in the market. The electronic device industry is rapidly evolving, and sensitive to consumer trends. . Exclusive partnership with sports brands for co-branding. (NYP Holdings, Inc.). The firms slogan which is Be a Hero, has played a part in capturing the audience emotions and feelings attracting them to buy GoPro products. This report provides the last five years research and development (R&D;) expenses of GoPro, Inc. (GPRO) from 2012 to 2016. As a company defined by cutting-edge technology, GoPro needs to ramp up its innovation to ensure its competitors do not infringe on its market position too much. Let's fix your grades together! If you need this sample, insert an email and we'll deliver it to you. At R&P Research we believe, the starting point for a business analysis is Benchmarking. Identify a competitor company that belongs to the same industry and occupies similar position in the industry. This on the other hand, helps the business in developing image of the brand. The SG&A; spending numbers are for the fiscal year ending in December. For example, the iPhone 4 was released in 2010 with a simple 5-megapixel camera; a mere six . Technological advancements are essential for GoPro to maintain a strong marketing position. The net profit and the net profit margin correspond to the fiscal year ending in December. The brand name Adidas came about by combining elements of the founders name Adi Dassler. GoPro has historically focused on the North American market, leaving the Asian, European, South American, and African markets largely unaddressed. Try Cascade, the #1 Strategy Execution platform. 808 certified writers online. But LEGO has not only been deeply concerned [], Claiming the rights to an individual's thoughts, feelings and intentions, induce a fine line between ownership and influence. GoPro has continued being a firm brand as a result of segmentation where segments within an adventure lover in a diversified and distinctive market are identified (4 Lessons from GoPro About Creating a Strong Brand Image, 2017). This have seen most electronics corporations have hastened to join this renowned type of the durable camera. As a percentage of revenues, GoPro spent 40.2% of its total revenues on SG&A; activities during 2016. This was achieved through focusing on their target market markets which majorly included enthusiasts and through their aggressive marketing; they were able to attract non-enthusiasts who only aimed at capturing special moments in their day to day lives such as weddings (Hooley, 2017). Connect this website. About. (GPlusMedia Inc). Gradesfixer , The Gopro Brand Analysis [Internet]. The primary direct competitors include Sony, JVC, and Garmin. GoPro invested a total of $180 million on Intangible assets during 2016. Remember: This is just a sample from a fellow student. Chosen product in the product line: GoPro Hero 6 (Black Edition). All of these efforts in IMC strategy led to relationships built between GoPro and people from . You can get your custom paper by one of our expert writers. GoPro spent $151 million in marketing and advertising, more than any of its competitors. Our professional writers can rewrite it and get you a unique paper. . . Offline connection: Recognizing the . In addition, in October 2013, the company acquired General Things Inc., a web development firm, for their software competencies with the intent to accelerate development of these tools. This choice to align with athletics was an active positioning decision made by GoPro, which can result in a trade-off of alienating the non-athlete consumer. This work can be associated with humanitarian efforts, a well as wildlife conservation and exploration. Weaknesses. However, the company has some disadvantages since some other competitors try to imitate the feature-loaded devices and sell their product with lower price. We will occasionally send you account related emails. GoPro, Inc. PESTEL analysis is a strategic tool to analyze the macro environment of the organization. It's an obvious fit. One of the competitive advantages GoPro has its competitors lack brand loyalty. GoPro is associated with the Technology Sector and Networking Equipment and Services Industry. Using social media, GoPro demonstrates product value and quality. GET BEST GRADES. It is a promise to sustain and develop the emotional connection with consumers by being socially responsible, morally inclined to cater their needs [], At the mention of watch-manufacturing firms, two companieseasily come to mind, Rolex and Hublot. According to a research done by Harvard Business School - more than 75% of the managers in strategy department had used SWOT analysis for the purpose of strategic analysis. Shared beliefs and attitudes of the population play a great role in how marketers at GoPro, Inc. will understand the customers of a given market and how they design the marketing message for Photographic Equipment & Supplies industry consumers. Home / Essay Samples / Business / Marketing / Marketing Strategy, Business Analysis, Company, Marketing Strategy. The share of the company in the market is also likely to enhance. Diversification. Success for GoPro did not come immediately and the charismatic creator of the company, Nicholas Woodman . 163 patents were issued to GoPro in 2020. The most important force to overcome in developing strategy is the threat of new entrants. In my opinion, the GoPro branding strategy is transforming how brands are built and advertising as we know it. Limitations of SWOT Analysis for GoPro, Inc. GoPro For A Cause has reached 66 million people worldwide. Retrieved 6 June 2017, from http://expresscolour.sg/4-lessons-from-gopro-about-creating-a-strong-brand-image/, Are You A Hero? 5. Business Model Analysis framework can be used by organizations to articulate growth strategies and identify cost optimization opportunities. This report provides the last five years inventory spending analysis of GoPro, Inc. (GPRO) from 2012 to 2016. New blood might offer the company new growth in its markets and fresh perspectives on potential markets. In the next future availability of smartphones and their capability to capture video to create an accessory that transforms smartphones into underwater dive cameras probably will appear. (Insider Intelligence Inc.). To export a reference to this article please select a referencing style below: By clicking Send, you agree to our Terms of service and Privacy statement. GoPro marketing strategy was a success and recognized by the entire world as they recorded high profits. Time will tell. Camera Technology is a big part of product differentiation in the smartphone industry. Identify the industry that you company belongs to and the companys place in the industry (e.g. The final key to GoPro's marketing strategy lies in distribution. GoPro is an American company founded in 2002 by Nick Woodman. GoPro invested a total of $180 million on Intangible assets during 2016. R. Delisle, Executing Lean Improvements: A Practical Guide with Real-World Healthcare Case Old Spice's promotion "How Your Man Could Smell Like" is an appealing expression used to pull in the group of viewers to buy the item. GoPro derives $483 million from the North American Market. The macro-environment factors can impact the We will write a custom Essay on GoPro Corporation Analysis specifically for you. $300 billion worth of consumer electronics are subject to the trade war between China and the United States. This course examines how new digital tools, such as the Internet, smartphones, and 3D printing, are revolutionizing the world of marketing by changing the roles and practices of both firms and consumers. With the help of value proposition, GoPro was able to establish a firm brand loyalty while still capturing a significant market presence. Kemp House, 160 City Road, London, EC1V 2NX, UNITED KINGDOM. The global gaming industry is worth $300 billion. As the cost of cutting-edge technology decreases, this offers the possibility of its competitors taking up this market position. As a percentage of revenues, GoPro invested 15.2% of its total revenues on intangible assets during 2016. Abportal.blogspot.com. This concept is based on the fact that they are aware that people will purchase their products (Bass, 2012). 4 Lessons from GoPro About Creating a Strong Brand Image. We can write you a custom essay that will follow your exact instructions and meet the deadlines. When compared to what the market competitors offered, GoPro was able to capture a large fan base. Strings et al. However, in 2010, GoPro decided to switch its GoPro series to a high-end category type of camera. Or when there are sports competition like the recent Urban Wheels The City Challenge mountain bike competition at Scape, they sponsor the event so that people will recognize them and if you get the podium, you will be rewarded with a free GoPro action camera too and given that, GoPro is the only action camera in Singapore that is well known because when people think of sports, action camera, first thing that came to their mind is GoPro. GoPro generated a total of $1.2 billion revenues during 2016. This report provides the last five years Intangible assets analysis of GoPro, Inc. (GPRO) from 2012 to 2016. Required fields are marked *. GoPro has an overreliance on the North American Market. With a legacy of brick-and-mortar sales and a strong presence in retail shops in North America, GoPro has relied on physical retail paths. It was the first company to bring first-person perspective and POV action to viewers across the globe with its near-indestructible mini cameras. The goal of product positioning is to achieve a defined John Deere brand image relative to competitors. GoPro is the name that became synonymous with high-action, extreme sports. GoPro invested a total of $205 million on accounts payable during 2016. (adsbygoogle = window.adsbygoogle || []).push({}); The Macro environment factors such as inflation rate, savings rate, interest rate, foreign exchange rate and economic cycle determine the aggregate demand and aggregate investment in an economy. Idea generation b. The discovery occurred in which stage of the new product development process a. GoPro offers a diverse range of product offerings. A sector comprises of a group of related/similar industries. (Shorty Awards LLC). AACSB: Analytical thinking. Anti-trust law in Photographic Equipment & Supplies industry and overall in the country. Some of the legal factors that GoPro, Inc. leadership should consider while entering a new market are -, Order custom Harvard Business Case Study Analysis & Solution. We use cookies to personalyze your web-site experience. Education level as well as education standard in the GoPro, Inc. s industry, Culture (gender roles, social conventions etc.). Read this report to know the top competitors of, Mitel Networks Corp with $988 million revenues in the year 2016 was the number 12 Networking Equipment and Services company. But the combination is especially effective since the UGC is made possible by the product GoPro is aiming to drive awareness for. The mere fact that they need to be on their toes proves just how the strategy isnt sustainable. This asssignment provides an indepth strategic analysis of GoPro while using pestel, porter's five forces and VRIN analysis. Journal Of Access Services, 13(1), 7-23. Bass, S., & Dalal-Clayton, D. (2012). Where do you want us to send this sample? Strategic Management Essays, Term Papers & Presentations. Perceiving the chances that line up with the company's development is a huge piece of its essential arranging. As its primary function is to capture excellent footage in a wide range of environments and circumstances, GoPro has ensured that the quality of its camera sensors is top of the range. So the decade long profits didnt materialize in the end. Modern Media Mix. Poor financial planning is a key weakness. As part of the further development of their brand identity, GoPro sold a 9% stake in their company to Foxconn. GoPro generated a total of $1.2 billion revenues during 2016. 2. Porter Five Forces GoPro, Inc. was a pioneer in the action camera market. The most conspicuous and outstanding feature of the GoPro cameras is the fact that they are the first compact and extremely high quality HD cameras ever produced. For example, GoPro has sole source suppliers among its third party suppliers. GoPro as an ethnographic tool: A wayfinding study in an academic library. It is with this mindset that they tap into their own employees experience, and pain points, when attempting their own self capture pursuits, no matter what they might be. 1. The GoPro in Singapore sell their products every year at the IT roadshow for a cheaper price to pull in people to buy their products. The company maintains high-profit margins on its products. 2076179 Orders. Case Analysis Outline - MGT 455 I. GoPro marketing strategy is quite unique because the way they do their ads have one thing in common: they were all make from User Generated Content. 2. 3. The action camera market is expected to grow to $10 billion by 2026. Furthermore, its watermarking from editing software ensured the presence of the brand across amateur users as well. Sorry, we could not paraphrase this essay. This has left little opportunity for the third-party manufacturers to create products that complement GoPros capabilities. Marketers understand how audiences engage on different social channels in different ways. GoPro SWOT Analysis in Detail Strength: It is essential to know the strength of a company, as these strengths support the top-rated companies to retain their position in the competitive global market. & P research we believe, the # 1 strategy Execution platform a position of achieving this, sold. 2010, GoPro focused on developing the best at taking advantage of medium! Internet ] as durable, lightweight and can be used by organizations to growth! The price of GoPro & # gopro strategy analysis ; s marketing strategy & quot ;, )! 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Market, leaving the Asian, European, South American, and African markets unaddressed. Produce the so-called action camcorders ; small, very robust, waterproof.... Therefore, needs to ensure that it maintains this evolving, and accountability to authority in,... Marketers understand how audiences engage on different social channels in different ways,,... A custom Essay that will follow your exact instructions and meet the deadlines this sample, insert an email we.