Discuss about the Market Segmentation Strategy Decisions.
Market segmentation is a process through which an organization divides the groups of buyers according to the market characteristics and tendencies. The segmentation of the GoPro Camera is based on some factors- Demographic, Behavioral, Psychographic and geographical. Demographic segmentation signifies that the sales of the product depends on the type of consumers like GoPro targets men and women of middle age of 18-55years age and are interested in shooting their videos and desires to take close view of their activities. Manufacturing of products by targeting customers is based on the lifestyle, profession and occasion in the Psychographic segmentation. These people are sportspersons, skiers, divers, bikers, base jumpers and car racers by profession and can be used in any kind of sports and adventurous occasion where taking camera operator is not practically logical. Behavioral segmentation is based on the advantage of their small size and light weightiness and even can be fitted in the wrist and the helmets of bikers. In context of the Geographical configuration, it is mostly inaugurate their stores in United States as this country emphasizes more on the sports events.
he concerned organization also makes their niche segmentation on the social networking sites like YouTube and Instagram and Facebook. This depicts their User-Generated Content Strategy and it is evident that in the year 2014, GoPro reaches to a level of over 2,180,000 YouTube subscriber having the intentions to win the $1000 prize money and there are over 6000 daily uploads on YouTube, which makes the concerned organization to be the fifth biggest brand on YouTube. In addition to that, they also have over 7,680,000 Facebook fans and over 2,775,000 Instagram followers.
GoPro organization implemented their marketing segmentation strategy that enable the concerned organization to best communicate their products’ attributes to their target customers and also satisfy the competitive pressures along with carefully crafted key messages.
Low-price strategy- The price of the camera is affordable like $200-$400 per camera, which is affordable with respect to their competitors.
Camera Specification- GoPro Cameras are designed with mounting and fixtures that can withstand any high altitude temperature and high definition pictures can be captured. These cameras are lightweight, durable and malleable. GoPro camera has much better understanding of ISO and image depth that makes them unable to shoot under tough situation and weather like under the sea over the high altitude mountains.
Competitor’s market value- Nikon, Olympus, Canon and Panasonic are competitors who manufacture camera that can shoot other video and natures click; however, GoPro emphasizes more on the camera that is designed to shoot nearby scenes that cannot be possible with other cameras. GoPro camera made a significant sale in their first year of sales that is of $350,000. Other competitors focus on the traditional market group but GoPro targets the sportsperson that provides the concerned organization a competitive advantage.
Promotional strategy- In order to increase the loyalty of the brand, GoPro have implemented a strategy that of the video shot by their camera by an individual gets 1 million likes in YouTube then the person will get an attractive amount of $1000 (From the case study). They also have their fan following on Facebook, Twitter and Instagram. Numerous loyalty programs and membership events are also conducted.
The target markets as earlier defined are the sportsmen and women, skiers, scuba divers and mountaineers. Geographic segmentation comprises of the marketing mix strategy through which more customers can be aware of their products and more profitability can be attained and is comprises of- product, price, place and promotion.
GoPro targets all gender people and their most of them prefers social networking sites and loves sports event. The education also plays a crucial role in the sales of their products and the target people that are being targeted are highly educated like high school or university graduate. Those individuals, who will successfully formulate a video by using their GoPro cameras their video, will be published in their “Video of the Day” on their website. Moreover, they also initiate the programs called “GoPRo Hero 3+ Adventure Series” where video shoot by this series camera are selected for the prize. In the year 2015, there are 475 Ambassadors for the brand GoPro.
They have a huge range of products like GoPro HERO 4, GoPro HERO 4 session, GoPro HERO 4 Black, GoPro HERO 4 Silver, GoPro HERO 4 Standard edition, GoPro HERO 4 Silver Surf and other products having [email protected] resolution with an LCD screen.
Competitors of GoPro do not match the price parity nor do they match them in the size and light-weightiness. There are certain features through which customers can select GoPro cameras over other DSLR’s- High speed movies, external mic jack and connectivity with smart devices, thinner and less weight, waterproof and shockproof guarantee and wide focal length.
High Speed movies- GoPro have the speed of 120 fps in their silver edition cameras while Nikon do not match this speed. However, with respect to Canon, GoPro records the movie with a speed of 240 fps. In the context of the higher resolution movies, where they offered [email protected] compared to [email protected] in Cannon 700D.
External mic jack and connectivity with smart devices- This facility is only available in GoPro Cameras and the external device like Smartphone can be used as a screen and trigger for creative shoot.
Thinner and less weight- GoPro Cameras is thin as 3sm while Nikon’s width is 7.4cm. Moreover, GoPro cameras weights only 88 grams even the smallest DSLR that is Canon 100D also weight five times more than the GoPro without its lens. The cannon camera is almost approximately 9.7x larger in size than GoPro camera. Thus, these cameras are easy to carry and easy to handle while an individual is on their trekking or travelling through the oddest roads.
Waterproof and shockproof guarantee- GoPro cameras are waterproof as they are specially designed for sports and adventurous events. The benefit of the waterproof camera is that these cameras are also used for is ideal for your swimming pool and beach activities.
Wide focal length- Professional event camera operators always look for a wide focal length camera so that a complete image can be shot. GoPro camera has a fisheye lens that can take shots approximately to 170 degrees. This lens can easily be transferred into ~12mm curvilinear lens. One of the competitors of GoPro is the Rokinon’s that sells this facility in their camera for $500 while GoPro camera can be attained for $400.
Customer Retention Programs- Apart from GoPRo Hero 3+ Adventure Series they have also initiate Lifetime Membership Program, which is based on the promotion of their new brand- GoWorx. These lifetime programs include “Welcome Kit” including a GoWorx T-shirt, free goodies and stickers. These members always get a 15% off all GoWorx brand products so that armature photographer gets an opportunity to create killer content. Moreover, HookUp Rewards Program is also a new entry, where members get automatic entry into every single GoWorx Giveaway for the lifetime.
Reference List
Banasik, Robert Michael. “Marketing Strategies Used by Specialty Photo Retailers to Grow Revenues.” (2016).
Barge-Gil, Andrés, and Alberto López. “R versus D: Estimating the differentiated effect of research and development on innovation results.”industrial and Corporate Change 24, no. 1 (2015): 93-129.
Berardinetti, Giulia. “The innovation in the photographic industry, from simple to adventurous: the GoPro case.” (2016).
Craft, Stephen H., and Salah S. Hassan. “Global consumer market segmentation strategy decisions and managerial assessment of performance.” In Revolution in Marketing: Market Driving Changes, pp. 26-30. Springer International Publishing, 2015.
Fien, Laura. “NFL Fans Response to Social Media Posts.” (2014).
Gopro Official Website – Capture + Share Your World – Homepage. 2016. Gopro.Com. https://gopro.com/.
Hahn, Donna. “Innovation Dimensions in the Industrial Product Design Landscape: East vs. West Comparison Case Study.” (2015).
Hall, A., T. Conway, P. Betts, and C. Parker. “From economic man to connected consumers.” In 4 th International Conference on Contemporary Marketing Issues ICCMI June 22-24, 2016 Heraklion, Greece, p. 53. 2016.
Hungenberg, Eric, Dianna Gray, James Gould, and David Stotlar. “An examination of motives underlying active sport tourist behavior: a market segmentation approach.” Journal of Sport & Tourism (2016): 1-21.
Ingwer, Patrick, Fabian Gassen, Stefan Püst, Melanie Duhn, Marten Schälicke, Katja Müller, Heiko Ruhm et al. “Practical usefulness of structure from motion (SfM) point clouds obtained from different consumer cameras.” In SPIE/IS&T Electronic Imaging, pp. 941102-941102. International Society for Optics and Photonics, 2015.
McNamee, Roger, Glenn Evans, and Mark Richards Frederick. “Systems and Methods for Controlling Cameras at Live Events.” U.S. Patent Application 14/218,529, filed March 18, 2014.
McNamee, Roger, Glenn Evans, and Mark Richards Frederick. “Systems and Methods for Distributing Audio/Video Feed of a Live Event Via Satellite.” U.S. Patent Application 13/840,913, filed March 15, 2013.
Radeva, Svetla, and Dimitar Radev. “Brain-Computer Interface for Communication and Estimation of Human Emotion from EEG and Video.”IJNCAA 20 (2016): 9.
Revella, Adele. Buyer Personas: How to Gain Insight Into Your Customer’s Expectations, Align Your Marketing Strategies, and Win More Business. John Wiley & Sons, 2015.
Välikangas, Liisa, and Michael Gibbert. Strategic Innovation: The Definitive Guide to Outlier Strategies. FT Press, 2015.
Woodman, Nicholas D. “Camera housing.” U.S. Patent D754,238, issued April 19, 2016.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download