Monday, December 9, 2019

The Smart Speaker

Questions: 1.Which stage of the Industry lifecycle is the Smart Speaker Industry in? Make sure to explain and justify. 2.What recommendations would you offer Companies like Apple, Amazon, Google or Microsoft for dealing with the challenges of early stage Industries? Answers: The explanation of the industry life cycle stages of smart speaker The smart speaker is in the product development stage or part of introduction stage of the industry. The giant competitors of this industry are investing in the smart speaker of the company. As a product goes through different stages from the beginning of the making a prototype to the decline from the consumers, it goes through different phases. This product is growing at a compound annual growth rate of 11% (Moffat et al. 2017). After generating and brainstorming the idea of an industry lifecycle the product development starts. After the product is developed, it is exposed in the market for gauging the consumers attitude towards it . With the growth of digital economy, every aspect of life is being digitalized. The digital giants of the industry like Google, Microsoft, Amazon and Apple have already started investing and have developed applications and devices in the product range ( 2017). The strategic analysts of the industry say that the evolution of using voices has not yet gained full exposure and recognition in the market. Therefore, the product has not yet reached the growth stage in the market. Thus, it is safe to say that the product is in stage of introduction as well as development in the market. Recommendations for companies Apple, Google, Amazon or Microsoft for dealing with the challenges The most important part of dealing with challenges is acceptance of the product. The smart speaker has gain recognition in the early adopters. Therefore, the main competitors should focus on the following recommendations to get through this stage As the high cost is the most important concern of this stage, the companies can put a reasonable price on the product in this stage. This would attract more customers to adapt to this phase. As this stage is very vulnerable, because it is determined in this stage to go with the idea of investing and manufacturing of the products or not (Bakman Hashai, 2017). The customers attitude is much important to analyze and interpret in this stage. Team development and financing activities the right people should be selected in this stage in the marketing activities. This is essential, as the company should select key personnels (Bakman, L., Hashai, 2017). Marketing and sales as well as customer relationship management the management of customers of the company should be analyzed at this stage. The proper feedbacks from the consumers are essential as well as maintaining a proper engagement with the customers through after sale services (Tavassoli, 2015). Increasing and recognizing the value addition services should be given emphasis (Bakman, L., Hashai, 2017) Accountability to the customers and building a proper network should be given priority too in this stage, as it would help in later stages as in growth and maturity (Bakman Hashai, 2017). References Bakman, L., Hashai, N. (2017). Industry Life Cycle, Product Type, and Level of Exploration in Entrepreneurial Knowledge Intensive Firms. InTHE WORLD SCIENTIFIC REFERENCE ON ENTREPRENEURSHIP: Volume 3: Sustainability, Ethics, and Entrepreneurship(pp. 363-393). Moffat, J. G., Vincent, F., Lee, J. A., Eder, J., Prunotto, M. (2017). Opportunities and challenges in phenotypic drug discovery: an industry perspective.Nature Reviews Drug Discovery,16(8), 531-543. Tavassoli, S. (2015). Innovation determinants over industry life cycle.Technological Forecasting and Social Change,91, 18-32. Why Apple, Amazon, Google and Microsoft are all betting on smart speakers. (2017).CBC News. Retrieved 20 November 2017, from

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