What are GoPro's Barriers and Weaknesses?
There are several barriers preventing customers from using GoPro products, one of them being the high price that deters potential customers. GoPro’s existing marketing strategies focus on a niche of professional athletes, extreme sports fans, and current GoPro users. This creates a disadvantage for GoPro because they may have trouble increasing usage of their products to average consumers.
GoPro’s future ability to compete in their industry will be at risk with competitors constantly expanding and potentially gaining a competitive advantage over their products. Sony is a strong competitor that has been releasing various cameras with functions similar to the GoPro. Sony has an advantage due to their broader customer base and access to various markets which makes it hard for GoPro to compete against. In order for GoPro to succeed, they must constantly present new products, features, or accessories to maintain, as well as gain customer interest.
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| Photo taken from GoPro best picture of the day contest page |
GoPro’s future ability to compete in their industry will be at risk with competitors constantly expanding and potentially gaining a competitive advantage over their products. Sony is a strong competitor that has been releasing various cameras with functions similar to the GoPro. Sony has an advantage due to their broader customer base and access to various markets which makes it hard for GoPro to compete against. In order for GoPro to succeed, they must constantly present new products, features, or accessories to maintain, as well as gain customer interest.
GoPro has received financial and strategic support from five venture capitalists: Steamboat Ventures, Riverwood Capital, Sageview Capital, Walden International, U.S Venture Partners. Venture capitalists commonly only invest in companies that have chances of rising because there are high risks in investments. Thus although it will be hard for GoPro to prevail, this investment exemplifies their potential to expand in the future.
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| GoPro Founder and CEO, Nicholas Woodman, accepted the Technology and Engineering Emmy Award on behalf of the company at a ceremony held in Las Vegas on 9 January 2014. Previous winners of this award included companies like Canon, Sony, Apple, Dolby, and Panasonic. |
