Business
The development of the Holo-Generator, an innovative product fits in one's palm with features of playing three-dimensional music videos through sound and holographic images is a milestone in technological advancement that promises competitive advantage for the company that develops the product. Before developing the prototype, however, it is crucial that SWOT analysis is carried out to evaluate the chances of success or failure of the product in the market.
As such, electronic companies are cognizant of the potential in the youth and teenagers with regard to mobile phone technology and particularly hand held gargets such as the iPhone, iPod and iPad. This target group promises consumption of such products to the extent that the firms developing these products are in a fever pitch race to redesign and upgrade their products to meet the ever dynamic and increasing needs of the youth and teenage group. Consequently, this group is continuously looking for the latest product with unique features that the current ones do not offer. This dynamic nature of the needs of this target market has had companies changing their products with the aim of meeting the needs of the market (Baumann, 2013).
Strengths
In an evaluation of the strengths of the Holo-Generator, it is apparent that the capability of the Holo-Generator to play three-dimensional music videos is its selling point. Similarly, the capability of the device in terms of high quality graphics and sound system also serve as selling points for the product. The youth in particular is interested in a device that offers them the latest technology that also presents quality standards. Hence, the features of the Holo-Generator would give it a competitive edge over other devices such as the iPod and iPhone that lack the capability of playing three-dimensional videos.
Likewise, the portability of the device given that it fits in the palm of the hand is yet a plus for the Holo-Generator since customers can find it convenient to move around with it. Moreover, the target customer base is composed of the youth that are always on the move. Hence the size of the Holo-Generator promises the target customers convenience as it is portable. In addition, the device is small enough to fit in the palm, hence small enough to fit in the pocket of an individual’s trousers or a handbag. These features also serve as strong points for the device that would attract the interest of the youth and teenagers who form the customer base for the device.
Weaknesses
An investigation into the weaknesses of the Holo-Generator reveals that the device despite having been a technological achievement in the portable electronic devices market such as to pause competition for other big players in the industry such as the iPod and the iPhone; the Holo-Generator has limited capabilities. These limited capabilities are in terms of the functionality of its features. Evidently, portable palm size electronic devices ranging from mobile phones, iPhones, iPads, etc. are increasingly incorporating a multiplicity of feature in their capabilities of the devices so as to ensure competitiveness in the market. Therefore, the greatest weakness of the Holo-Generator is its lack of multiple features other than its unique capability to play 3D videos.
Opportunities
The opportunities that the Holo-Generator presents lie in its strong points. This is such that its capacity to play 3D videos and its portability make it a product to reckon with in the electronics market. More essentially, product development should use this as a selling point for the product, however, to ensure sustainability of sales of the product the development team should incorporate other features of competitor devices such as the iPhone to give it a lasting effect in the market. For instance, features such as social media (Facebook, Twitter etc.) capabilities and You-Tube could be added to make the device more appealing to the youth and teenagers who are the frequent users of these features on other competitor devices in the market.
Threats
The major threats for the Holo-Generator are basically a mobile phone industry in general. Specifically competition from mobile phone devices and gargets such as the iPad present a challenge for the survival of the product in the market. Similarly, another threat that the Holo-Generator faces is obsolescence where its features could be incorporated in another competitor device with far more advanced features in terms of multiplicity. In the end the Holo-Generator like older versions of the iPad and iPhone may be banned from the US market (Troianovski & Gryta, 2013).
Positioning
The most appropriate way to position the product (Holo-Generator) lies in its capacity to play £D videos hence, the marketing department must emphasize this point in selling a product to the target population. Evidently, the competition for the Holo-Generator is an assortment of devices in the mobile phone industry all of whom have not launched a device with the capability of playing 3D videos such as the Holo-Generator can. Therefore, this element may prove to be its selling point.
Survey Design
Target Foreign Market
The successful launch and performance of the Holo-Generator in the North American market should be followed by extension into another foreign market. Given the distinctive feature of the Holo-Generator and due to its success in the North American market, it is expected to perform well in other foreign markets, as well. However, in evaluating the most appropriate foreign market Japan becomes a market to consider judging from the success that the iPhone received from the market that surpassed its performance in the US. Consequently, the features of the Holo-Generator stand to overshadow those of the iPhone and hence stand to receive more success in the Japanese market based on this trend (Daisuke, Wakabayashi, & Negishi, 2013; Reed, 2013).
References
Baumann, G. (2013, December 24). HP Jumping back into mobile phone market, report says. Silicon Valley Business Journal. Retrieved February 8, 2014, from http://www.bizjournals.com/sanjose/news/2013/12/24/hp-jumping-back-into-mobile-phone.html
Calvert, S. L. (2008). Children as Consumers: Advertising and Marketing. Children and Electronic Media, 18(1). Retrieved February 8, 2014, from http://futureofchildren.org/publications/journals/article/index.xml?journalid=32&articleid=62§ionid=304
Daisuke, Wakabayashi, D., & Negishi, M. (2013, November 10). Apple Finds Surprising Growth Market in Japan. The Wall Street Journal. Retrieved February 8, 2014, from http://online.wsj.com/news/articles/SB10001424052702304672404579185940386164788
Reed, B. (2013, November 11). Japan is even more iPhone-Crazy than America. Retrieved February 8, 2014, from Japan Products: http://bgr.com/2013/11/11/iphone-market-share-japan/
The Next Youth-Magnet Cities. (2009, September 30). The Wall Street Journal. Retrieved February 8, 2014, from http://online.wsj.com/news/articles/SB10001424052748703787204574442912720525316
Troianovski, A., & Gryta, T. (2013, June 5). Apple, AT & T Vulnerable to U.S. Ban of older iPhones. The Wall Street Journal. Retrieved February 8, 2014, from http://online.wsj.com/news/articles/SB10001424127887324798904578527220482459286
