Mission Statement
The mission of Elwn Wireless Earbuds is to ensure that the clients receive a fitting wireless earbud with a long-lasting battery. Elwn wireless earbuds follows the slogan that all ears are not the same, therefore, they require different earbud sizes.
Company Analysis
SWOT Analysis: SWOT Analysis is a program that shows and examines the market value and the situation of any company in the market.
Strengths:
Elwn Wireless Earbuds is boasting a huge customer base due to the huge reputation it has earned in the industry. By offering musicians, artists, and designers an opportunity to bring their creative projects to life, the company has gained a huge reputation and base that will help in advertising its products (Kar, 2016).
Elwn has a range of wireless earbud models that provides a variety. Through the use of different technological inventions, Elwn has managed to ensure that different types of earbuds are modeled for the shape of the ear. At Elwn, “not all ears are the same” (Kris, 2016). The difference in size is to ensure that a wider range of clients are served. Apart from using size as a factor in ensuring that the earbud fits, Elwn offers 48 different accessories, which no other company in the market offers, to ensure the earbuds do not drop easily.
Weakness:
Elwn wireless earbuds has the challenge of addressing the huge competition from other big companies such as Apple Inc. and Samsung. Elwn wireless earbuds also has a very shallow financial base which will make it very difficult to beat the strong competition in the wireless earbuds market.
Opportunities:
The wireless earbuds industry is full of opportunities. First, the current products do not consider the demand of the customers. Most of the products have batteries with short life span. Elwn wireless earbuds are also coming into the market with products which are of high quality but at a low price (Kris, 2016). Wireless earbuds that other companies provide do not fit correctly, making it difficult for joggers and other athletes to use the products. However, according to the confession of most of the customers who have already used Elwn wireless earbuds, the product fits well and has a longer battery life.
Threats:
The biggest threat Elwn wireless earbuds is facing in the market is competition from other companies, such as Apple Inc., that have already started providing competition in the wireless earbuds industry by launching their new product that will use Bluetooth and have longer battery life, just like Elwn’s wireless earbuds products (Tilley, 2016). The other threat is the health concerns that most users have already raised concerning how safe they are while using wireless earbuds, since some clients think it is not healthy for the ear to use wireless earbuds. Finally, the cost of production is another threat Elwn wireless earbuds are facing. It is evident that the cost of production is rising in the United States, meaning that for the cost to be met the selling price of the products must also be high.
Competitive Advantage
The biggest competitive advantage Elwn wireless earbuds enjoys in the market is that they provide quality products at a lower price. The earbuds also have a long battery life, making it a better fit for the target market (Kris, 2016). Additionally, Elwn wireless earbuds manufactures products of different sizes depending on the size and shape of different ears. Therefore, no customer will be left out within the different range of the products that Elwn provides. Finally, the wireless earbuds have been praised by most of the clients as being lighter, easy to keep in place and do not fall off the ear. Thus, Elwn wireless earbuds enjoys huge support from the customers who for a long time had not found the best fit product in the market.
Market Position
Elwn wireless earbuds are targeting almost all people in the market. A person who likes to buy quality products will get his or her fit without feeling that they have paid more. Elwn has different stores located closer to the customers and customers can also purchase the products online.
Competitor Analysis
1) The first competitor for Elwn wireless earbuds is Samsung.
Mission Statement
Samsung looks forward to taking the wireless earbuds market by a landslide through introducing its new product called Gear IconX. Samsung’s mission statement being, “a truly secure fit” earbuds that will meet all the needs of music lovers.
Strengths:
Samsung has a huge customer’s base. Apart from the big followers, Samsung boasts a massive financial base that it will use to market the product. Additionally, there are other Samsung products in the market that have already been tested and proved to be effective by customers. Samsung’s new wireless earbuds Gear Icon X are designed for riding, running, or walking around the city. Samsung Gear Icon X has Bluetooth, which connect with no cords, and are comfortable to wear with decent sound quality. In addition, Samsung has carrying case with a battery to avoid losing the earbuds while they charge.
Weakness:
Samsung has failed to keep most of the customers it has accumulated. The high price of wireless earbuds makes Samsung products more expensive for some clients. It also has very short battery life, which is estimated to be three hours. Furthermore, touch controls of Samsung wireless earbuds take some practice because it can be hard to control the list with only one finger.
Opportunity:
Samsung has a big opportunity to use the reputation it has earned throughout the centuries it has been in business to ensure that it beats the competition in the market (Dragan, 2016). The market positioning of Samsung is also very positive in terms of placement of the products since their products are almost all over online selling companies.
Threats:
Samsung, just like any other company, faces the threat of competitors. Additionally, high taxing of the products has made Samsung consider raising the prices of the wireless earbuds, meaning that they will have to come up with a new marketing strategy to win the trust of the users.
Competitive advantage
Samsung enjoys the pride of the brand name. Since Samsung has been in the market for a longer time, customers will like their new products, which will usually beat the lesser-known competitor. Samsung has 4GB of storage so customers can fill it with music and use wireless to load it without carrying their phone. They can also work as fitness tracking and heart rate data.
Market position
Most of the Samsung products target the middle-income earners and those earning higher. The pricing strategy suggests that people of the lower class will never manage to buy their products. Additionally, Samsung provides the quality market that will mean Elwn wireless earbuds will have to think deeper in case it wants to use quality as a competitive advantage (Dragan, 2016).
2) Apple Inc.
Apple Inc. is launching new wireless earbuds with low power Bluetooth Chip that are expected to take the market by storm. The mission of Apple is to ensure the safety of earbud users by providing a product that has low health risks (Tolentino, 2016).
Strengths:
The strong financial background makes Apple out of reach for Elwn. Apple’s financial base is so deep that Elwn will struggle to beat in the market, since promotions and advertisements will be a factor to consider before purchasing a product. Apart from the financial base, Apple has highly skilled personnel who can use their skills to come up with a product that will beat those of Elwn’s wireless earbuds.
Weakness:
The only weakness Apple has that could make it lose to Elwn wireless earbuds in the market is that they price their products is very high. Unlike Elwn wireless earbud products, people of low economic status will not be able to afford Apple’s products.
Opportunity:
Apple has a huge opportunity to provide high-tech products that will use low power Bluetooth and will not require the wearable recharger that Elwn is promising to provide to its users.
Threats:
Apple, like Samsung, faces the challenge of competition from Elwn and other companies. The other threat is the knowledge of the customers who have started evaluating products on various matrixes before making their purchase (Pierce, 2016).
Market position
Apple majorly targets people of high economic status because their products are very expensive.
Industry Analysis
Political: The wireless earbuds industry has not faced much political influence. However, all the companies have to conform to the safety requirements and provide a product that does not pollute the environment. Apart from tax and environmental requirements, the wireless earbuds industry has a very friendly political environment.
Economic: The economic stratum of wireless earbuds industry is taking a drastic drift to where the products used to be cheaper and have become much more expensive. In the United States and other parts of the world, to market a product, an organization needs to have huge financial strength. Elwn will have to take into consideration various factors, such as the rising cost of production, while planning its marketing strategy (Kar, 2016).
Social: Earbuds are mostly used for entertainment, which for the millennial generation has become a basic need. Socially, there is the need to provide these generations with a product, such as an earbud that they can use while sporting or working out in the gym that will meet their demand. The social influence of the wireless earbuds industry suggests that all the competing companies in the industry must conform to their needs, or else they will fail due to irrelevance in the market.
Technology: Technology is dictating the direction in which the wireless earbuds industry is going. Companies are coming up with different products that apply technology to make the product efficient in various factors such as battery life, size, safety to the users, and how well the product fits in the ear. How well the company applies technology will determine whether they swim or sink in the market.
References
Dragan, L. (2016). Which Headphones Should I Get? The Wirecutter. Retrieved from http://thewirecutter.com/reviews/which-headphones-should-i-get/
Kar, I. (2016). Wireless headphones just overtook traditional headphones in sales. Retrieved from http://qz.com/745108/wireless-headphone-sales-just-hit-a-tipping-point/
KICKSTARTER. Our Mission Is To Help Bring A Creative Life. Retrieved from https://www.kickstarter.com/about
Kris , W. (2016). WITH ITS FIT WIRELESS EARBUDS, ELWN CLAIMS TO HAVE SOLVED THE BATTERY-LIFE PROBLEM. Retrieved from <<http://www.digitaltrends.com/home-theater/elwn-fit-wireless-earbuds-kickstarter/>>
Pierce, D. (2016). WHO CARES IF APPLE DITCHES THE HEADPHONE JACK? WIRELESS IS THE FUTURE. Retrieved from http://www.wired.com/2016/06/cares-apples-ditches-headphone-jack-wireless-future/
Tilley, A. (2016). Apple Is Developing Wireless Earbuds with Custom Low-Power Bluetooth Chip. Forbes. Retrieved from http://www.forbes.com/sites/aarontilley/2016/08/04/apple-is-developing-wireless-earbuds-with-custom-low-power-bluetooth-chip/#1890a8ab1b54
Tolentino, M. (2016). Beats AirPods vs. top wireless earbuds debuted at CES 2016. Retrieved from http://siliconangle.com/blog/2016/01/12/beats-airpods-vs-top-wireless-earbuds-debuted-at-ces-2016/
