MARKETING PLAN FOR “STADIUM SMART CHAIR COMPANY”

Stadium Smart Chair Company Marketing Plan
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3. Situation Analysis
. SWOT Analysis
Internal Forces

Strengths

Weaknesses


The company has established aggressive goals and marketing strategies.

The company has a lack of funding, where it needs to loan thousands of dollars from a bank to add for its initial capital.


Innovative technology attracts more people, especially in a modernized society.

Locally known and there is a need to establish a name

External forces

Opportunities

Threats


No local competitors

The possibility of lousy weather or pandemics (like at present) may reduce the time for the need of smart stadium chairs due to a decrease in the number of games or competitions.


There are many stadiums and athletic centers present in Buffalo, New York that may necessitate the use of the new product.

Increases in the minimum wage may decrease profitability.


Product innovation and a unique platform



There are many sports events held in Buffalo, New York, annually.

There are many sports technology and health companies in the U.S. that can develop the same technique.

b. Industry Analysis
Since all of the elite athletes are required to partake in challenging pieces of training, this also signifies that their schedules are hectic and may create stressful situations that can decrease their performance during the training or in the game. Moreover, elite athletes may suffer from the pressure of personal relationships and the media during the match (Bastos, Corredeira, Probst, & Fonseca, 2018). Using the proposed stadium smart chair, the athlete may have a means of avoiding these stresses and focus more on the game.
c. Competitor Analysis
Innovative technology has significantly influenced companies in the past century. Because of the discovery of new technologies, companies started to design their equipment based on this. Moreover, some companies even opted to alter some furniture with innovative technology to increase their efficiency and enhance their effectiveness (Cortsen & Rascher, 2018).
At the moment, there are only a few companies in the United States that offer smart...