The Company Emotiv Systems - Essay Example

RESEARCH ESSAY Contents Answer 3 Answer 2 4 Answer 3 6 Answer 4 8 Reference 10 Answer The company Emotiv Systems is presently operating in the market of USA and Australia. The company has its headquarters in San Francisco. The R&D labs of Emotiv Systems are located in Sydney, Australia. By creating strong presence in both of this country the company has captured the market of USA and Australia. For expanding or growing its business Emotiv Systems should target the market of Japan. The company mainly deals with different types of video games, machines which can read human minds, PC games, machines for doing communication, various medical equipments etc (Ofek, Riis and Hamilton, 2011). For selling this type of products the firm should target the market of Japan. This is because Japan is one of the developed countries of the world. The customers of Emotiv Systems should be technologically advanced and competent enough to use such highly technical gadgets. Moreover customers of the target market segment need to be interested about video games, PC games etc. This will help the company to sell maximum numbers of products. The market of Japan has all of these features. People of this country use highly technical gadgets in their daily lives. They are very fond of modern technology and various types of modern technical devices. The Japanese people are competent enough to use the types of products which Emotiv Systems is manufacturing. Moreover the people of Japan are very much interested in playing different types of video games and PC games. Most of the Japanese people invest huge amount of money in purchasing advanced video games. There is a huge demand for these types of product in Japanese market. The medical equipments produced by Emotiv Systems will experience a huge demand in Japanese market because the medical treatment of Japan is very much advanced and the hospitals of this country used many advanced machines for doing treatments of patients. For this reason if the company targets the market of Japan then it will get many opportunities in expanding its customer base and generating more revenues. Technological development is very advanced in Japan. This can facilitate the firm in developing new types products. Japanese people are very much skilled and efficient. If Emotiv Systems starts operating in Japan then it can employ many skilled workers which will help the business in innovating new types of products. Emotiv Systems should not target European market for selling its products. This is because the gaming industry of Europe is mainly dominated by Sony. It is the major player of this industry in Europe. Sony Europe group has autonomy in European market. The company manufactures different types of video games, PC games and other electronic devices. With its large variety of gaming products Sony has captured major parts of European market. This company has a large customer base in Europe which helps Sony in holding a strong position in European market. Emotiv Systems will not be able to compete with Sony in European market. Sony releases many advanced version of games at a low price which will create strong negative impact on the business of Emotiv Systems. The growth opportunities of Emotiv Systems are very low in European market. Therefore by establishing its business in Europe will not facilitate the firm in enhancing its business. Answer 2 The big three gaming consoles are Microsoft’s Xbox 360, Sony PS3 and Nintendo’s Wii. Emotiv Systems has many advanced gaming technologies which can benefit these major console makers in different ways. It will be easy for Emotiv Systems to convince the major console maker Sony PS3 for purchasing its technologies. This is because PS3 of Sony has not been able to dominate the market. Though it is a superior machine but Wii has competed with Sony’s PS3 and has captured the market. At this stage Emotiv Systems can incorporate advanced technology in Sony’s game which will help Sony to provide its users a new gaming experience. This will help Emotiv Systems in convincing Sony to purchase its technologies. Emotiv Systems will implement different technology for selling its technologies to Sony PS3. The marketing strategies of Emotiv Systems will be related with its product, price, promotion and distribution. Product: Here the product of Emotiv Systems is its technologies. Presently the PS3 of Sony is presently experiencing the problem of less dominancy and popularity in market. Although it is a superior machine Sony has not been able to acquire many customers. Emotiv Systems can implement the strategy of providing a trial offer to Sony at a minimum cost. The strategy of this trial pack will facilitate Sony to know and understand about the technologies of Emotiv Systems in a detailed way for satisfying its customers. After incorporating the technologies in Sony’s PS3, Emotiv Systems will take feedback from the customers for understanding the effectiveness of advanced technologies used in PS3. This marketing strategy will help Emotiv Systems to prove the importance of its technology for facilitating PS3 to dominate the market. Price: Emotiv Systems can follow the strategy of cost leadership for convincing Sony to adopt its technology. This is because presently Emotiv Systems has some strong competitors like NeuroSky, Interactive Productline, and Neural Impulse Actuator etc. If Emotiv Systems does not follow cost leadership pricing strategy, then its competitors will convince Sony to purchase technologies from them (Doole and Lowe, 2005). Emotiv Systems will sell the trial pack at a very low price to Sony. As a result Sony will need to invest less money for increasing the sale of PS3. Distribution: Emotiv Systems will distribute its high tech gadgets by making contract with Sony. Emotiv Systems can adopt the marketing strategy of distributing its products to Sony through third party. This third party will take care of entire distribution system of Emotiv Systems with Sony. Promotion: Trial pack can be the promotional marketing strategy for the Emotiv Systems for convincing Sony to purchase its technologies. With the help of this marketing strategy the company will be able to reach maximum number of customers by selling its technology to Sony. Answer 3 Emotiv Systems needs to implement some effective strategies for increasing the adoption of its technology products. These strategies will help the company to acquire more customers and to perform better than the competitors (Gilligan and Hird, 2012). The company needs to focus on developing high technological products which will help it in achieving long term benefits. While developing its products the firm needs to analyze the desires and requirements of people related to gaming products. By analyzing this Emotiv Systems will understand its target customers in a more detailed way which will help the company in manufacturing various advanced products. This type of products will satisfy maximum number of people as a result the technology products of Emotiv Systems will be easily accepted by other companies. This strategy will facilitate Emotiv Systems in increasing the sales of other company’s gaming products. As a result many companies will be interested to implement the technologies produced by Emotiv Systems for earning more revenue (Hollensen, 2013). By using Ansoff Matrix Emotiv Systems can penetrate the market with its existing products by lowering their price. Presently the company is charging high price for its products. Many competitors of Emotiv Systems are charging low price for their high technological products. Therefore the Emotiv Systems needs to follow cost leadership strategies for attracting different companies in purchasing its products. This marketing strategy will provide competitive advantage to the firm and will increase its short term profits. By this process the technologies of Emotiv Systems will be demanded more by other companies which will help Emotiv Systems to enjoy economics of scale. Market share of this company can be increased by this strategy which can benefit the company in earning more revenue (Keegan and Schlegelmilch, 2001). Emotiv Systems can customize its technology products as per the requirement of console makers. Some console makers face various problems various problems with its products. By customizing the technology products the Emotiv Systems will be able to help other companies to solve their problems with electronic gadgets. As a result the technology of Emotiv Systems will be easily adopted by different other companies. The company needs to make good relationship with the big console makers for knowing their needs and requirements related to various technologies which Emotiv Systems produces (Keegan and Green, 2014). For attracting the console makers Emotiv Systems can implement promotional trail pack which will help console makers to know and understand the benefits of implementing the technologies produced by Emotiv Systems. This marketing strategy of promotion will help the company in experiencing economics of scale for which it will be able to sell its technologies at a low cost.The company should choose a third party which has a strong relation with console makers. This marketing strategy will help Emotiv Systems in delivering its high tech products on time to the console makers. It will help the company in reaching maximum number of customers. By this process Emotiv Systems will facilitate other console makers to accept its technology (Usunier, C.J and Lee. A.J., 2013). All of these marketing strategies will facilitate Emotiv Systems in making its technology easily adopted by other companies. Answer 4 The cost leadership systems of Emotiv Systems can create negative impact on the company in the long run. By reducing its cost of technologies the company will attract more customers and increase its revenue for short term. This will influence other companies operating in gaming and electronic industry for reducing the price of their products. For increasing the sales many companies will focus on cost leadership strategies which will create price war among the companies (Schmidt and Hollensen, 2006). Therefore Emotiv Systems will face problems in retaining its major clients as the competition level will increase a lot. This will affect the profitability of the company in the long run. For reducing its cost Emotiv Systems can have to make adjustments with its quality of high technological products. This will create strong negative impact on the company. Presently the company is famous for its unique and high technological gadgets. But if the quality of the technical gadgets becomes bad then the company will not be able to satisfy its customers. Therefore the customer base of Emotiv Systems will decrease (Peng, 2013). The company can lose many of its important clients. For quality issues the reputation of Emotiv Systems will get hampered and no companies will be interested to sell their products by using the technology and technical gadgets of Emotiv Systems. This pricing strategy will also force Emotiv Systems to reduce its various cost related to its business. This will negatively affect the success of the firm in the long run. For following this strategy if the company reduces its R&D costs then it will not be able to develop unique and innovative technologies because for developing these things the company needs to invest huge amount of money (Wintzer, 2007). But if the money is limited then it cannot perform different functions which help to develop unique technologies. Reference Doole, I. and Lowe, R. 2005. Strategic Marketing Decisions in Global Markets. London: Thomson Learning. Gilligan, C., and Hird, M., 2012. International Marketing: Strategy and Management. London: Croom Helm. Hollensen, S., 2013. Global Marketing: A Decision-oriented Approach. New York: Pearson Education Limited. Keegan, W. and Green, M. K., 2014. Global Marketing. New York: Pearson Education Limited. Keegan, W. and Schlegelmilch, B.B., 2001. Global Marketing Management: A European Perspective. London: Financial Times Prentice Hal. Ofek, E., Riis, J. and Hamilton, P., 2011. Emotiv Systems, Inc.: Its the Thoughts that Count. Its the Thoughts that Count. Harvard Business School Marketing Unit Case. 1(1), pp. 510-050. Peng, M., 2013. Global Strategy. USA: Cengage Learning. Schmidt, M.J. and Hollensen, S. 2006. Marketing Research: An International Approach. Harlow: Prentice Hall/Financial Times. Usunier, C.J and Lee. A.J., 2013. Marketing Across Culture. London: Prentice Hal. Wintzer, E., 2007. Global Competition and Strategic Management. Germany: GRIN Verlag. Read More