SWOT Analysis Of GoPro analyzes, GoPro is a technology company manufacturing mountable and wearable action cameras and developing its own video-editing software. It offers a line of cloud-connected cameras, cloud-based storage solutions, desktop and mobile apps that allow users to access, edit, and share content, and preview and playback shots and control their cameras. The company also provides compact and foldable drones, versatile stabilization solutions, as well as mountable, wearable, and voice-activated accessories.
The company was founded by Nick Woodman in 2002. He was motivated by a 2002 surfing trip to Australia in which he was hoping to capture high-quality action photos, but could not because amateur photographers could not get close enough or buy appropriate quality equipment at reasonable prices. GoPro has achieved consistent success levels with its products and brand image. In 2016, they were named the 18th “coolest brand” by the Centre for Brand Analysis. GoPro’s social media success helped put them on the map as a strong brand in the camera market, and GoPro’s innovative products kept them there.
This can only be achieved through a firm with extensive knowledge, experience, and innovative strategies. To determine the strengths of the company potential, weaknesses, opportunities, and threats, it is necessary to conduct a SWOT analysis by GoPro.
GoPro At A Glance – GoPro SWOT Analysis
Company: Woodman Labs, Inc.
Founders: Nick Woodman
Year of establishment: 2002, California, United States
CEO: Nick Woodman
Headquarters: San Mateo, California, United States
Employees (Dec 2020): 926
Ticker Symbol: GPRO
Annual Revenue (Dec 2020): US$891.9 Million
Profit net income (Dec 2020): US$44 Million
Products & Services: Action camera| Video editing software| Mobile app
Company Website: gopro.com
Top GoPro Competitors
Competitors: Samsung Electronics | Sony | Canon | Avid Technology | Olympus Corporation | Leica Camera | PowerVision | Technology Group | AKASO | DJI OSMO | Garmin VIRB | Yi | Insta360
GoPro SWOT Analysis – SWOT Analysis Of GoPro
SWOT Analysis Of GoPro analyzes the brand based on its strengths weak points, weaknesses, opportunities, and threats. With GoPro SWOT Analysis it is clear that the advantages and disadvantages are internal factors, while threats and opportunities are external elements. Here we are going to talk about GoPro SWOT Analysis. Below Is The Detailed SWOT Analysis Of GoPro.
GoPro Strengths – GoPro SWOT Analysis
- GoPro has succeeded in establishing an excellent brand image. Their customers are raving about their products’ quality and the word of mouth that customers leave on their products increase the value of their brand.
- GoPro offers the highest live-action camera of the highest quality and is a trusted choice for filmmakers and athletes around the world. Their outstanding performance in the world of sports is why they enjoy a the reputation of having a great value.
- The solid partnership allows them achieve an upper position in the present highly competitive market. The firm’s strong partners help them gain an edge over their competitors.
- They have a range of products that compliment each other. They provide better video capture images with their products and they update their products frequently. This is the main reason why that customers choose their products.
GoPro Weaknesses – GoPro SWOT Analysis
- The poor financial management of the company prevents the company from making plans. The company invests more in marketing and marketing strategies, which could have been used to bring new products.
- The integration of third parties is not working and has severely impacted their growth.
- GoPro must invest more in R&D to create new products that are of a different range and range.
- GoPro is more expensive as compared to other comparable camera brands. While the quality of the cameras is high, its competitors offer the same camera for less. Some customers are being pushed to rivals.
GoPro Opportunities – GoPro SWOT Analysis
- The brand already has an established brand name with high recognition, therefore the expansion of stores that are physically located in South-Asia markets can help increase their sales. They also have the potential to attract customers via websites.
- Since a large number of athletes and sportscasters are affixed to this brand name, they will be able to profit from the new market that is emerging in the world of sports. This will greatly contribute to the growth of their business.
- GoPro is a well-established business, and they have less inflation when compared to other. The decrease in the cost of transport could lower their product’s prices, which helps them overcome their weaknesses of selling costly products.
- Because GoPro has already partnered with some of its associates and partners, they are also able to collaborate with non-profit alliances and gain momentum.
GoPro Threats – GoPro SWOT Analysis
- The company is lacking skilled employees who are committed to the development of the business.
- The introduction of new technology in the marketplace can impact the demand for their products. High-end smartphones could replace cameras, which poses major risk to the business.
- The company is heavily dependent on the market in North America. The liability laws of different states and countries could hinder the growth of their business. Furthermore, specific rules regarding environmental issues and the like can pose threats to the business.
- The number of customers for the business is small, and poor customer service could negatively impact sales in international markets.
GoPro SWOT Analysis Overview Template
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