SWOT Analysis of Woodman Labs
The main strength of Woodman Labs is the quality of the product. The GoPro cameras are high definition with high pixels. Furthermore, the device has options of slow motion, panoramic view and burst speeds. The camera is also quite durable with shock and water resistant features. The camera is easily mountable and portable, making it easy to use and convenient. Furthermore, the strength of Woodman Labs is the GoPro brand name. This name has become a globally recognized brand.
The main weakness of the device is the price. It costs approximately 400 dollars, which is quite high. It also faces stiff competition from competing products in the market. Additionally, it is a luxury item since it is additional to the mobile phone cameras which limit the market.
The main opportunity that it has is in the use of sports and news coverage. The camera is quite durable and can be used in almost any type of environment. This makes it a good option for coverage of sporting and news events.
The main threat is competitors who have cheaper products that are reducing Woodman Labs’ market share.
The availability of substitute products such as mobile phones with high end cameras also limits the growth of the company.
The possible uses of GoPro are many. One of the main areas is government forces. The government can use GoPro in military and security agencies to monitor the action that they take. The ease in mounting on the helmets of people allows supervisors to review the actions that took place in military events. This can also be used to assess shootings involving police to limit innocent civilian deaths.
The future strategies that can be used include the company liaising with mobile phone companies to create a hardy mobile phone that can be sold together with the camera. This will increase the market that the company can access by adding the mobile phone industry. Consequently, it will involve modifying the device to reduce the size in order to make it less bulky.
Recently, Foxcom investment bought a share of Woodman Labs. This partnership seeks to improve the overall performance of GoPro cameras in the market. The GoPro brand has grown considerably, and there is a need to add quality devices that can be used. This can be done by broadening the product to deal with certain niche markets such as surgery recording and space exploration. Contracts with medical bodies and military agencies are important in ensuring that the company is able to acquire a market share in these niche industries. At the moment, extreme sports seem to be the main market for GoPro cameras. Maximizing on the current extreme sport opportunity will ensure the company maintains or adds its market share.
Furthermore, investing in entry into niche markets offers an opportunity for Woodland Labs to expand the current market and increase growth.
Woodman Labs changed the camera making industry with the GoPro range of cameras. The increasing popularity among extreme sportsmen and adventurers shows the potential of growth. The GoPro cameras can be used by a wide variety of people such as military personnel and doctors, and this presents an opportunity for the company to specialize in these niche markets. This is an opportunity for increased growth for Woodman Labs and an opportunity to improve the GoPro Brand. The only thing that can threaten the consistent growth of the products is increased competition from viral products.
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