GoPro Hero 3 Buyer Behaviour

Executive Summary

GoPro has earned a leading name in the imaging industry. The product facilitates consumers in providing ease in capturing the most exciting moments in life. This paper analyses the key strategies of Hero 3 and buying process in typical chronological way.

GoPro has based its segmentation on the statement that the consumer behavior of sports lovers is about their journey and adventure. Thus, it is all about the experience one goes through. Purchase decision of GoPro can be dominated by societal values. These groups can be normative or comparative. The effect of primary normative group is most influential as it is achieved through informal sessions. Secondary sources in normative group can be sports membership of any armature photography club or any major event coverage report.

The company believes that by keeping close track of lead users, it can impact the image and any mistakes detected at this level are easier to fix. It also generates highly useful feedback and ideas. Hofstede theory is also helpful in identifying the main cultural and moral factors influencing the buying behaviour. GoPro is becoming a household brand and company's aggressive marketing and social media strategy and constant consumer technology advancements can be related to the success.

To maintain the competitive edge, company should keep implementing technological advancements and audience preferences in its products.

GoPro Hero 3 Buyer Behaviour

Introduction

The product in discussion in the assignment is related to sports and adventure. According to Gratton, Sports have gained significance importance in many countries and serve as an essential sector in developing the economy. Sport is a widespread leisure form and always has a significant role in social life in many countries. Millions of people are participating in significant sporting events every year. Thus, we can say there is a huge market to tap sporty nature of consumers (Candemir & Zalluho, 2012, pp. 29).

The founder of GoPro owner is Nick woodman. He invented the idea of developing the camera for amateurs by which they can capture professional alike pictures of themselves. He emphasized on working at high quality and clarity from different angles. GoPro was launched in 2004 for the first time. And since then it had continued to earn high profits and customer satisfaction (Cinjarevic et.al, 2011. pp. 4). It is currently highest selling action camera in the world. There is a lot to learn from it that how such a small company emerged as a market leader rapidly. This gains more importance knowing the competition already in the market in the form of strongly resourceful and technological advanced companies. The activities for which GoPro is suitable include:

Diving

Skating

Aviation

Films and dance

Motor Racing

Skiing

Biking

Hunting and Fishing

Skydiving

Boating

Kayaking

Rock Climbing

Snowboarding

Surfing (GoPro, 2013)

Market Segmentation

It is defines as understanding and analyzing the process of demand that enables consumers to purchase the product from the marketplace (Allenby, n.d.). Market segmentation is a step by step approach of identifying the bases of consumer segments, developing the profile of segment identified and then formulate various measures that work for increasing attractiveness of that segment (Calwood ...