Preliminary Findings and Limitations
– How does the market research you have so far done support your chosen organization’s objectives?
The market research I’ve conducted so far supports Apple’s objectives on deciding to release iVision and bring a consumer-grade augmented reality experience to the mass market.
– What industry trends (and possible future trends) have you identified regarding your product proposal, and what are some possible implications of these trends on your organization?
This year the augmented reality and virtual reality market reached $16.8 billion USD (IDC). The augmented reality market is expected to progress to $198 billion USD (Statista). Over 180 Million people spend at least $500 per year on Apple products, and 620 million of their over 1 billion consumer base spend an average of $260 per year (Cybart 2019). This provides an immense opportunity for Apple to tap into its already existing consumer base and take advantage of the growing market trend for augmented reality experiences.
– How does your proposed marketing strategy align to legal, ethical, and industry standards?
The marketing strategy includes targeting those older than 18 through 42, complying with numerous FTC regulations, policies by google, facebook, etc. Apple will ensure to file all patents, trademarks and ensure all intellectual property is properly owned and licensed. They maintain the highest ethical and industry standards, as well by ensuring everything from the production to distribution will be in accordance with all local, state and federal laws.
– What limitations have you encountered in creating a market proposal for your product? Was this due to gaps in the market research you conducted?
The limitations I have encountered in creating a market proposal are the amount of data on the demographics, psychographics and more. It would be nice to see a list of exact people who buy, are more likely to buy, and who’ve bot a similar product in the last 3 years. Augmented reality devices are numerous, and the industry is growing significantly. Choosing a device category to compete in, along with selecting the target market that would best fit was a little challenging due to a lack of data available.
Cybart Neil, (May 30, 2019) Apple’s Billion users. Retrieved From: https://www.aboveavalon.com/notes/2019/5/30/apples-billion-users
IDC, Retrieved From: https://www.idc.com/tracker/showproductinfo.jsp?prod_id=1381
Statista, Retrieved From: https://www.statista.com/statistics/897587/world-augmented-reality-market-value/