It's been called "the world's most versatile camera”, GoPro documented human history in 2012 when Felix Baumgartner dove off the Red Bull Stratos; a weather balloon located 24 miles above the earth's atmosphere for scientific and weather research. Fleix astonished the world, breaking two records, as he descended toward earth at 840 mph before reaching free fall. Founded in 2002 by Nichols Woodman, GoPro is the creator of the world’s most versatile camera. Enabling its users to capture and share their most exciting moments in professional high-definition videography and photography. Capitalizing on traditional advertising, content marketing and social media, GoPro built a ritualistic fan base in sports enthusiasts, professional athletes, and media production professionals. GoPro’s professional line of wearable and mountable cameras are now becoming the most used camera in the market today, making it one of the most innovative and successful cameras in the world. An evaluation of the company’s internal strengths, weaknesses, opportunities and threats paints a nice picture of where GoPro is and where GoPro could be at as a company. Some of the greatest design features of the GoPro are the size, durability, and versatility of the camera and the outer protective casing enabling it to be worn and carried virtually anywhere. GoPro focuses on outperforming its competition while at the same time capitalizing on the quality of their product. GoPro’s advertising and brand promotion has successfully targeted and acquired professional attention from a multitude of industry leaders. However, these past marketing strategies left a large portion of the average consumer behind. With timing being the essence of success, GoPro recently filed for and initial public offering set in the second quarter of 2014. The timing of this IPO creates a crucial opportunity to transition the average consumer into a GoPro user and acquire more market share. New advertising messages and integrated brand promotions will be utilized to target the travel, leisure and recreation sectors.
A. Market Analysis
GoPro’s past marketing efforts have identified two solid markets. The primary market is active adults’ ages between 21 and 45 and a secondary market of teens and young adults between ages 12 and 18. Along with this age segmentation GoPro has also focused its marketing towards consumers who are into extreme sport lifestyle. Additionally GoPro targets consumers who tend to take two or three vacations a year. These active consumers tend to love travel, willing to document their goals, aspirations, travels and hobbies over social media. GoPro loves this demographic because they seem to be easy decision-makers, brand loyal and favor quality over price. The third group which is young adults between ages 18 and 21 tend to travel with their friends on short social outings and trips that fit their hobbies and interests. This group is the highest group of social media users. This group spends on average of 29 or more hours per week online distributing and consuming media. B. Competitive Analysis
GoPro’s main competitors are Sony, Contour, and Camesport. GoPro makes up 84% of the action camera market share, following next is Sony with 7%, then Contour with 8& and Camesport with 1%. Sony is a viable competitor because it’s unmatched image quality. Other competitor’s closely match GoPro’s design, mounting and protection of the camera. Other competitors such as the Contour feature laser alignment and GPS tracking. These features are key in developing professional quality videos. The GPS feature lets users track and remember where videos were taken. Still GoPro dominates the market because they are the most well know brand and are leading the edge of portable action cameras.
GoPro has a global industry scope. More than half of all GoPro sales are outside of the US. The outlook for...
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