Customer analysis
The target market for this product are individuals who are actively involved in sports. Athletes need this product because it improves visual memory retention. The vapor strobe glasses give a strobe-like experience, which enables them to carry out their practice effectively. In addition, the target market includes police in Anaheim, individuals involved in bowling, and those participating in an airsoft gun. As such, the segmentation profile of the product will be defined by the physical activities of an individual (Doyle 35).
However, the product will be available for other individuals who are not actively involved in sports. Therefore, the packaging of the product will be made in a way that attracts young people as well who are actively involved in sports. Since it will be necessary to obtain customers’ feedback regarding the product, special feedback coupons will be attached to the product. This will create a room for customers to provide their feedback and place such coupons at collection points.
Competitive market analysis
Nike vapor strobe glasses have one major competitor in the market, which is the Jawbone Company that manufactures strobe eyewear. However, Jawbone will not exhibit stiff competition for this new product since it comes with a new design and brand.
This will ensure that the product enjoys its market without any form of competition from Jawbone Company (Doyle 67). The marketing strategy and positioning of Jawbone Company are focused on athletes and their training institutes. Nike vapor strobe glasses will overcome such a strategy by extending the general market of the product. This will include targeting schools and individuals who have the desire to obtain a better vision.
Jawbone Company’s main advantage is that it has already created a market for its products. This indicates that Nike vapor strobe glasses may face tough competition since it is a newly introduced product in the market. Nevertheless, Jawbone Company has a weakness – its target market which is quite rigid. As such, the company is not in a position to market its products to many customers. Consequently, the earnings of the company and sales output are low.
With the introduction of Nike vapor strobe glasses marketing strategy, it is expected that Jawbone Company will react by focusing on developing a counter-strategy. However, such a strategy will not have any impact on the Nike vapor strobe glasses strategy because its strategy will be exclusive and will not be disclosed to any external parties. Nevertheless, Jawbone Company’s strategy will be discovered by conducting market research. In this market research, participants will be asked questions about places where they buy their eyewear and about the marketer of the products. These will contribute to a better understanding of the marketing strategy of Jawbone Company.
External market environment
The economic environment is favorable. This indicates that the product will be marketed effectively. However, there are anticipations of price fluctuations, which may affect the sales of the product, but such circumstances are less expected to emerge. The technological environment is a big threat to the product (Campbell and Craig 56). The reason for this is the fast-growing rate of technological development.
This indicates that a new product may be developed, which may affect the sales and marketing operations of Nike vapor strobe glasses. Considering the political and legal environment of the market area where the product is going to be introduced, there are no bureaucratic requirements, which may hamper the marketing of the product. Nevertheless, legal procedures have to be followed as the product is being introduced into the market. Nike vapor strobe glasses are culturally and socially accepted. This indicates that the marketing of these products will occur in an effective and efficient manner, which results in more sales as well as revenues.
SWOT analysis
Strengths
Nike vapor strobe glasses have one major strength that boils down to creating a product, which is technically advanced in terms of improving the vision of the individuals. Further, the market is ready for this product and the inherent competition within the market is not significant to affect the performance of the product in a negative way. In addition, the demand for Nike vapor strobe glasses is high since more and more individuals are being involved in athletics and other sports activities, which require using Nike vapor strobe glasses.
Weaknesses
The major weakness of Nike vapor strobe glasses is that the product may be affected negatively in terms of sales when the economic environment is not favorable. This may occur in cases of unexpected price fluctuations.
Opportunities
Nike vapor strobe glasses have an opportunity of exploiting the existing market, which has not been exhausted by the related products. On the same note, the product has a higher potential of penetrating new markets since the target customers for the products are diverse.
Threats
The major threat to Nike vapor strobe glasses is technological advancements, which may result in the development of new and similar products. Moreover, competing companies may adopt strategies that can result in a tough competition, which in its turn may be a serious threat to the marketing of Nike vapor strobe glasses.
Works Cited
Campbell, Daung, and Craig, Thomas. Organizations and the Business Environment, 2nd Edition. Jordan Hill, Oxford: Alsevier Butterworth-Heinemann, 2005. Print.
Doyle, Paul. Marketing Management and Strategy, 3rd Edition, Pearson Education, 2002. Print.