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Phone Credit Identity - a Multipurpose Gadget - Research Paper Example

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The purpose of the project “Phone Credit Identity” is to present the microenvironment analysis as well as evaluation of strengths, weaknesses, opportunities, and threats of the multipurpose gadget – PCI. It is easy to carry around and can be used as a cell phone, credit card, and an identity card…
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Phone Credit Identity - a Multipurpose Gadget
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Download file to see previous pages Phone Credit Identity will also have an advantage over the other products in the same line because of it being at the forefront of embracing new technology and advancing it to a higher level. Combining three functions in one gadget will mean that it will be riding above other similar product that is not that complex to perform several duties as one gadget. The fact that the gadget will be trying to keep up with the technology world of inventions will mean that customer who is lovers of new inventions will be out to look for the new gadget. The portability of the gadget will mean that people who don’t love bulky products will definitely go for it.
When it comes to weaknesses, the product will be new in the competitive sector and therefore means it has to spend a lot of money and resources to counter the already existing competition at the time of its entry into the market. Despite the fact that the product might be loved by many people, getting it to the end user will be a challenge as there will be no outlets in various places that the gadget might be needed.
Opportunities that exist for the product are that there is no monopoly in this field. This makes it a free and fair market to trade. As a result of the fact that people like to be associated with new products in the market which are doing well means that several individuals and other companies will be willing to provide financial support in order for the product to be successful. This will give the company a strong financial base to enable it to advertise effectively for the product and even have it reach its potential customers in time. Few barriers in the field such as no restrictions to a new entrant in the market will give it an easy entrance into the market and stabilize very first as compared to the earlier time when the market was highly regulated. Cost of acquiring credit card separately is high and will there give the product an opportunity to convince a customer who doesn’t have one the best reason to get PCI which combines the three functions in one. ...Download file to see next pagesRead More
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