Consumer and Competitor Analyses for Electronics Essay

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Company, Competitor, And Consumer Analysis

Consumer Analysis

Segmentation, Targeting, Positioning?

Who is the potential Segment?

The market segment for this product would best be determined through some creative market research. Absent that, it makes sense to associate the product with active people who carry electronics with them, who drive vehicles, or who have a tendency to lose their possessions in their homes. Single people, parents with young children, older empty nesters, and elderly people are all potential consumers for this product.

Who is your target Segment?

The target segment will have discretionary funds, numerous gadgets to keep track of, and tend to move between several venues over the course of the day (e.g., transitioning between home, work, gym, restaurant, school, vehicle, and friends' homes). The primary age group of the target segment is 55 to 75 years, which is fundamentally the baby boomer market.

Why your product would be useful and attractive to your target?

The product Find My Things is a practical time-saving accessory. Everyone misplaces personal items every so often, and active people who experience many transitions across the day are more likely -- as a group -- to temporarily lose track of items such as keys, cell phones, wallets, credit card holders, and remote controls. Parents of young children might even want to attach a Find My Things to their toddler's favorite items. Any parent who has ever scoured the house trying to find their child's half-full tippy cup or the Buzz Lightyear figure can appreciate the advantage of this handy locator gadget. The Find My Things locator is a straightforward way to find possessions that are in the immediate area but can't easily be found. Consider the problem of the media remote control that has slipped into the crevice of the couch cushions, or the car keys that have been left in the lock and are hanging outside where anyone could grab them, or the cell phone that has been left in a jacket pocket hanging in the closet.

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Company and Competitor Analysis?

SWOT Analysis

Strengths

Durability -- the product is solidly made and not easily broken

The range of transmission is adequate for all but the very largest homes

The price is competitive and produces a good margin

The battery can be recharged with solar power

Some advertising will occur mouth-to-mouth and on social media

Weaknesses

Only one item at time can be found with the product

The product itself might be lost if it is attached to a set of keys that are misplaced

The range of the product may not be considered adequate by all consumers

Other electronic devices might interfere with the transmissions of the product

If multiple items are to be tracked, multiple key chain locators will be needed

Opportunities

The product could be linked to other electronic devices used by boomers, such as the "I've fallen and I can't get up" type of alert mechanism

Threats?

The competitor's locator may have greater appeal to millenials as it is cellphone based

Other more sophisticated GPS type products have been developed

Rapid innovation or a disruptive technology could bump the product out of the market

New designs could embed the locator function in the products that go missing

Main Competitor

The main competitor for Find My Thing is a product called Find My Everything. The product concept is the similar, but the locator mechanism is different. The marketing mix for the product focuses on price, distribution, and product. The competitor's product is a small disc that operates on Bluetooth connectivity. Multiple discs can be mapped to a….....

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