Marketing Fundamentals For Caply Action Camera In Australia

Question:

Discuss about the Quantitative Strategic Planning Matrix.

The principles that are required to be followed by the business corporations while executing the activities such as selling, promotion advertising etc. of the products and services and making the products reach till the consumers are considered as the marketing fundamentals (Chaffey & Ellis-Chadwick, 2016). The marketing fundamentals are the primary obligations that are required to be adhered by the business firm while operating business. The below-executed report has been focused on the marketing fundamentals that are being established for Caply Action Camera that is one of the innovations in the Australian market. It is very obvious to have a huge development in technology. The product has been considered as one of the innovations in the technological market and in the Australian sector.

A product which has been chosen is Caply Action Camera which is a portable device used to record videos and take snaps (Baines, Fill, Rosengren & Antonetti, 2017). It is capable of recording time lapse, videos, and snapshots for a very long period of time which is a specific feature of this camera. A person who is more adventurous and requires recording their adventures uses this camera preferably. Adventures like scuba diving, skydiving etc. can be recorded at ease by this camera. This is a device which can be used very flexibly by the user who is using it (Assaker, 2014).

According to current market trends in Australia, the product is performing exceptionally well. As more and more people in the nation like it because of its feature of recording 5 hours long video in only a single go. Competition, as recorded, are there of this camera the can be justified as mobile phones which are waterproof, digital cameras with high-quality pictures etc. (Kleinaltenkamp, Plinke, Wilkinson & Geiger, 2015). These are the rivalry to this camera which may cause a problem to its functioning.

As Australia is a very pretty and full of adventures country so this camera is working very well. As the trend of bloggers, who post videos of their routine and other activities has been rising so this camera has been at the first choice for those as well. Caply is doing pretty well in every market as its online sale is always consistently high. So, the camera does have a lot of sales in the market of Australia. But as we know it is the latest technology very eases to be the portable camera which can record a lot of things so, it is very attractive and significant device for the use of people who are very much adventurous.

At a high rate of so vibrant and attractive for the people who keep on performing some of the other adventurous task as a hobby. This is a device which is making it easy for the people to record more long videos in one go with other features such as time lapse, standby mode, snapshots etc. This feature of this camera makes it first choice for the users who are very much addicted and dedicated to making thrill videos. This camera records every which has been thrown or whatever a person might be doing which makes it very much different and attractive to be used by various people who have a fond of making videos.

Market Trends

The current marketing environment in Australia is very vigorously developing and rising at a very high scale (Davis, 2017). The people of the nation are very particular as they choose the product and moves with the trend in the market. Various segments have been made to divide these customers. Some are very adaptive to the new product; some are very much particular, whereas some as very conscious about quality features etc. (David, David & David, 2017). Hence, to deal with each and every part of the crowd Caply has to adopt a technology which is at a safer side for it. In other words, it has to choose according to the highest users of its products so as to use a marketing strategy according to it.

According to the research executed and the report presented by Australian Bureau of Statistics (ABS), GDP showed a hike of 0.4% in seasonally adjusted chain-volume in the December quarter undershooting forecasts for an increase of 0.5% (Scutt 2018, March 7).

Everything in this world is changing so as the means to promote the product are changing. People are moving to social media when it comes to promoting the products which are a huge development of technology and virtual behaviors of people are also varying from time to time (Kotler, 2015). To have at a safer side Caply also has to be launched in market in accordance with the usage of marketing strategies. Hence, it is being sold online through the website and it also been advertised through social media sites in Australia so that more and more people would know how to use it and regulated it in a market.

Australian Bureau of Statistics analysis each and everything going in a market so as to ascertain the best result for further businesses to work (Grant, 2016). Simultaneously, marketing statistics have also been analyzed and a conclusion for the marketing strategies have been obtained which is mostly used by the firms so as to promote their products in the market of Australia. So, on the higher degrees, social media has been used to promote the product. Social media is a platform where a large number of customers can be reached in one go. As Carly is a camera and social media is a virtual platform is a very promising place for it to be promoted. But as every nation concerns to have its own rules and regulations so according to these rules Caply camera can be promoted in a market so that there is no violation of a law (Anderson, 2014).

An economy of the country is also a concern as it indicated how good the product will perform in the market according to the paying capacity of the people. Hence, the economy of a country is according to the pricing of the product and there are potential buyers for the product in the market of Australia. As it is known that pricing strategy is one such factor which is significant in marketing a product. So, economic factors such as GDP and inflation rate of the company have to be taken into account so as to reach a conclusion for the pricing strategy of the firm.

Promotion Strategies

Current factors which indicate the economy of the country are political issues which are going in the country, as well as the relation of the country with other countries, technological factors, economic factors at which the nation is moving. These factors impact the business directly or indirectly (Frumkin, 2015). So, while marketing a firm has to take care of these factors so as to reach a conclusion for the products which it is going to sell in the market.

A proper way of out searching what product is to launch and how will it perform in a market is possible through the analysis of strengths, weaknesses, opportunities, and threats (Beer et al., 2016). SWOT analysis is a management tool that will enable the business entity in getting aware of the current status of the product and services in the market region. Hence, these factors play a very important role in launching a new product in a market. Knowing the factors which clearly states the function of a product is a sensible decision to know what change has to be made in that product for further development (Bishop & Plumb, 2016). There are a lot of factors which Carly has been performing well upon and these factors are its strengths, hand in hand it deals with some weaknesses which are also important to develop the product, simultaneously there are a lot of opportunities in market which are available with some threat factors which may impact the business directly or indirectly. Hence for such factors (Brooks, Heffner & Henderson, 2014), SWOT analysis of CAPLY camera is done so as to ascertain where the improvement is required and where it is functioning properly. SWOT analysis of the firm has been listed as follows:

Strength

• The product is working very properly in the market as its function is very attractive for the people who are using it (Powell, 2016).
• It is a portable and very handy product which can be carried easily by a person anywhere.
• The pricing of the product is according to the value of price a customer will be paying.
• It has a unique feature of recording the videos for continuous 5 hours and there are a lot more features which are very attractive and fascinating.
• A product is with up to date technology with the maximum storage capacity of 128 GB (Ahmed, Vu, Muttaqi & Agalgaonkar, 2018).

Weaknesses

• The quality of a film is not as good as it is compared to DSLR and other high-quality cameras which are there in the market.
• A product is very complicated for a new user to use as it contains only a single button for all its functions.

Opportunities

• There is an availability of huge market across the globe for the product and it can take over that market.
• Launching various other tools with the product is a very proficient way of targeting the market (Scott, 2015).

Threats

• One of the biggest threats for Caply Action camera is the intensification in the competitive environment. The Australian market has a high rate of demand in terms of technological and electronic products. Nikon, Panasonic DSLR Cannon are some of the leading brands that are the toughest competitors for the product. On the basis of the survey it has been presented that with an expected growth of more than 50% in the D-SLR cameras segment and hence this one of the biggest reason of threat for the business organization (gadgets.ndtv 2012, October 05)).
• Changing trends in a political and legal environment may also come across as the threat for the product in the market (Holcomb, 2016). The changes in the norms and regulations due to the legal trends will force the company to make the number of changes in the products and other related aspects and that will affect the sale and profitability of the product.

Conclusion

After summing up the above-presented report it has been concluded that the term marketing fundamentals is one of the core terms that plays an integral role in the process of developing and establishing a product in a market region. In the above report Caply Action Camera that is one of the technological innovations in the Australian market and the same has been kept under focus.

References

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gadgets.ndtv, (2012, October 05). Nikon eyeing 50 percent growth in D-SLR cameras this fiscal. Retrieved from https://gadgets.ndtv.com/cameras/news/nikon-eyeing-50-percent-growth-in-d-slr-cameras-this-fiscal-275917.

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Scutt, D, (2018, March 7). GDP data confirms a decline in Australia’s living standards and productivity. Retrieved from https://www.businessinsider.com.au/australia-economic-growth-q4-gdp-2018-3.