GoPro Marketing Plan (Essay Sample)

GoPro Marketing Plan
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Macro environment factors
Macro environment factors are overwhelming exterior forces that disturb how a business functions. They require changes in working, production, and marketing since they are out of mechanism of the trade. The key macro environment factors that created opportunities/problems and required changes to my market plan include,
1 Economic growth and stability
The California-based GoPro Company managed to succeed, and now the cameras are used by a large population to have their decisive moments recorded for preview. The economy has been enhanced by many job opportunities from government, retail trade, services, financial sector, healthcare, and technology. As a result, the people residing in this area has been influenced positively from the economic perspective (Lazar 2015)
Nevertheless, GOPro products are expensive which make customers choose other products offering the same service. As a result, the sales are not high since the products are purchased by the wealthy people on most occasions (2000)
2 Political, legal, and regulatory issues
The company has experienced various uncertainties, especially the ones concerning international efforts. The sales made in the global markets, including its operations, encounter risks of staffing and management of foreign operations. However, the efforts have been made to form industry and consumer lobby groups. In 2015, GoPro was in the process of establishing drones in an attempt to expand its top line products connected to action camera. At the same period, FAA was drafting new laws that were aimed at governing the use of purchaser and commercial drones.
3 Change in technology
As a result of advancement in technology, some enterprises are also producing the same equipment that is athletic that matches the current market trend causing competition. Such companies include Sony, HTC, and Netflix.
Industry and product-market
Primary competitors for the firm include Contour, Vievu, and EyeSee360. Contour produces point of view cameras that are useful for modern day explorers, sportspersons, and adventures. VIevu is a recognized company that manufactures accessories and cameras as well as software products. EyeSee360 has unmatched advanced technology in panoramic imaging for still images and videos. The company produces the range of the goods classified as hardware and software.
The strength of completion is that it enables the company to have the proper relationship with its employees and produce products that suit the market. Thus, the company wins the trust of the buyers and therefore becomes better than other competitors. Social media brand awareness may result in a good uptake of customer feelings leading to appropriate adjusting whereas other companies may not engage the customers through platforms. Hence, GoPro is unmatched in these respect.
One of the weaknesses of competition is high price