Research and Data
Defined Target Market
We will provide our consumers with the longest-lasting speakers to ever come on the market. Our research has shown that the age group with most frequent speaker use is teens to adults in their early twenties. Thus, our target market ages 14-25.
Progress and Prototyping
We started off with sketching and modelling, since we didn't have access to the tools needed to prototype a speaker. First we decided to get the basic shape of a speaker down and then further improvise to make it more unique.
We did not have a mentor, and time, place, and manner restrictions have made it difficult to secure one.
Target Market Size and Growth Potential
InfinitiSpeakers has a broad target market despite this age range. Our market does not have a particularly high growth rate, but it will continue to grow in size very gradually in size over the years due to the population. The current US growth rate is 0.7%, leaving us with a minimum growth rate of 2 million per year.
Current Patterns and Market Potential
According to the US Census Bureau, the current percent of adolescents in the US is 13% in a census conducted in 2017. The population of teenagers to use a smart (Bluetooth, wireless, etc.) speaker at least once a month is 10.3% which is a dramatic rise from the previous years. The statistics show an upward trend for the use of Bluetooth speakers throughout the years taking a sharp turn upwards in recent years.
This is all very fortunate and essential to our success as a business, for without the upward trend we would theoretically see a stagnation in sales once we reach a certain point. With this, our market would be at a constant increase because of the rising popularity of items such as these.
Needs and Sensitivities
Although our target market seems successful enough, there are a number of needs and sensitivities that we need to address before we move forward. Our target market is teenagers because of their high usage of smart speakers; however, they typically need to ask their parents for tech or are working a job with low pay. Therefore, our advertising has to rouse them to ask their parents for this piece of tech. Lower costing speakers could be some tougher competition.