Mkt Analysis

You are acting as the owners of a startup company, and will choose a product (good or service) and analyze the market for your product.

My part is doing SWAT Analysis

here is some information that will help you understand the idea

Executive summary

What is the product you’ll be offering?

NexWidget will be an app-based program that is offered to iPhone and Android users. The app will serve the purpose of giving the users of an iPhone or Android the ability to customize their home screen and lock screens, in a more efficient and personal way. A quick example of this would be the ability to see a fitness app or calendar app that is already installed on the phone, in a more detailed and efficient way. When the phone user glances at their home screen, they can see how many steps they’ve taken or see what meeting they have for the day, instead of unlocking the phone and manually going to each individual app and checking.

What is the market you’re targeting?

Our company will make the product appeal to Gen-Z and Millennials, with the need for the newest technological advances. NexWidget is appealing to these groups because of the efficiency and tech autonomy of the app. These generations are the most tech savvy and tend to enjoy the features that this app contributes to a technological experience.

Why will you be successful?

NexWidget will have the ability to be successful with our entire targeted market as well as some others. Our company has done widespread research on this trending technology and have organized why this company will be successful. Something that stands out from our competitors is that our app will have the ability to be well-matched with the newest iPhone update, and the app will have the compatibility to be useful on iPhones and Androids. Most of the widget apps that are out today are either compatible with iPhone or android not both. Our app will also include features that widget apps that already are in use don’t offer.

Market Segmentation – With our product being the widget app market, we can segment the market to appeal to anyone who is up to date with the latest trends in mobile phone technology. With the recent iOS 16.0 update for Apple based smartphones, widgets have become an even bigger part of the mobile phone market than ever before, as they were more essential to the Samsung market for some time now.

We decided to stick to the younger generation, teens and younger adults, as the older consumers get, the much less likely we are to engage with anyone who has even heard of the word widget. note (does this work for part of the reasoning for pursuing our market over others?)

notes – how did you break down the market? segmentation is broader, why we didn’t pursue certain markets (i.e. country, age, etc.)

Targeting – The market of innovators and early adopters are the most appealing segments to NexWidget because these are made mostly of our target age range, level of technical savvy, and have most influence over social media and trends in the tech world. Innovators will help boast our most flashy and new features to the market, and will catch the eye of the early adopters first. They can also help add value to our brand by putting out the first opinions, reviews, and essential “hype” that we can take advantage of to associate NexWidget with desirable products. Early adopters will help appeal to the older and mature side of our target age range by showcasing our most useful features. If the early adopters take a liking to NexWidget, it can help increase its longevity as a product and will solidify its position from being a trend to being a new normal. We can also rely on early adopters to introduce our app into new markets, like the management and productivity side of business markets.

Differentiation – We can market our product based on its DIY style features for creatives and content-makers, as well as ease of use to those who may want simpler pre-made setups.We can appeal to a large range of the younger generations from entrepreneurs and college students who may want organization and productivity, all the way to teens and children who may want extravagant setups to show to their friends or on social media.Executive summary

What is the product you’ll be offering?

NexWidget will be an app-based program that is offered to iPhone and Android users. The app will serve the purpose of giving the users of an iPhone or Android the ability to customize their home screen and lock screens, in a more efficient and personal way. A quick example of this would be the ability to see a fitness app or calendar app that is already installed on the phone, in a more detailed and efficient way. When the phone user glances at their home screen, they can see how many steps they’ve taken or see what meeting they have for the day, instead of unlocking the phone and manually going to each individual app and checking.

What is the market you’re targeting?

Our company will make the product appeal to Gen-Z and Millennials, with the need for the newest technological advances. NexWidget is appealing to these groups because of the efficiency and tech autonomy of the app. These generations are the most tech savvy and tend to enjoy the features that this app contributes to a technological experience.

Why will you be successful?

NexWidget will have the ability to be successful with our entire targeted market as well as some others. Our company has done widespread research on this trending technology and have organized why this company will be successful. Something that stands out from our competitors is that our app will have the ability to be well-matched with the newest iPhone update, and the app will have the compatibility to be useful on iPhones and Androids. Most of the widget apps that are out today are either compatible with iPhone or android not both. Our app will also include features that widget apps that already are in use don’t offer.

Market Segmentation – With our product being the widget app market, we can segment the market to appeal to anyone who is up to date with the latest trends in mobile phone technology. With the recent iOS 16.0 update for Apple based smartphones, widgets have become an even bigger part of the mobile phone market than ever before, as they were more essential to the Samsung market for some time now.

We decided to stick to the younger generation, teens and younger adults, as the older consumers get, the much less likely we are to engage with anyone who has even heard of the word widget. note (does this work for part of the reasoning for pursuing our market over others?)

notes – how did you break down the market? segmentation is broader, why we didn’t pursue certain markets (i.e. country, age, etc.)

Targeting – The market of innovators and early adopters are the most appealing segments to NexWidget because these are made mostly of our target age range, level of technical savvy, and have most influence over social media and trends in the tech world. Innovators will help boast our most flashy and new features to the market, and will catch the eye of the early adopters first. They can also help add value to our brand by putting out the first opinions, reviews, and essential “hype” that we can take advantage of to associate NexWidget with desirable products. Early adopters will help appeal to the older and mature side of our target age range by showcasing our most useful features. If the early adopters take a liking to NexWidget, it can help increase its longevity as a product and will solidify its position from being a trend to being a new normal. We can also rely on early adopters to introduce our app into new markets, like the management and productivity side of business markets.

Differentiation – We can market our product based on its DIY style features for creatives and content-makers, as well as ease of use to those who may want simpler pre-made setups.We can appeal to a large range of the younger generations from entrepreneurs and college students who may want organization and productivity, all the way to teens and children who may want extravagant setups to show to their friends or on social media.

here is an example for you

SWOT Analysis

	Strengths	Weaknesses	Opportunities	Threats
Our Company	-Low cost structure and pricing. -Great innovation, especially use of diversified sensors in the product. -Combination of essential metrics to assure accuracy. -Product has unlimited functionality beyond fitness tracking	-Intense competition from other companies. -Weak brand name. -Lack of global product consumption. -Less product portfolio. – Limited global distribution channels.	– Use licensing and franchising to expand in the international market. – Room for product innovation. – Use of third parties to develop applications for joint use with the product to allow tracking. – Existing market gap especially in products that uphold user data confidentiality.	– Bureaucratic foreign laws and regulations. – Difficulty forming international company structure. – Natural disasters that interrupt physical activities and company’s operations.
FitBit	-Strong market position especially on wearable health and fitness technology. -Strong brand name -Strong base of loyal customers. -Products create household habits.	-Limited target market. -Many competing products with greater functionality. -Critics targeting products on inaccuracy	– Growth of upper-middle and upper social classes. – Interest in the health sector. – Potential alliances in sports and medical industries. – Corporate and health insurance incentives	-Competition in fitness and health technology. -Privacy concerns and data policies. -Rapid technological changes.
Xiaomi	-Affordable Pricing -High Quality Products -Substantial Profit Margins	-Weak brand perception	-New Geographic Market -Brick and Mortar stores; Stores would improve Xiaomi’s offline sales channels and improve the company’s perception as a luxury or high-quality brand. -Green Branding	-High Competition -Poor Customer Service infrastructure.
Panasonic	-Strong brand name. -Leader in technology innovation. -Broad product portfolio -Strong advertising -Global product consumption and recognition.	-Intense competition from other electronic brands. -Fake replicas of Panasonic products	– Diversity in research capabilities hence producing sophisticated and high-quality products. – Produce gadgets that solve social problems like energy, water, and air challenges.	-Recessions due to unexpected events. -Black market and smuggled goods. -Rapid technological changes.