Discuss about the Strategic Brand Management for Global Edition.
Caply action camera is a small and light weighted camera that can fit on to anything so that the customers do not have a problem in holding it. While climbing up a mountain, it is very difficult for the people to use a heavy camera, which might be an extra burden for the people. This product can be attached to a bag and does not require the support of the hands for clicking pictures. It is one of the most useful products that can help in capturing the moments for any activities that are taking place outdoors. It is durable in nature and does not break easily if it falls on the ground from a height as well (“caplycam”, 2018).
The product is almost the size of a lipstick and can record videos and click pictures for a long time because of a long standing power that is supplied by the battery. The battery for the product has been customized by the company so that it can seize the moments that the customers want to capture. The battery has been designed to last for five hours for a continuous process of recording for 24 hours. It can also last for around 120 hours when the product is on standby as well. The product comes with a memory of 128 GB that is built internally so that the customers can enjoy long hours of shooting without missing any shots in between (“Caply — Ultra Lasting Action Camera”, 2018).
The product also features voice control and has a feature known as assistive touch as well. This will help the customers in capturing the memories without using their hands, as by simply tapping or swiping on the product; it can automatically record videos and shoot pictures as well. The swipe feature function in two ways where if the customer swipes upwards then the product will record a video of 10 seconds and if it is swiped downwards then the product will start recording in the time-lapse mode. On tapping the product once, the product takes a photo where as double tap enables the product to start the recording function. Similarly, if the product is within 10 meters of the customers, they can voice command the product and instruct it to start the features according to the demand of the customers (“caplycam”, 2018).
The current market conditions can be discussed with respect to the external environment that may affect the product. The political factors will play an important role in determining the success of the product in the market. There needs to be political stability in Australia so that the product can be used in a proper manner by the customers, as the reduced level of corruption will result in increasing the regulation of the product within the consumer goods industry (Vahlne & Johanson, 2017). The rate of taxes needs to be low in the market, as it is a new product that may help in finding suitable buyers in the market. The economic factors such as the stability in the rate of foreign exchanges need to be present so that the price of the product does not fluctuate in the market that will help in attracting the customers. The rate of inflation also needs to be checked so that it does not result in increasing the prices (Kroft, Lange & Notowidigdo, 2013).
The social factors of the customers need to be taken in to account such as the culture of the population that will help in increasing the sales of the company. As most of the people in the recent times are fond of travelling and try new adventures, it will help in the sale of the product if the company can identify the right customers (Tomczak, Reinecke & Kuss, 2018). The technological factors also need to be considered so that the product can be made at a faster rate, which will help in keeping the cost of production low and the selling price can also be reduced substantially in the market. The company needs to take in to consideration the development of technology that is taking place among the rival companies as well (Keller, 2013).
The major competitors of the company are GoPro, Contour Adventure Every day, and Eyesee3600 and Samsung electronics. These companies are present in the market for a long period of time, which will make it difficult for Caply to operate in the market in a successful manner. All the products are similar to the product that is being manufactured by the company and is well-known among the customers as well due to the extensive use of advertisements (Armstrong et al., 2015).
The company that manufactures Caply needs to use the marketing strategies in an efficient manner so that it can help them in establishing the company in the Australian market. The company needs to use the idea of content marketing to a great extent, which will enable in showcasing the capabilities of the product to a wider audience, which would result in selling more number of products. It will also result in attracting the customers who are adventurous and likes to record their performances on the camera to show it to their friends and relatives. The product can showcase its quality of image and video that can be shot with high definition along with the different purposes in which the camera can be used (Ryan, 2016).
The company needs to identify other companies that are involved in adventurous sports such as Red Bull. Red Bull is a company that is known for its extreme sporting events and is known to attract the people who are adventurous in nature. The camera can go in to a partnership with Red Bull so that it can increase its chances of being used by the consumers. The symbiotic relationship between the two companies will be fruitful for Caply as well, as it will help in being acknowledged among the customers. The point-of-view usage by the customers would result in judging the quality of the videos and photos that can be showcased to the customers for its own promotion as well (Pappas, 2016).
Another innovative marketing approach that can be adopted by the company is to announce itself in the social media. Social media has a huge base of followers that needs to be targeted by the company so that it can help in attracting the youths towards the product. Advertising the products on Facebook, Twitter and Instagram will help in gathering followers who will be keen on looking after the attributes of the products. This will allow the company in having a diverse set of customer base who can be loyal towards the product as well (Vahlne & Johanson, 2017).
The company can also offer samples to important persons such as sports figures so that they can advertise the products on the behalf of the company. This will have an useful impact on the company, as the followers of the sportspersons will be able to connect themselves to the product as well. This will also result in increasing the sale of the product over its competitors in the market (Tomczak, Reinecke & Kuss, 2018).
The camera is highly versatile in nature and has the ability to record video in a high definition quality. It can also take clear pictures with its 2 megapixel camera as well. The design of the product is functional and is resistant to accidents and is waterproof as well. the price of the camera is very less when compared to its competitors, which will provide an upper hand to the company in attracting the customers towards the product. The extensive use of advertisements and including athletes in promoting the product will also result in attracting customers (Green, 2015).
The focus of the product will mainly be on the extreme sporting events and will ignore the customers from other segments. This may lead to potential loss for the company, as other customers will not be targeted by the company. The company needs to provide variations for the product. Diversification of the product will help in attracting the customers. The lens that is used within the product is wide, which may not be liked by the customers (Burchell, Rettie & Patel, 2013).
The company needs to supply additional hardware along with the products such as mounts, which will help in attracting the customers towards the product. Medical and law enforcements bodies need to be explored so that the product can help in securing the health and rules by keeping a track on the offenders. The technology and the software needs to be developed so that it can help in streamlining the process of media and provide more offering to the customers (McDaniel & Gates, 2013).
The company may face stiff competition from the rivals such as Samsung and GoPro that are present in the market and have a wide base of customers. The technology that is being used in smart phones will also hamper the chances of the company to increase its profits, as the mobile companies are also better quality cameras with its products. Consumers may also look for other alternatives that are present in the market at a cheaper price as well (Green, 2015).
Reference List
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education.
Burchell, K., Rettie, R., & Patel, K. (2013). Marketing social norms: social marketing and the ‘social norm approach’. Journal of Consumer Behaviour, 12(1), 1-9.
Caply — Ultra Lasting Action Camera. (2018). Kickstarter. Retrieved 11 April 2018, from https://www.kickstarter.com/projects/1592252142/caply-the-worlds-most-durable-action-camera
caplycam. (2018). caplycam. Retrieved 11 April 2018, from https://caply.cc/
Green, T. (2015). Flipped classrooms: An agenda for innovative marketing education in the digital era. Marketing Education Review, 25(3), 179-191.
Keller, K. (2013). Strategic brand management: Global edition. Pearson Higher Ed.
Kroft, K., Lange, F., & Notowidigdo, M. J. (2013). Duration dependence and labor market conditions: Evidence from a field experiment. The Quarterly Journal of Economics, 128(3), 1123-1167.
McDaniel, C., & Gates, R. (2013). Marketing research. Singapore.
Pappas, N. (2016). Marketing strategies, perceived risks, and consumer trust in online buying behaviour. Journal of Retailing and Consumer Services, 29, 92-103.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Tomczak, T., Reinecke, S., & Kuss, A. (2018). Introduction. In Strategic Marketing (pp. 1-18). Springer Gabler, Wiesbaden.
Vahlne, J. E., & Johanson, J. (2017). The internationalization process of the firm—a model of knowledge development and increasing foreign market commitments. In International Business (pp. 145-154). Routledge.
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