I have attached below 2 documents that would help you understand more about the product and business? The product is Unique
I have attached below 2 documents that would help you understand more about the product and business
The product is Unique Smart TV and this is meant to be kind of like a business plan
Answer the questions below accordingly in about 2 pages and APA referencing
1. List and briefly describe the businesses with which you will be competing directly.
2. Analyse their size, profitability and operating methods, as far as you can.
3. What are their relative strengths and weaknesses compared both with each other and with
your business?
4. What, in the light of this competitive analysis, do you believe to be the critical factors for
success in your business sector?
5. What is unique about your proposition that makes it stand out from the competition?
Assignment 1
1. Smart TV are getting less used because of the smartphone. If we combine the big screen with the convenience of the smart phone, it would be promisingly popular.
2. A. There’s no smartphone synchronized smart TV in the market. Our TV will fill the gap.
B. That would be the idea of getting TV work with a smart TV.
C. Yes. We make the TV work perfectly with the smartphone.
D. Yes. We’ll specify it in our business mode.
E. It’s impossible. We are new entrants with unique differentiation. This industry has got history.
Assignment 2
1. Porter’s five forces:
1. Competitors in an industry: Apple TV, Amazon Alexa; Samsung; LG;Sony
2. Threat of new entrants to the industry: Hisense; TCL
3. Threat of substitute products:Personal Computer, Home theater center.
4. Bargaining power of Suppliers: Foxconn; BOE—Medium
5. Bargaining power of customers: Weak
2. Since smart TV is not a brand-new concept product, we are not the first to the market.
3. Our smart TV have its unique differentiation compared with the ones in the market. It has very user-friendly interactions especially when paired with smart phones. Using that advantage, we have unique selling point.
4. We are going to appeal our smart TV particularly in online and offline shops with its unique smart features to the potential users to let them know that it’s more than convenient to use our products.
5. Smart TVs in the market have some smart features but young users are using more of smartphones because it’s more convenient to the information source. For example, photos and videos taken by phone, smart phone games that can be played once they had time. They will have better experience to have a big screen to do these things. If they can easily put the images onto the big screen and operate on either screen, they would have much better experience.
6. It’s a trend to have traditional home appliances into smart and interconnect ones. IoT has been developing fast and leading the industry onto another level. Our smart TV get uses better experience at home while whatever you do everything on your smartphone can be done simultaneously on the smart TV.
7. Mission statement: Addition to traditional smart TV, we aim to help our uses get extremely convenient in using smart services with great experience.
8. Vision and value statement: We can have your images displayed and processed synchronized anywhere with your smart device.
9. Short term objective: To get our products into the market and cooperate with major distributors in 2 years.
Long term objective: To have competitive market share and continuously provide users with more convenient experience.
10. Tasks and action plans: Test the reliability and start the market investigation. Advertise through multiple ways. Establish cooperation with distributors. Make sure the products in mass production.
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1
Assignment 6
1. What information do you currently have on customers, competitors, markets, etc?
Customers
· High purchasing power
· According to Statista Data (2021), number of TV households are 121 million.
· The sizes of TVs purchased are getting bigger and TV sales are up %19 in 2020. Apps within the TV and HDR are becoming more important for consumers. (Munson, 2020).
Competitors
· Samsung dominates the market.
· Alcatel/TCL, Vizo, LG, Panasonic, Hisensei Insignia, Sony, Sharp are the other actors within the market
· Alcatel’s market share is increasing, therefore it is important to follow the brand closely (Multichannel News, 2020).
Markets
· Growing market, worth US$35.8 billion in 2020.
· Deriving forces of growth are increasing online streaming and diversification of entertainment tools (playstation, xbox and so on).
· High speed of internet and synchronous electronic devices also pushed growth in the market. (MarketWatch, 2021)
2. What information do you still need to find, and why specifically do you need it?
· Understand Covid-19 impacts on TV market To realize shifts in market and customer behavior, if any.
· Analyze consumer trends also in streaming and entertainment via TV Growth of the market is closely related to these subfields. It would be critical to follow consumer expectations in these areas to offer the proper TV.
· Evaluate perceptions against competitors Consumers’ perceptions will lead us especially in our marketing goals.
· Scrutinize market share history To pinpoint shrinks or growths in the market.
· Identify unique demands of the US customer in terms of TV To shape and communicate our unique selling point.
· Identify the dominant channel where TV purchase is made To allocate our resources to the right channel.
· Frequency of TV purchase TV is widely used in the US market, however we need to understand purchasing frequency to evaluate our market.
3. What desk research will you have to carry out to answer this question?
· Market research reports
· Market share and industry reports
· Competitors’ available growth numbers
· Competitors’ speeches and news focusing on the US market
· Articles on Covid-19 impacts
· Online consumer reviews analysis via amazon or other available platforms
· Statistics about the purchase habits, watching habits of TV
· Competitors’ marketing portfolio analysis
· Benchmarking
· Channels market share analysis
4. What field research will you have to carry out?
· Quantitative and qualitative market research to understand our market segment
· Ethnographic research to analyze the role of TV at the US households
· Field trips to stores where TV purchase is made like Best Buy (observation)
· Interviews with the sales team to gather information about shopping journey
5. How much time and money will be needed to carry out this market research? 6. Who will be responsible for each element of the research?
· Research is key when entering a new market; thus, we need to allocate enough time and budget.
· The data on TV usage in the US is not limited, we will have resources to make projections. Desk research will take almost one month. However, we still need to understand the differences between US and Canadian consumers. Therefore, we need to deep dive. Thus, the field research might take two months after we negotiate with our research agencies to utilize their expertise.
· In terms of budget, desk research and filed trips will be completed in-house. For market segmentation and ethnographic research, we will allocate CAD$ 50.000 and try to negotiate with market research agencies to receive reasonable budgets.
7. When will all the key market research information be available?
· The deadline for the key market research information will be 25.03.2022.
References
MarketWatch. November 1, 2021. North America Smart TV Market 2021-2026: Size, Share, Trends, Growth, Outlook, Price, Key Players, Industry Analysis, and Research Report. MarketWatch. https://www.marketwatch.com/press-release/north-america-smart-tv-market-2021-2026-size-share-trends-growth-outlook-price-key-players-industry-analysis-and-research-report-2021-11-01
Multichannel. September 28, 2020. Samsung Maintains U.S. Smart Tv Market-Share Lead. Multichannel.com. https://web-s-ebscohost-com.centennial.idm.oclc.org/ehost/pdfviewer/pdfviewer?vid=5&sid=dea9d878-44e7-4ae7-8cd9-ad6baf8affb8%40redis
Munson, B. December 23, 2020. The Average U.S. consumer’s TV Keeps Getting Bigger. Fierce Video. https://www.fiercevideo.com/video/average-u-s-consumer-s-tv-keeps-getting-bigger
Statista. July 13, 2021. Number of TV households in the United States from season 2000-2001 to season 2020-2021. https://www-statista-com.centennial.idm.oclc.org/statistics/243789/number-of-tv-households-in-the-us/
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