SWOT Analysis for GoPro Assignment Essay

SWOT Analysis for GoPro Assignment

Instruction:
Complete the table below with descriptive responses and explanation as you
answer the questions below.

Strengths

Weaknesses

·
GoPro
is well known with high-action and extreme sport athletes & hobbies.

·
94
Million consumers in cross-platform actions across social media. (Statista)

·
Internal
revenue reached $892 million. (Statista)

·
Offers
a diverse range of products. Like cameras capable of submersion in water, and
durable to rocks and falls of high range. They capture the first-person view.
Software compatibilities are powerful. (Statista)

·
Strong
marketing strategies and many patents in US. (Statista)

·
GoPro
could ramp up its technology innovation.

·
GoPro
posted a net loss of $67 million due to poor financial planning. (SGB Media)

·
Has
an overreliance on the North American Market and needs to explore opportunity
to drive growth in other markets like Asian, European, & African. (Statista)

·
GoPro
prices are expensive compared to its competitors.

·
Excludes
more cost-conscious consumer who are looking for a budget friendly model.

·
High
inventory costs (GoPro)

Opportunities

Threats

Smartphones- The global
smartphone shales market is worth $409 Billion (statistic) and GoPro could
compete in this.

·
The
Gaming industry. GoPro first-person virtual reality and editing software
gives them an opportunity to compete in the gaming industry. The Global
gaming industry is worth $300 billion. (GPlusMedica Inc)

·
A
strong presence in retail shop. Developing online sales offers new growth opportunities United
States Computer and Consumer Technology consumption is worth $156.5 billion
in 2020, with 49.5% of its transactions concluded online. (Insider
Intelligence Inc.).

·
GoPro
cameras are suitable for catching footage in remote locations and hostile environments.
This gives them an opportunity to work with non-profit organizations. Go Pro
for a cause has reached 66 million people worldwide (Short Awards LLC)

Economic Environment

Moderate
inflation rate. This will help the company flourish and will help the business
to work positively increasing the consumer confidence, and consumer spending
trends. Moderate interest rates help taking loans from banks. The loan can be
used for purposes of growth and development. It also allows consumers to take
personal loans which results in higher purchases.

Technical Environment

The
country has a strong technology infrastructure. High rate of technology
development and advancement. Improved technology helps attract foreign direct
investment, which leads to further development and advancement. GoPro has made
use of the high internet penetration to reach consumers, and for marketing and
promotional strategies to be able to directly interact with consumers and
gather feedback.

Industry Environment

VR/AR
and the internet of sense are trending upward. GoPro has opportunity to utilize
this to their advantage. Metaverse offers a persistent world for work,
socializing, and play. GoPro should look into gaming, and smart phones.

Competitive Environment

Many
competitors in this market. Samsung is the top. GoPro is higher quality in cost
which makes cost-conscious competitors left out. Advantages are the first person point of view.

Political Environment

Political
stability and importance of Photographic Equipment & Supplies sector.
Favorable tax policies allow to expand easily. Can take advantage of trade
blocks and trade treaties that have been formed and signed. Government
Stability attracts investors.

·
Cheaper
Competitors challenge market position. The action camera market is expected
to grow to $10 billion by 2020 (Statista)

·
Risk
of geopolitical conflicts.

·
Smartphone
technology improves and is becoming even more of a competitor.

·
Increased
competition for GoPros brick and motor distribution model.

·
Senior
executive proles are still fulfilled by it’s found partners, New executives could
offer the company new growth in markets and fresh perspectives.

SWOT Analysis for GoPro Assignment Essay