Current Market Conditions Competitive Analysis
Large corporations that are considering launching a new innovated product into the market and are expecting it to grow to the top of the line are not alone. Today’s technologies are introducing these new devices called wearable technology. Everything from glasses, jewelry, headgear, belts, arms wear, leg wear, footwear, skin patches, and e-textiles are all involved in this device development now. Businesses are already growing by the demand of these devices. One of the leading companies in producing these devices is Jawbone. Jawbone goes back a decade in the making with Rahman and co-founder Alexander Asseily incorporating the company back in 1998. With their headquarters in San Francisco, California and offices globally spread out; Jawbone products are already available in over 40 countries. First they were focusing on noise reduction telephones so that speech recognition could be more understandable. They started selling headsets for mobile phones and created a stylish earpiece connected to the phone with a long cord. This product did not last long until the creation of the Bluetooth earpiece that has sold over 10 million already. Today as the world leader in consumer technology and wearable devices, the marketing director has asked Team B to move forward and do a competitive market analysis and determined the Jawbone product future success. The first step in the competitive analysis is to identify current and potential competition for its new product.
Market, Competitors, Potential Customers, and Potential Buyers
The market demand for fitness trackers at the current state is geared towards individuals looking to reach particular personal health and fitness goal. Whether a person is looking to track their fitness level to lose weight or just a casual fitness tracker looking to maintain a healthy lifestyle, Jawbone has successfully defined its consumer segment based on their health and fitness goals....