Untitled document.edited - 2023-11-01T145416.372

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Creating a new product is a difficult task. It is a difficult task with lots of potential for success or failure. According to Zaheer et al. (2022), a product must become popular to be sold, which may be accomplished via effective marketing techniques. Naturally, there will be a lot of inquiries and problems during the marketing process. GoPro, a camera startup, had these same problems as every other firm. When a business is promoting a new product, many problems come up. Developing the concept for the new product comes first. Since there were already many other kinds of cameras available, GoPro wanted to create a fresh, cutting-edge product to stand out from the competition. They had to avoid conventional cameras and make one with features tailored to a narrower target market. To keep ahead of the competition and discover items that people demand, the GoPro team must constantly develop fresh concepts. This begs the question of how the firm differentiates itself from the competition in producing its product, in this instance, GoPro cameras. Moreover, why would a customer choose to purchase their camera over one made by someone else? GoPro had two challenges: locating and grabbing the attention of their target consumer through market segmentation. The topic of who will purchase these cameras needs to be addressed. Furthermore, respond to this query by applying market segmentation. Market segmentation is grouping potential customers into groups or segments based on shared demands and predicted reactions to marketing initiatives (Zaheer et al., 2022). This will assist in identifying the target market for their goods, increasing sales. This brings up another marketing concern: how to promote their goods. The corporation must give customers the impression that their product is more appropriate for their requirements, interests, and projects. Above all, people must believe they receive a fair deal or better value for their money. To do this, businesses need to employ a marketing tactic known as product differentiation. Differentiation in products is crucial because it gives consumers the impression that the product they are buying is superior to its competitors' offerings while also being unique in design, cost, and usefulness. Executing new product development process. Since the public's first access to cameras, taking pictures has been a regular part of everyone's everyday life. Amazingly, the GoPro founders could capture any moment in a picture, and they went above and beyond what any other company could have done at the time. They began with a "clunky" wrist camera that could take film photos that could be developed and printed at a store (Cooper, 2019). Since then, they have developed an entire category of "action cameras ."These cameras have transformed both videography and photography by enabling high-quality shots and videos to be taken while engaging in various activities, doing away with the need for an expensive editing suite or a skilled camera operator (Toluwani & Onwuekwe, 2022). It is critical to examine GoPro's initial fall from grace to comprehend its strategy for ascending again to the top of the action camera industry. GoPro was established in 2002 (Sethapakdi et al., 2022), but in the early 2010s, it became incredibly well-known (Rahman & Sherman, 2019). Unfortunately for them, a surge in smartphone camera technology began in the mid-2010s, making GoPro items superfluous for many consumers who had previously been ardent followers of the company (Cooper, 2019). An excellent illustration is Sony, a leader in almost every sector

but, in this case, a well-known manufacturer of smartphones. Although their flagship phones are priced moderately and outrageously (Zaheer et al., 2022), many Android users choose them because of the excellent quality of their specifications, particularly regarding cameras. As the need for standalone cameras decreased, other businesses also started relaunching their camera lines in response to GoPro's popularity. For example, Polaroid has long been recognized in popular culture across all generations as the legendary retro camera that most people associate with their early years. GoPro faced the difficulties of creating new goods that were tailored to satisfy both current and future consumer demands and ensuring those products reached its intended target groups to counteract the shifting market. Finding the unique selling qualities of their items would be a wise initial step in this procedure (Cooper, 2022). When GoPro first entered the market, its goods were in a class by themselves because they were so distinct from any other products available. They saw a need for action cameras in a market where regular cameras fell short. Nevertheless, when other companies entered the market, GoPro had to adjust their offerings to stay ahead of their rivals. An essential element in GoPro's recent success is the target market segments. They catered to various customers before their fall in the mid-to-late 2010s, but they are now much more focused on extreme sports fans (Saeed, 2019). People who like a particular activity will probably live somewhere with easy access to it; for instance, surfers would want to live near the beach, and skiers would dwell in frigid mountainous places. Therefore, geographic segmentation might be a valuable tool for businesses looking to sell their products. GoPro should take into account psychographic and behavioral segmentation as well, though, as not all extreme sports are location-specific. This will help them target individuals interested in athletics and capture images or videos of their activities, as well as meet their needs for specific camera features. The majority of the processes for most companies— new product strategy development, concept creation, screening and assessment, business analysis, development, market testing, and commercialization —are precisely what GoPro's new product development process entails (Cooper, 2019). In carrying out the creation stage of their new product strategy, companies consider both what customers are requesting and fresh, creative ideas that they may not even be aware they need (Toluwani & Onwuekwe, 2022). Perhaps this made them realize that their products should target the extreme sports market sector rather than a larger general audience. New Product Strategy Development: GoPro's environmental scanning efforts are reflected in the creation of new product strategies, which consider the social trend of experience sharing. Its cameras and the expansion of social media made this trend possible. GoPro also saw that there was a rising need for recording unusual scenarios and camera angles in which using conventional cameras—like smartphones—was impractical (Hambrick, 2019) 1. Idea Generation At this point, all of the GoPros have one thing in common: they always come up with new concepts, and an open innovation approach welcomes suggestions from customers, merchants, and a group of amateur and professional athletes. GoPro even gives out prizes for the finest videos uploaded to its website, where original and inventive ideas are frequently discovered.

These prizes are given in several categories, including action, adventure, music, animals, family, travel, and science. They received recommendations from other individuals connected to the business. 1. Screening and evaluation Screening and assessment entail evaluating each concept to see if it merits more work. GoPro is cautious about evaluating the qualitative components of novel concepts even though this stage evaluates a range of quantitative needs of emerging technologies. 1. Business Analysis GoPro starts the business analysis process when an idea is accepted, which entails creating a "business case" for the concept. The risk of cannibalization is one of the most essential factors in this process. For instance, GoPro had to consider the prospect of eating into its product sales when it debuted the HERO Session camera at a lower price than previous GoPro models. GoPro's primary focus is on the possibility of cannibalization; it is not concerned with financial predictions, profit, purpose, or objectives—all of which are part of marketing and business strategy. 1. Development The development stage, involves creating and testing a prototype in a controlled setting. This is followed by market testing, whereby Staff members and customers evaluate goPro goods to determine any necessary final adjustments. GoPro operates in a much more controlled manner, offering test products for particular consumers like social networking advocates, professional photographers, and athletes (Kerin & Hartley, 2022), rather than any consumer who has the opportunity to pick their products up off the shelf. This is in contrast to using real-life test market cities or controlled test markets. Their target market is now a specific segment of the camera market, not a broad base of consumers, which makes it much more logical to have product testers with the exact needs that the product is intended to fill during the testing phase. This is why their method is so effective. 1. Commercialization At last, the items are ready for market release. This means that GoPro needs to be highly aware of the business environment and social media trends around the product introduction (Cooper, 2022). A competitor's product launch surpassing sales is one of the most significant issues that might arise during a product launch, but GoPro has long ago learned to anticipate this. To enhance their current offerings and better serve customer demands, they have bought several smaller businesses throughout the years (Zaheeret et al., 2022). Because of how they outsourced research and development by purchasing businesses that had previously done the homework, they are now many steps ahead of the competition. With the time and financial resources required, other businesses that conduct their R&D may need help to keep up with the technical improvements produced by a firm like GoPro, which can afford to outsource. As previously said, their newest camera range boasts hardware specs that surpass any comparable product now available on the market, most likely due to their astute investment plan.

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Product Uniqueness GoPro has made an effort to ensure its goods are distinctive and unusual. According to Rahman & Sherman (2019), the differences can be observed. Initially, the robustness of GoPro cameras is waterproof, shockproof, and dustproof since they are made to survive challenging environments. Next, we have this excellent video: GoPro cameras can record 4K, 60 frames per second, high- definition video. Additionally, they include sophisticated picture stabilization, which enables smooth video recording even during intensely animated scenes. Additionally, With the wide- angle lens of GoPro cameras, you can record a larger area of vision. Because it lets you record more activity, this is especially helpful for action sports. GoPro cameras are small and lightweight, which makes them perfect for outdoor activities and travel. Versatility: You can connect GoPro cameras to helmets, bikes, and other items with a variety of mounts and accessories, which gives you greater creative control over the footage you capture. User-friendly: With straightforward controls and an intuitive UI, GoPro cameras are made to be as easy to use as possible. Connectivity: GoPro cameras have built-in Bluetooth and Wi-Fi, so you can link them to other devices or your smartphone to share and edit your film on social media or with various editing programs. In general, outdoor enthusiasts, sports fans, and content creators love GoPro devices because of their durability, excellent footage, wide-angle lens, flexibility, adaptability, user-friendliness, and connection. Target Market Adventurers, fans of outdoor activities, and tourists are GoPro's primary target audience (Rahman & Sherman, 2019). When it comes to extreme sports like skydiving, surfing, skiing, and other sports, these customers are usually eager to get great action videos. The company's cameras and accessories are made to be rugged, lightweight, and simple to operate, which makes them perfect for taking pictures in challenging conditions. By highlighting the features of GoPro's products and showing off how they can be utilized to record incredible footage, content marketing has a significant impact on these markets. To reach its target customers and increase brand recognition, GoPro employs various content marketing techniques, including influencer, social media, and branded content marketing. GoPro highlights the incredible video shot with its cameras by showcasing user-generated content from its customers on social media. Target audiences are encouraged and inspired to utilize the cameras themselves and share their own experiences via this material. GoPro also uses influencer marketing as a significant content marketing tactic. The business collaborates with well-known explorers, athletes, and influencers in its target markets to show off the cameras' features and put them through their paces. With their favorite influencers utilizing and endorsing GoPro goods, the target consumers are likelier to trust and believe in the brand. Lastly, GoPro produces branded content that highlights the features and capabilities of its cameras, such as product tutorials and promotional movies. This material motivates potential buyers to buy GoPro goods by educating them about their advantages. In broad terms, GoPro's success is greatly attributed to content marketing, which influences target audiences and raises brand recognition. New Product Development Process

Rahman & Sherman (2019) highlight that the goal of GoPro's creation of novel product processes is to provide premium action cameras and accessories customized to meet the demands of its intended markets. The pivotal phases are: Idea Generation : GoPro studies industry trends, conducts internal brainstorming sessions, Rahman & Sherman (2019), and listens to its consumers to come up with ideas for new products. Additionally, the business maintains tight relationships with explorers, sportspeople, and influencers to comprehend their wants and spot areas for innovation. Concept Development : GoPro compiles a list of feasible concepts and assesses each one to decide which is worthwhile to pursue. The organization employs various techniques, including user testing, focus groups, and market research, to assess proposals. Design and Prototyping : Following the selection of an idea, the engineering team at GoPro develops comprehensive designs and product prototypes. Utilizing cutting-edge 3D printing and machining technology, the business produces working prototypes that can be evaluated in actual settings. Testing and Validation : GoPro puts its prototypes through a rigorous testing and validation process to make sure they live up to the company's high standards for use, efficiency, and durability. To confirm its goods, the organization combines internal and external testing conducted by influencers and athletes. Launch & Commercialization : GoPro uses a range of channels, including its website, retailers, and influencer marketing initiatives, to introduce a product into the market once it has been verified. The business keeps a careful eye on client input and utilizes it to guide its next round of product development. GoPro's new product development process shares certain commonalities, but it also differs in a few ways. A notable distinction is that GoPro prioritizes user testing and validation, leveraging input from influencers and athletes to improve its products. Another distinctive feature of the business's approach is its emphasis on innovation and comprehension of the demands of its target markets. Finally, what distinguishes GoPro from more conventional product development procedures is its culture of experimentation and willingness to take chances. The Product Failure that GoPro avoided GoPro has established a devoted following of customers and successfully introduced new products. The organization has taken precautions to avoid some of the eight reasons new products fail to attain this accomplishment (Rahman & Sherman, 2019). Here is one of the things GoPro has stayed away from: Inaccurate placement. GoPro has made a name for itself as a manufacturer of premium action cameras and accessories. The firm has effectively used its positioning to increase brand recognition and loyalty by catering to those who enjoy outdoor activities and adventure. New Product Suggestion

Drones with built-in cameras intended for taking aerial video are one potential product concept that GoPro may consider. This drone may be small, lightweight, and able to take excellent pictures and videos from unusual viewpoints. Features like object tracking, obstacle avoidance, and GPS-based flight planning might be included in the drone's design to make it simple for consumers to take beautiful footage without requiring highly skilled flying. Furthermore, the drone could work with GoPro's current camera portfolio, enabling customers to utilize their current cameras or buy new ones just for the drone. Numerous consumers, including outdoor lovers, professional videographers, and amateurs hoping to record breathtaking footage of landscapes, action sports, and other activities, would find this product appealing. Given the growing need for high-quality video material and the popularity of drones, this device might be a profitable addition to GoPro's product selection. Conclusion In summation, GoPro has modified its strategy to suit the demands of its specialized target market and keeps raising the caliber of its products, even in the face of a changing market and heightened competition in the camera sector. By focusing on extreme sports fans as a smaller target market, their product development approach allowed them to produce some of the best action cameras at a more affordable price. GoPro is still thriving in its industry even though smartphones and other cameras have taken over the camera market because of their innovation and versatility. References Cooper, R. G. (2019). The drivers of success in new-product develo

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Untitled document.edited - 2023-11-01T145416.372

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