Our product concept is a new and improved Wireless Headphone device, incorporating the latest trends of wearable technology into one desirable product. To set our Headphones apart, we will have a music sharing feature. The music sharing feature will allow users to share music with their peers. We will do this through a wireless link between the headsets. This will allow multiple users to jam out together on one accord while listening to the same songs. Included in this feature is the ability to add shared songs directly to your playlist. Along with our new feature, our headsets will also carry a variety of features. These features include noise cancelling, water proof, and recycled plastic as material for our environment conscious customers.
Our strategy is to partner with big music platforms such as Apple Music, Spotify, and Pandora. These partnerships will allow our headphone users to add shared music directly to their preferred platform on their smartphones at the touch of a button. With added support from these companies in areas such as marketing power and their user bases, this product will heavily benefit from such pre-existing factors. Many of these platforms allow their users to share playlist on a global level, and our headphones will allow these playlist to be shared in the matter of seconds.
Our market segment would be younger people who are more likely to utilize technology. The age range of people that would want to listen to the newest music with their peers, would be teens to people in their 20s. An older market segment is also available with people who would like to use the product in a productive way, such as listening to audiobooks together, or maybe a podcast. The geographical segment would be almost worldwide, because the big music platforms that we plan to partner with are offered almost everywhere.
Our market targeting strategy would split up both of our market segments, the younger generation as well as the older generation. From that point, we would use specific techniques in order to gain attention to each segment in different ways. As the younger generation is concerned, we will use marketing techniques such as advertisements on popular social media outlets such as TikTok, YouTube, and Instagram. The older generation segment could be targeted in other ways that fit their daily routines because they are more likely to use these headphones for podcasts, audiobooks, along with music and other mainstream outlets such as media broadcasts. The way we will target the older generation is through advertisements on local news stations, the newspaper, and bookstores. Through these forms of advertising, both segments of our market will be reached.
Differentiation and Positioning within the market
Our product will be positioned on the consumers’ interests in wildly popular musical artists, athletes, and social media influencers. It would send a message to our consumers that our headphones will give them that cool look younger crowds want. This is the same approach as our competitors but what sets us apart is not only will we be focused on the stylish aspect but the environment as well. Because our product sources materials that will not add to further pollution for manufacture, it will grab the interest of our consumers that are concerned for the natural environment, which works as our competitive advantage. Our positioning statement is as follows:
“To trendsetters who love to share the fun and party, Skyphones are headphones that lets you share the party with others and join in the fun, all the while knowing you’re being environmentally conscious.”
A thorough analysis of the current wireless wearable technology market revealed over 20 different competitors to our product, including the likes of many established brands such as Sony, Sennheiser, and Apple. Another great force of competition comes from the numerous chinese headphone manufacturers such as Jabra, Mpow, and Lypertech which possess an advantage regarding material pricing and sourcing, labor cost, and R&D cost.
● The cost of differentiation:
A large advantage that many competitors possess over Skyphones is their cost of materials. To set itself apart, Skyphones focuses on the sustainable acquisition of recycled plastic materials, which adds further costs to the process of manufacturing the devices. Nevertheless, Skyphones may gain competitive advantage through a heightened level of eco-friendliness in the eyes of consumers, but there is certainly a greater cost associated with maintaining this appearance.
Type of service: Academic paper writing
Type of assignment: Coursework
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Academic level: Junior (college 3rd year)
Paper format: MLA
Line spacing: Double
Language style: US English