SWOT Analysis for GoPro

Strengths

Weaknesses

         GoPro is well known with high-action and extreme sport athletes & hobbies.

         94 Million consumers in cross-platform actions across social media. (Statista)

         Internal revenue reached $892 million. (Statista)

         Offers a diverse range of products. Like cameras capable of submersion in water, and durable to rocks and falls of high range. They capture the first-person view. Software compatibilities are powerful. (Statista)

         Strong marketing strategies and many patents in US. (Statista)

         GoPro could ramp up its technology innovation.

         GoPro posted a net loss of $67 million due to poor financial planning. (SGB Media)

         Has an overreliance on the North American Market and needs to explore opportunity to drive growth in other markets like Asian, European, & African. (Statista)

         GoPro prices are expensive compared to its competitors.

         Excludes more cost-conscious consumer who are looking for a budget friendly model.

         High inventory costs (GoPro)

Opportunities

Threats

Smartphones- The global smartphone shales market is worth $409 Billion (statistic) and GoPro could compete in this.

         The Gaming industry. GoPro first-person virtual reality and editing software gives them an opportunity to compete in the gaming industry. The Global gaming industry is worth $300 billion. (GPlusMedica Inc)

         A strong presence in retail shop. Developing online sales offers new growth opportunities United States Computer and Consumer Technology consumption is worth $156.5 billion in 2020, with 49.5% of its transactions concluded online. (Insider Intelligence Inc.).

         GoPro cameras are suitable for catching footage in remote locations and hostile environments. This gives them an opportunity to work with non-profit organizations. Go Pro for a cause has reached 66 million people worldwide (Short Awards LLC)

Economic Environment

Moderateinflation rate. This will help the company flourish and will help the businessto work positively increasing the consumer confidence, and consumer spendingtrends. Moderate interest rates help taking loans from banks. The loan can beused for purposes of growth and development. It also allows consumers to takepersonal loans which results in higher purchases.

Technical Environment

Thecountry has a strong technology infrastructure. High rate of technologydevelopment and advancement. Improved technology helps attract foreign directinvestment, which leads to further development and advancement. GoPro has madeuse of the high internet penetration to reach consumers, and for marketing andpromotional strategies to be able to directly interact with consumers andgather feedback.

Industry Environment

VR/ARand the internet of sense are trending upward. GoPro has opportunity to utilizethis to their advantage. Metaverse offers a persistent world for work,socializing, and play. GoPro should look into gaming, and smart phones.

Competitive Environment

Manycompetitors in this market. Samsung is the top. GoPro is higher quality in costwhich makes cost-conscious competitors left out.  Advantages are the first person point of view. 

Political Environment

Politicalstability and importance of Photographic Equipment & Supplies sector.Favorable tax policies allow to expand easily. Can take advantage of tradeblocks and trade treaties that have been formed and signed. GovernmentStability attracts investors. 

         Cheaper Competitors challenge market position. The action camera market is expected to grow to $10 billion by 2020 (Statista)

         Risk of geopolitical conflicts.

         Smartphone technology improves and is becoming even more of a competitor.

         Increased competition for GoPros brick and motor distribution model.

         Senior executive proles are still fulfilled by its found partners, New executives could offer the company new growth in markets and fresh perspectives.