1-People – Target market
Polaroid digital-imaging products are targeted to mostly middle and upper income bracket consumers, mostly young adults regardless of age or cultural background that invest in these product for personal use. They are also geared to attract photojournalist, professional photographers and business such as; real estates and advertising agencies. 2-Product:
Digital-imaging products market exploded in 1994 and the demand was rapidly expanding to include various models of individual product. Some digital-imaging include, digital camera where photos can be stored on a hard disk and process and retrieve through computers and software, the film camera and scanner which comprise of a magnetic disk that is use to print photos from a computer. There is also the video camera and frame grabber that works with a compact flash, memory stick and magnetic diskette which allows photos to be transmitted via internet, in addition, this product has an optical disk to show images through projectors. However, the product that seemed to attract more attention and demand is the digital-camera also refers to as the filmless camera. Although Polaroid had begun investing in research and development in digital-imaging in the 80s, it wasn’t until early 1990s that their first product called Helios Medical Imaging entered the market but started fading by 1996 mainly due to poor marketing strategies. With new entrants by competitors, such as: Kodak and Fuji, Polaroid was forced to reinvent its marketing strategies to maintain its presents in the digital-imaging market.
Polaroid has always been successful in positioning its products in the market due to the following strategies: •Continuous investment in Research and Development thereby maintaining awareness of new needs and behavior of its customers. •Invest in recruiting professional staff whenever a new product is identified. •Polaroid has been a household name for decades.
•A very innovative company, that always seeks to develop new electronic products to meet the needs of the population.
FIVE PRODUCT LEVELS
These are as follows:
Core – Manufacture digital-imaging cameras to meet the needs of target customers. Basic - Provide additional capability to store photos on hard disk to be viewed on computer. Expected - As the core and basic levels became routine products offered by all digital-imaging companies, customers begin to expect more extended services. For instance, the increase in storage memory of digital camera, the production of film camera and scanner with magnetic disk to enable photo-printing to printers. Augmented – A level where competitors become an issue, therefore, this is where the Polaroid procure to enhance the quality of current product and procure new and unique ones to offer customers. For example, video camera and frame grabber with memory sticks and optical disk to enable photo sharing via internet and projectors. Potential – In the near future, Polaroid will need to find solution to difficulties facing the digital-imaging market, such as; making it more user friendly digital cameras and improving on the quality of photo-printing.
•Polaroid has been in the electronic manufacturing business since 1937 and enjoyed tremendous success for decades making brand positioning easily among customers. •Polaroid is equipped with competent and experienced electronic imaging groups to develop lasting and reliable products. •Capacity to develop unique product, such as, the Helios Medical Imaging, a revolutionary chemical-free, dry imaging system for radiology, which intended to replace X-ray machines. •Polaroid is famous for its technological strength nationally and internationally. •Invest in mass-market retailers such as Wal-Mart and Kmart, thereby steering from direct competition with other competitors who use specialized stores to sell their products.
PRODUCT LIFE CYCLE...