Group Abstract Template

..Assessment 2 Part 1

Group Abstract Template

Student Name Student ID Section #

Example: John Doe 1234567 1 and 4.3

Nicholas Scorer 14574709 1, 2, 3 and 4.1

John Sukkar 14626877 4.2, 4.3

Utsav Thapa 14563783 6

Atricia Pal 14612790 2, 3 and 5

brief.

1- Background of our company / brand

The name of our company / brand is Strava. Strava is a free downloadable application on both apple and android devices that allows users to track and analyse their own runs, all whilst sharing your progress and activities with others. Strava also allows users to track and analyse their friends' runs, cycles or hikes. Strava is a global company with our headquarters based out of San Francisco California, however our employees work collaboratively around the world. Strava was created in 2009 by our founders Micheal Horvath and Mark Gainey who built Strava with the purpose of recapturing the camaraderie and competitiveness of exercise, similar to their days as college athletes.

2- Our new product name

Our new product is The Illumabelt Pro. Reasoning behind this name comes from a new and improved version LED multifunction utility belt.

3- What consumer problem does our new product solve?

Our product solves many common issues of those who choose / have to run in the dark. Firstly, we solve the most obvious issue associated with running at night, that being a lack of visibility. Our bright LED light will illuminate any obstacles or hazards that may lie ahead as well as providing two different strengths as high visibility and mid strength visibility to cater to different visibility needs. . Next, we provide an element of safety from any potential danger that may have occurred had someone been running in the dark such as our additional safety features. Finally, The Illumabelt Pro supplies storage through the implementation of a spacious pocket which still accommodates the lightweight design of the belt.

4- Industry analysis

4.1 Industry Size:

The Online sale of electronic devices is a huge Australian industry, grossing 5.2 billion dollars in revenue, with roughly 1,585 businesses across the country each worth roughly 3.3 million dollars on average with a total profit for the industry of 473.9 million dollars.

4.2 Industry growth trends

The online consumer electronics industry in Australia has experienced significant growth, driven primarily through the Covid-19 pandemic which accelerated the shift towards online shopping as lockdowns in 2020-2021 forced shop closures. Industry revenue is projected to grow from $5.3 billion in 2023-2024 to $7.9 billion in 2028-29, representing an annualised growth rate of 8.3% (IBISWorld, 2023). In addition to revenue growth, profit margins are expected to increase from 9.0% in 2023-2024 to roughly 15.4% in 2028-29,(IBISWorld, 2023).

Figure 1:

(IBISWorld, 2023)

The number of businesses in the industry is expected to grow from 1585 in 2023-24 to 2356 in 2028-29 as well as the number of employees from 3,954 to 5855 in the same time period (IBISWorld, 2023). These trends indicate a strong and sustainable growth trajectory, supported by technological advancements and increased reliance on online shopping platforms.

4.3 Demand determinants

Fitness wearable technologies (FWT) is a product that a person can wear or attach to themselves that aids in the performance and safety of athletes. FWT is the current top fitness trend and has been in the top three fitness trends since 2016. (Newsome et al., 2024.) Outdoor fitness activities, which gained popularity during Covid-19 and remains prevalent as the twelfth most popular fitness trend, supports the integration of devices like the Illumabelt Pro, enhancing their appeal for users engaged in activities like running and biking (Newsome et al., 2024). Furthermore, the perceived accuracy of fitness wearables significantly influences consumer adoption, with users valuing devices that deliver reliable results (Rana et al., 2024). Price value perception also plays a crucial role, as consumers weigh the benefits against the cost, favouring products that offer advanced features and durability. These factors collectively suggest that the Illumabelt Pro, with its advanced L.E.D technology and alignment with consumer trends, is well-positioned for success in the wearable technology market as part of the growing consumer electronics industry.

5- Customer Value Proposition

Our IllumiBelt Pro enhances nighttime visibility with high-intensity LED lights, offering convenient storage with spacious pockets as well as ensuring an ergonomic design with our provided safety features including built-in features as a whistle and GPS tracking, all while integrating seamlessly with a companion app for smart control.

6- Campaign objective (SMART Objective)

With this in mind, our objective is to increase the income of The Illumabelt Pro by 25% over the future 6 months through effective leveraging of the focused centred online advertising campaigns, emerging from the partnerships with trendy impacting influencers and higher individual interplay within advertising strategies as suggested by means of the present day marketplace tendencies and records from Stastia, Marketline Advantage and ProQuest Business.

7- References:

Nicks References:

IBIS world. Geographic breakdown of The Online sale of electronic devices in Australia. IBIS world.

https://my-ibisworld-com.ezproxy.lib.uts.edu.au/au/en/industry-specialized/od5243/geographic-breakdownStrava. (2024). Strava Features. Strava

https://www.strava.com/featuresStrava (2024) About Us. Strava

https://www.strava.com/aboutContrary Research. (July 25 2023). Strava - Contrary Research Profile & Resources. Contrary Research.

https://research.contrary.com/company/stravaUtsavs references:

IBISWorld. (2023). Online Consumer Electronics Sales in Australia: Market Size and Growth Trends.

https://www.ibisworld.com/au/industry/online-consumer-electronics-sales/5243ProQuest Business. (2023). Consumer Preferences for Safety Features in Running Gear.

https://www.google.com/search?q=ProQuest+Business.+(2023).

Marketline Advantage. (2023). Trends in Multifunctional Running Gear Products.

https://www.google.com/search?q=Marketline+Advantage.+(2023).

Australian Bureau of Statistics. (2023). Consumer Spending on Sports and Fitness Products.

https://www.google.com/search?q=Australian+Bureau+of+Statistics.

Johns References:

IBISWorld, (2023, September). OD5243 - Online Consumer Electronics Sales in Australia. IBISWorld. https://my-ibisworld-com.ezproxy.lib.uts.edu.au/au/en/industry-specialized/od5243/products-and-markets

Newsome, A.M., Reed, R., Sansone, J., Batrakoulis, A., McAvoy, C. and W. Parrott, M. (2024). 2024 ACSM Worldwide Fitness Trends: Future Directions of the Health and Fitness Industry. ACSMs Health & Fitness Journal, [online] 28(1). doi:https://doi.org/10.1249/FIT.0000000000000933.

Rana, A., Vishal Soodan, Kumar, A., Nirma Sadamali Jayawardena, Park Thaichon, Gupta, K. and Rana, N.P. (2024). Identifying the Influence of Obsolescence Risk and Health Beliefs in Fitness Wearable Healthcare Technology. Journal of global scholars of marketing science, [online] pp.127. doi:https://doi.org/10.1080/21639159.2024.2326496.