A Case Analysis

GoPro, Inc. in 2015

Presented to

The Faculty of the School of Management

ASIA PACIFIC COLLEGE

In Partial Fulfillment

Of the Requirements for the Course

STRATEGIC MANAGEMENT FOR ACCOUNTANCY CLUSTERS (STRAMAA)

Submitted by:

Rommil Bryan C. Abayon

Jimboy C. Adajar

Marichi Ann S. Andres

Alyssa Mae B. Calagui

Melody V. Gerong

Submitted to:

Myrna T. Belen, CPA, DBA

June 17, 2021

 APPROVAL SHEET

The case study entitled “GoPro, Inc. in 2015 ”, prepared and submitted by the students of

Strategic Management for Accountancy Clusters (STRAMAA) namely: Rommil Bryan C.

Abayon, Jimboy C. Adajar, Marichi Ann S. Andres, Alyssa Mae B. Calagui and Melody V.

Gerong in partial fulfillment of the requirements for the degree of Bachelor of Science in

Accountancy/Management Accounting has been examined and recommended for ORAL

EXAMINATION.

Myrna T. Belen, CPA, DBA

Adviser

APPROVAL

Approved by the School of Management Panelists on Oral Examination conducted on

_____________ with a grade of _____.

Osler T. Aquino, CPA, MBA Ma. Cecilia R. Asoy, MBA

Panelist Panelist

Manuel F. Magbuhat, MBA

Panelist

Accepted in partial fulfillment of the requirements for the degree of BACHELOR OF

SCIENCE IN ACCOUNTANCY and BACHELOR OF SCIENCE IN MANAGEMENT
ACCOUNTING.

Osler T. Aquino, CPA, MBA Manuel F. Magbuhat, MBA

Director, Accountancy Program Executive Director, School of Management
 ACKNOWLEDGEMENT

The completion of this case study paper was made possible through the encouragement and

assistance of some persons who have given their time and solicited advice:

Foremost, we want to offer our endeavor to OUR LORD JESUS CHRIST, for the wisdom he

bestowed upon us, the strength, His abundant graces and blessings showered unto us in doing this

study;

To our parents, for the encouragement which helped us in completion of this paper

To Dr. Myrna T. Belen, our adviser, for her patience, guidance, encouragement and for sharing

her expertise in writing this case study paper; and

To Prof. Ma. Cecilia R. Asoy, Prof. Osler T. Aquino, and Prof. Manuel F. Magbuhat, our

panelists, for their suggestions and recommendations to improve the study.

 EXECUTIVE SUMMARY

GoPro became a successful company quickly by innovating products targeting a unique

and small niche, particularly in the sports industry. Upon its initial success, GoPro has not yet

diversified its market segments and product were in the past years they only developed one product

line which is HERO, due to this they weren’t able to grow their market share in the camera

industry. This report discussed and analyzed the firm’s current situation both internally and

externally. This establishes the problem areas where GoPro needs to focus on. Upon the analysis,

it provides alternative actions and recommendations to improve the firm performance.

The company’s lack of flexibility and adaptability to fast success and its response to the

changing competitive environment has led to a significant loss in market share. Competitors are

now developing new products and offering services that compete with the product of the GoPro

focus line, the HERO. Additionally, GoPro has an ineffective internal structure in which they

heavily rely on the decisions of the higher-ups or CEO alone. This altered internal structure has

led to significant failure in supervision within the specific departments. Lastly, the focus target

market segment has been exhausted which made a huge impact on the decrease of sales. To

properly act to rectify the decline of market share, GoPro needs to reconsider reestablish its

strategy which includes tapping into a new market, innovate new products, global expansion, and

presenting an aggressive marketing presence in existing markets. Reconsidering this strategy will

assist to increase the market share and revenue of the firms. They were also able to increase their

market positioning and as well as maintain their brand recognition.

 Table of Contents

Title Page ......................................................................................................................................... i

Approval Sheet................................................................................................................................ ii
Acknowledgments.......................................................................................................................... iii
Executive Summary ....................................................................................................................... iv
List of Tables .................................................................................................................................. v
List of Figures ................................................................................................................................ vi
Chapter I. Introduction .................................................................................................................... 1
Vision........................................................................................................................................... 2
Mission ........................................................................................................................................ 2
Perspective or ViewPoint ............................................................................................................ 2
Time Context ............................................................................................................................... 3
Product Timeline ......................................................................................................................... 3
Organizational Structure ............................................................................................................. 4
Core Values and Culture ............................................................................................................. 5
Chapter II. Statement of the Problem ............................................................................................. 6
Statement of Objectives .............................................................................................................. 6
Chapter III. External Analysis ........................................................................................................ 7
A. Industry Analysis ................................................................................................................. 7
B. PESTEL Analysis ................................................................................................................ 9
C. Porter’s Five Forces of Competition .................................................................................. 16
D. Competitive Profile Matrix ................................................................................................ 18
E. External Factor Evaluation Matrix..................................................................................... 19
Chapter IV. Internal Analysis ....................................................................................................... 21
A. SWOT Analysis ................................................................................................................. 21
B. SWOT Matrix .................................................................................................................... 25
C. Internal Factor Evaluation Matrix ...................................................................................... 26
D. Internal External Matrix ..................................................................................................... 27
Chapter V. Financial Analysis ..................................................................................................... 28
A. Financial Ratio Analysis .................................................................................................... 28
 B. Vertical Analysis ................................................................................................................ 32
Chapter VI. Strategy Recommendation ....................................................................................... 34
A. Alternative Course of Action ............................................................................................. 34
B. Alternative Course of Action Matrix ................................................................................. 36
Chapter VII. Financial Projection ................................................................................................. 37
Chapter VIII. Recommendation and Action Plan ........................................................................ 39
Chapter IX. Strategy Map and Balance Scorecard ...................................................................... 42
References ..................................................................................................................................... 44
 List of Tables

Table 1. GoPro Product Line .......................................................................................................... 3

Table 2. GoPro Industry Analysis ................................................................................................... 8
Table 3. Competitive Profile Matrix ............................................................................................ 18
Table 4. External Factor Evaluation Matrix ................................................................................. 19
Table 5. GoPro SWOT Matrix ...................................................................................................... 25
Table 6. Internal Factor Evaluation Matrix................................................................................... 26
Table 7. Vertical Analysis of Balance Sheet ................................................................................ 32
Table 8. Vertical Analysis of Income Statement .......................................................................... 33
Table 9. Alternative Course of Action Matrix .............................................................................. 36
Table 10. GoPro Financial Projection ........................................................................................... 37
Table 11. GoPro Proposed 3 Year plan ........................................................................................ 41
Table 12. GoPro Balanced Scorecard ........................................................................................... 43
 List of Figures

Figure 1. GoPro Organizational Structure ...................................................................................... 4

Figure 2. Internal External Matrix ................................................................................................ 27
Figure 3. Liquidity Ratios from 2013-2014 .................................................................................. 28
Figure 4. Asset Utilization Ratios from 2013-2014 ...................................................................... 29
Figure 5. Debt Management Ratios .............................................................................................. 30
Figure 6. Profitability ratios .......................................................................................................... 31
Figure 7. GoPro Inc. Strategy Map ............................................................................................... 42
 Chapter I

Introduction

GoPro, Inc. was founded in the year 2002 by Nick Woodman, who is also the current CEO

of the company and is headquartered in San Mateo, California. Before having the company

established, the CEO, Nick Woodman got the idea and was inspired after his surfing trip in

Australia wherein he was unable to capture good quality action of himself while surfing despite

having expensive wide-angle equipment and amateur photographers’ inability to get close shots of

quality video or photos. As a result, he envisioned a better concept of the camera - one that is

lightweight and can take quality photos and videos even in close shots. Nick Woodman came up

with the company name GoPro, inspired by his vision, experiencing professional-quality video

and photos even for the average person. Starting from being a small company to becoming a well-

known camera manufacturer in the present times, GoPro Inc. is now one of the largest and leading

manufacturers of digital action-camera equipment and accessories in the world.

GoPro provides lightweight, waterproof cameras and accessories fit for any hobby and

occasion, from rock climbing to underwater diving. The firm transacts with its customers on both

physical and virtual platforms to cater to their photography needs. They are also pushing their app

for the users to edit and publish all content utilizing their cameras. Though they have proven their

worth, the firm has not yet reached many places around the globe, evident in its seven percent

global share in digital cameras and camcorders.

Despite this concern, GoPro has been doing very well in its field. The firm also expanded

towards European, African, Middle Eastern, and Asia-Pacific regions, with 40,000 retail outlets

throughout the globe. Their new products allowed them to greatly increase their revenue within a

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quarter, but they are faced with stiff competition from other firms, which may cause them to

increase their efforts to preserve their standing.

Vision

“We have passionate ideas about what’s possible in this world. Our passions lead us to create

experiences and realities that expand our world and inspire those around us.”

Mission

“Enabling you to share your life through incredible photos and videos by capturing, creating, and

sharing the world’s most GoPro perspective with versatile cameras.”

GoPro is redefining the way people capture and share their lives. What began as a concept

to enable athletes to self-document themselves involved in their sport has become a widely

embraced solution for people to catch themselves engrossed in their interests whatever they may

be. From extreme to mainstream, professional to consumer, GoPro enables the world to record and

share its passion. And in turn, the world has helped GoPro become one of the most interesting and

aspirational companies of our time.

Perspective or View Point

As GoPro introduced the product Hero in the digital camera industry having a single

product to offer in the market, being the chairman, president, CEO, Nick Woodman of GoPro Inc.,

plays a significant role as he is the decision-maker of the company.

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Time Context

The problem was observed during the fourth quarter of the year 2014, whereas GoPro's earnings

were less than what the analysts expected. At the time, the company doesn't have a rival with a

similar product knowing that they only have one main product but rival players in the digital

camera industry are expected to produce the same product in the future which can be a threat to

the company. Later following this occurred that the firm's stock has fallen over 50%.

Product Timeline

Go Pro is an American technology that manufactures an action camera and develops its mobile

apps and video editing software. The firm has one principal product, its HERO camcorder, and

made accessories which includes battery packs, remotes, and LCD screens to complement the

camera and improve the user experience. When purchasing the GoPro cameras it comes with free

access to GoPro studio, software editing, and free apps for smartphones.

Table 1
GoPro Product Line
Date Product

April 13,2005 35mm HERO

2006-2007 Digital, Digital 3, and Digital 5 HERO

2010 HD HERO 960, HD HERO Naked

October 24, 2011 HERO2

2012 HERO3 and HERO3+

September 2014 HERO 4

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Organizational Structure

GoPro operates from a functional organizational chart with 15 top executives as illustrated in

Figure 1. The CEO/ Chairman, Nick Woodman oversees his 13 executives who specialize in the

field they manage. The executives will report to Woodman who has a final say on any of the

decisions and issues discussed within the firms. Each branch will have people working under them

which is not organized in structure as shown. The main advantage of a functional organization

structure is that the communication is done smoothly because everyone knows who to report to

and that’s to the CEO. The main disadvantage of this structure is that it causes the top level to

receive too many direct reports which causes to lack of focus and progression in opportunities.

The main concern about this type of organizational structure is that the decisions heavy relies on

directors and vice president. This flat structure tends to produce a lot of generalists but no

specialists that affect the long-term growth of the company. The analyst suggests that GoPro

should consider using a divisional-by-product or divisional-by-region type structure. By narrowing

the span of control, communication may be more effective since it was within a smaller group.

Figure 1
GoPro Organizational Structure

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Core Values and Culture

GoPro Core Values

“GoPro helps people capture and share their lives' most meaningful experiences with

others—to celebrate them together. Like how a day on the mountain with friends is more

meaningful than one spent alone, the sharing of our collective experiences makes our lives more

fun.”. The GoPro has listed 6 core values which are the following: (1) Make friends; (2) Haus Ass;

(3) Maintain Balance; (4) No Half-Assery; (5) Integrity, Always; and lastly, (6) Be a HERO. The

firm strongly believes that passion + positivity is rocket fuel for success. If the employees uphold

these core values the firm will become successful. The employees will be working on the same

ground and have a straightforward goal in mind.

GoPro Core Culture

Employees at GoPro are usually happy with their whole compensation package, which includes

pay, stock and equity, and perks. GoPro employees are typically pleased with their coworkers.

Most of them think GoPro's meetings are productive, and they look forward to talking with their

coworkers. The majority of GoPro employees believe the company's culture is positive. The

majority of participants say that the pace of work at GoPro is manageable. About 45 percent of

GoPro employees work for eight hours or fewer per day, while 19 percent work for more than

twelve hours per day.

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 Chapter II

Statement of the Problem

GoPro has only one main product they offer which is the Hero line. Relying on a single line of

products, the company will likely incur a loss if the sales of GoPro Hero decrease.

Statement of Objectives

Short Term

• To increase the revenue focusing on Asia Pacific region by 5%

• To establish a partnership with large distributors such as Walmart, Target, and Amazon to

expand the GoPro platform.

• To advertise the contents captured by its cameras through the use of sports coverage and

professional live broadcasting that will result in expanding local and international market

reach.

Long Term.

• To focus on research and development by innovating the existing product that will be

introduced into the new market segment suitable for medical and law enforcement by the

2nd quarter of 2017.

• To expand further on APAC by establishing retail outlets to increase the availability of

GoPro products.

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 Chapter III

External Analysis

A. Industry Analysis

Ever since the 19th century, cameras have been used across the world to capture those

precious moments. Centuries later, developments have been made to this device, including the

digital camera which uses mass storage cards in place of the traditional films prevalent on older

models.

The industry now also faces fierce competition against the smartphone industry, with the

device's housing multiple functions including photography and video recording. Still, the camera

industry managed to thrive amidst technological advancements.

Notably, the industry was touted to be the greatest contributor to the global market in 2010,

generating about $35 billion in sales, more than 60% of the market shares. It continued to grow in

2015, earning $65 billion of the market shares.

The leading consumers of these industries are in the US, EU, and the Asia-Pacific Regions,

with certain countries, namely Russia, China, and India, having plans of market growth and

expansion in the camera industry.

With these facts and figures, the camera industry will stay around for quite a while,

especially with the huge demand for photography to promote businesses.

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Table 2
GoPro Industry Analysis
Major Companies Canon, Nikon, Sony, Fujifilm, Panasonic, etc.
Entry Barriers Medium to High. As an industry under perfect
competition, the new firms must contend with
the established companies who managed to
obtained advantages such as brand loyalty and
economies of scale.
Level of Concentration Low. Companies are widespread across the
world, and expansions and new entrants
further increase the saturation of the industry.
Impact of Industry Capacity High. Due to the increasing demand for
photography for various purposes, the
companies might have to alter their
manufacturing capabilities to meet those
demands.
Industry Stability Stable. The main companies have a major
collective hold in the industry, in addition to
an industry dating back centuries gaining
updates over time.
Life Cycle Mature. The demand does not have a radical
yearly shift.
Price Competition High. With many companies having
established names in the industry, while also
having new competitors often,
Demographic Influences Positive. The increased demand for
photography for reasons such as promotions
and advertisements made the masses and
other firms utilize cameras for these purposes.

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 Government and Regulatory Influences Low. Aside from customs laws, the
government usually has not much influence
over a non-essential product.
Social Influences Not applicable.
Technical Influences High. Smartphones are causing the companies
to give the features of their products that will
be advantageous to them in photography.
Growth vs. Defensive vs. Cyclical Growth. As seen in the industry, it steadily
gained market share through the years,
allowing growth and expansion for the
companies.

B. PESTEL Analysis

Political Factors

i. Political firmness and the economic relevance of the photographic equipment and supplies

business.

• A stable and pleasant state economy with predictable market growth trends is

provided by high political stability. When there is political chaos, however,

investors are put off and stakeholders' faith in economic and organizational

performance is harmed.

ii. Changes in Policy

• Changes in government policy are detrimental to company performance because

they increase environmental uncertainty. It is critical for GoPro Inc. to keep track

of current political developments in the country, as changes in government may

alter the government's priorities for the development of various businesses.

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iii. Corruption

• Corruption can affect a variety of company processes, including licensing,

contracting, and fraudulent dealings, as well as frequent lawsuits. If GoPro Inc.

decides to enter countries with a corrupt economic and political system, it would

jeopardize the company's long-term success by undermining society,

compromising the justice system, and jeopardizing the rule of law.

iv. Taxation

• Entering nations with high tax rates will have a direct impact on GoPro Inc's

profitability. Taxation has a negative impact on international trade and hinders

exports. GoPro Inc. can enter areas with low taxation and profit margins, allowing

it to spend on research and development. The organization may also conduct

research into industry-specific taxation regulations to have a better understanding

of the host government's aims and interests in promoting industries.

v. Enacted laws

• These may hinder the distribution of their products to the customers. Concerning

the regulations that might be modified or ratified in the future, the company must

involve their time in taking into consideration how the changes in the policies and

guidelines will affect their operations in the short term and in the long run. Effects

of enacted laws will produce pros and cons that may considerably affect the

efficiency of the company and the management should be prepared how to deal

with it without conceding the quality of the products.

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 vi. Possible collusions within the firm

• Important, confidential information may be leaked to competitors; internal control

may become deficient due to unsanctioned actions done by workers.

Economic factors

i. Inflation

• The ability of GoPro Inc. to pursue its long-term growth strategy will be determined

by the GDP growth rate. A high GDP also indicates that consumers have the

financial means to spend more on the things on offer. The accessibility of the

surplus labor at comparatively lower level will depend on the level of

unemployment. The company should also ponder the effect of interest rates and its

impact on borrowing ability and approach regarding investment.

ii. Exchange rates

• The profitability of a business and foreign trade can both be affected by exchange

rate fluctuations. GoPro Inc. may be concerned by the high fluctuations in local

currency.

iii. Competitor Presence

• These can potentially lessen the consumers purchasing their products, more so if

these can provide better, cheaper alternatives. The company must analyze and

predict the market conditions particularly the competitive edge of the competitors

to understand how they can produce products that will make them stay ahead of

their competitors. The demands of the consumers should also be recognized as these

may serve as the basis in improving company’s future products.

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 iv. Global Market Presence

• The more people know about the brand, the more customers the firm will make,

leading to increased revenues. The global development approaches of the

organization are determined by the financial market efficiency as working in

extremely efficient financial markets results to increased liquidity position and

reinforced ability to penetrate new markets.

v. Customer Demands such as new, related products

• Customers usually appreciate new additions to the brand, allowing the firm to

obtain more loyalty from them. Innovation will be one of the most important key

factors to produce advanced features of the product. The company must understand

the growth of new trend to adapt with the customers’ demand.

Social factors

i. Societal norms

• International marketing managers consider culture to be a significant factor. Each

society has its own set of norms and values that have a significant impact on

consumer behavior. GoPro Inc. should create local teams and alliances to better

understand social attitudes and norms in order to adjust marketing efforts to the

specific cultural setting.

ii. Leisure interests

• The reason why the firm was established, the products must easily be used for any

occasion and hobby, even extreme ones. The company should also consider

enhancing its customers’ experience whether they prefer pragmatic products over

customary product subscriptions.

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 iii. Class status

• The person's disposable income and demands are considered here, which the firm

should consider when selling their products. The scrutiny on social class

stratification is very crucial. Presenting opulence products at premium prices to a

market where the high-level market is substantially small in number will expect the

company to take on niche marketing strategies.

iv. Cultures – This is one of the vital variables that the firm must consider to introduce

their products to newer customers. Countries have different culture and values which

greatly affect the behavior of the consumers in terms of spending. The organization

should attempt to form local partnerships and groups for them to understand

acknowledge diversity of societal attitudes and standards to adapt marketing strategies

base on distinctive cultural context.

Technological Factors

i. Technology's Advancement – With new discoveries and features updated, the firm will

have to adapt to them if they wish to keep their relevance. Continuing industrial

innovations should also be considered to keep on track with the competition. Focusing

on improving customers’ experience and developing accessibility will strengthen its

positive result. Likewise, it is also significant to prioritize the improvement and

maturity level of technology in the corresponding market. The company could boost

the market share if technological innovation in the market has not yet reach the

maturity.

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 ii. Obsolescence – Due to the advancements, some products may be rendered obsolete

while also consumers having better alternatives accessible. Since technological

advancement is fast-changing, the company should strive to develop process that can

actually make their former product be still valuable or improve the features to stay

ahead against competitors.

iii. Production Capabilities – Better technology will create better products for less cost,

increasing their values. One factor that the organization must consider is the

investments created by the competitors in terms of the comprehension level and cost

structure. Production will not be efficient and successful if the research and

development phase will be compromised. This stage is much significant as it directly

affects the outcome of the entire process, and the organization should invest in

disruptive technologies to maximize its profit.

iv. Demand for newer products and features – Newer valuable features in their products

may cause consumers to support the brand more, knowing they can get more from the

firm. Withdrawing from its stagnant growth and indulging with its research and

development phase will enable GoPro Inc. to explore more advanced product that

consumers might be looking for especially those products which are compact, much

affordable and produce high quality output.

Environmental Factors

i. Climate conditions – Changes in the climatic conditions can directly affect the business

productivity. Weather from different countries varies from season to season and

extreme weather conditions can greatly impinge on the operation costs and force the

company to create more adaptable value chain. These changes can also influence

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 clients’ spending performance bringing about the organization to amend and improve

its marketing tactics.

ii. Attitude to eco-friendly products – The products created must not produce waste that

will cause environmental damage. The company should also take the opportunity to

adhere with expanding trend of eco-friendly products and implement sustainable

business practices to secure the trust of the stakeholders. Applying these practices and

complying with the environmental regulations will require the organization to prioritize

on promoting eco-friendly disposition of their products.

iii. Environment and Location of Activity – As these cameras were intended to be used on

different terrains, these must be operational on those terrains, more notably seas and

places which experience snow. Intensive assessment of specific environmental

regulations must be done to ensure the safety of diverse resources including those of

species that are already considered rare or endangered.

Legal Factors

i. Data privacy law – Plans must not be divulged to strangers and competitors for fair

business competition. The company should a furnish a secure and safe work

environment for the labor force by following the safety laws regarding the employee

or labor health safety laws. Moreover, comprehensive understanding of the anti-

discrimination law is necessary when emerging human resource systems as inequitable

suits against employer detriment the organizational reputation and impair the

company’s ability to entice and maintain skills.

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 ii. Consumer protection – The users of the products must not be deceived by any

inconsistencies in the specifications, lest the firm may face consequences for it. The

company must also focus on intense analysis of data regulations to be able to protect

consumers’ privacy and security concerns. In addition, there are laws for protecting

consumers from fraudulent market activities, quality standard, and setting maximum

price that must be consider guaranteeing conformance with the law.

iii. Copyright Issues – The product's unique specifications and features must not be

illegally replicated to ensure fair business competition. Failure to safeguard the

intellectual property rights can result to plummeting competitive advantage which may

lead to weakening of the position of the organization against other competitors.

C. Porter’s Five Forces of Competition

Competitive Rivalry

The competition in the digital camera and video industry is high due to the competitive

established players of global presence such as Sony, Canon, etc. The aforementioned companies

have the technological and financial capacity to continuously innovate their products which makes

it difficult for other players to compete. On the other hand, quality point-and-shoot cameras built

into smartphones by Apple, Samsung, and others might as well consider being a rivalry to the

digital camera industry for they are increasingly becoming the choice for casual video users.

Bargaining Power of Suppliers

The bargaining power of suppliers is moderate due to the fact that the supplier for the

digital camera requires expertise in technology and skills. Reliable suppliers are not many in

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numbers so the companies in the digital camera industry should make a wise and good decision in

selecting the supplier. The companies are not very flexible when it comes to changing the supplier

as the consequences of such action can lead to a different scenario in the company’s operations.

As a result of this, the supplier holds the dominant position.

Bargaining Power of Buyers

When it comes to the bargaining power of buyers, it is considered moderate in the digital

camera industry because the number of sellers is limited. Despite the fact that there are numerous

brands in the industry, still the number of buyers is of great number against the number of sellers.

Thus, the buyers still have the option on which to choose from. The benefit that the two parties,

which is the seller and buyer, can get from this win-win situation makes the bargaining power

moderate. Furthermore, buying of digital cameras should be thinking of strong branding and high

level of reliability which is the quality of the camera that most buyers are looking for.

Threat of New Entrants

The threat of new entrants is low due to the fact that it requires great expertise and capital

needed in entering the digital camera industry. Complex technologies, skilled workforce, and

different types of equipment are required in order to manufacture these high-quality cameras. The

action-based digital cameras have an established brand to its customers in which it would be a

major issue for a new entrant to convince the customers to buy it from a new company. The

presence of these barriers makes it difficult for the investors to make the decision in entering the

digital camera industry which keeps the threat of new entrants’ low.

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Threat of Substitutes

The threat of substitutes for the digital camera industry is high due to advancements in

technology. In the current technology, different companies are developing multiple substitutes for

digital cameras. One example of these are cameras in mobile phones such as the ones that Apple,

Samsung, and other companies offering the market. Digital camera industry is amazed of these

quality point-and-shoot cameras built into smartphones by these new rivals that can be a substitute

to their products. For this reason, digital camera industry should always keep up with the current

trend and technology to innovate their products offering the customers the quality and high value

products.

D. Competitive Profile Matrix

Table 3
Competitive Profile Matrix

GoPro Inc Apple Canon

Critical Success Factors Weight Rating Score Rating Score Rating Score
Advertising 0.04 3 0.12 3 0.12 3 0.12
Market Penetration 0.08 2 0.16 4 0.32 4 0.32
Brand Reputation 0.12 3 0.36 4 0.48 4 0.48
Store Locations 0.08 2 0.16 3 0.24 3 0.24
Research & Development 0.12 2 0.24 3 0.36 4 0.48
Employee Dedication 0.06 3 0.18 4 0.24 3 0.18
Financial Profit 0.10 3 0.30 4 0.40 3 0.30
Customer Loyalty 0.07 4 0.28 4 0.28 4 0.28
Market Share 0.10 2 0.20 3 0.30 3 0.30
Product Quality 0.08 4 0.32 4 0.32 4 0.32
Global Expansion 0.07 3 0.21 3 0.21 3 0.21
Price Competitiveness 0.08 2 0.16 4 0.32 3 0.24
Totals 1.00 2.81 3.59 3.47

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 The Competitive Profile Matrix identifies the firms’ major competitors and its particular

strengths and weaknesses in relation to the firm’s strategic position. The critical success factors

includes both the firm internal and external issues. The ratings refer to strength and weaknesses

where 4 = major strength and 1=major weaknesses. The ratings and overall weighted scores of

rival firms are compared to the sample firm which shows a comparative analysis and provides

internal strategic information. In the CPM provided in Table 3, it shows that the two most

important factors to being successful in the industry are the “brand reputation”, and “research and

development” as indicated by weight of 0.12. As shown in table the Apple has the strongest

competitive advantage with a total weighted score of 3.59. Since the Apple is the produces product

like Apples iPhone that is becoming a choice for casual video users as it offers image stability and

even allows for slow motion video production. Canon has a total weighted score of 3.47 due to its

strong brand recognition around the world. To compete with GoPro, Canon developed a product

Canon VIXIA mini. This camera is equipped for film dance routines, recitals, or sports. Gaining

the factor research and development with a rating of 4. Canon are likely to be aggressive in making

products to stay in trend and increase its market position. On the other hand, GoPro has weaken

its spot in research and development with only a rating of 2, although they have strong reputation

they need to focus on their weakness so that they can strengthen their market positioning.

E. External Factor Evaluation Matrix

Table 4
External Factor Evaluation Matrix
Opportunities Weight Rating Weighted Score
1. Brand Recognition 0.10 4 0.4
2. Increase Revenue 0.05 2 0.10
3. Product development 0.15 3 0.45
4. Network marketing 0.13 4 0.52
5. Advancement in product capabilities 0.07 3 0.21

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 Threats Weight Rating Weighted Score
1. High competition level 0.15 4 0.60
2. Not in global market 0.09 3 0.27
3. GoPro only offers one product line which 0.15 4 0.60
is Hero
4. Smartphone are becoming the choice for 0.08 3 0.24
casual video users
5. Regulations of international trade keeps 0.03 2 0.06
changing
Total EFE Score 1.0 3.45

An External Factor Evaluation (EFE) Matrix is a tool used by the strategists to summarize and

evaluate macroeconomic information, as well as competitive information to measure how well the

firms responds to opportunities and threats in the industry. The highest possible weighted score

for the firm is 4.0 and the lowest possible total weighted score is 1.0. The average total weighted

of 4.0 indicates that a form is responding in an outstanding way to existing opportunities and

threats in the industry. On contrary, a total score of 1.0 indicates that the firm’s strategies are not

capitalizing on opportunities or avoiding external threats (David & David, 2017, p. 78). GoPro’s

total weighted EFE score is 3.45 which indicates that a firm’s strategies is responding well to

external market conditions. One of the critical factors that the GoPro have to become successful

in the industry is that they have strong brand recognition in which the consumer trusts the brand.

The EFE Matrix also revealed a major threat for a firm in an increase in competition in which the

rival companies are now producing the same product the GoPro is offering. This will greatly

impact the revenue of the firm as their only income comes from a single product line. The firm

should remain very close attentive to the rend and adjust their strategies to be able to mitigate the

risk and minimize revenue loss.

20 | P a g e
 Chapter IV

Internal Analysis

A. SWOT Analysis

Strength

i. Strong brand – GoPro Inc. managed to build its reputation by investing in making

the product are producing a top-class product and be able to offer best services for

the enjoyment of the consumer.

ii. Good distribution network - Over the years, GoPro built a reliable distribution

network by covering all the areas across the state and have a solid market presence.

iii. Partnership with technology company- The Go Pro Inc. successfully merge and

acquire technology companies to improve its operation (e.g. General Things, Inc.)

iv. Good customer relationship - It has high level of engagement with the customers

encouraging them to upload videos using the GoPro in social media platforms in

which help the company to increase its brand identity in the public.

v. Well established IT System – to ensure the efficiency in internal and external

operation, the GoPro provide an aid where the user can easily control the system of

the GoPro for better experience.

Weaknesses

i. Research and Development - GoPro needs to invest more in research and

development to bring new items with a broader range and variety. Although they

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 spend more than average to improve the accessories, the player in the industry has

more advantage in innovative products compare to GoPro.

ii. Expensive Price - GoPro cameras are more expensive than equivalent cameras.

Although the cameras are of good quality, others supply the same model at a lesser

price. Some clients are fleeing to competitors as a result.

iii. Low focused in investment in new technologies – Given the expansion of GoPro in

different geographies they need to put more money in technology to integrate new

processes and maintain it quality.

iv. High employee turnover rates - In comparison to its competitors, GoPro Inc has a

greater staff turnover rate. This means that more individuals are leaving the

company, and as a result, more money is being spent on training and development

as employees leave and join.

v. Lack of market research – As the GoPro plan to expand internationally, GoPro does

not focus in conducting market research to know the taste and interest of the

customer. As each year, the interest in activities evolves over time.

Opportunities

i. Brand recognition – Consumer has created consumer brand recognition in

achieving 30.40 percent of the camcorder market share boosting it overall revenue.

ii. Increase in Revenue – As the Go Pro has unique quality of being durable that can

be used in extreme outdoor activities, athletes choose their product and services

having a drastic revenue of $363.1 million in 1Q of 2015 to $419.9 million in 2Q

of 2015.

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 iii. Product development – Go Pro has announces that they will plan to sell helicopter

drones equipped with Go Pro cameras which establishes an improvement to their

product line of business and the consumer can buy.

iv. Network marketing- they can take advantage of the rising sports market because

many players and sports telecasters trust the brand. It will make a substantial

contribution to their development.

v. Advancement in product capabilities – The GoPro has improved its editing and

software capabilities in merging with other technology company which creates a

better experience for customers.

Threats

i. High competition level in the industry – in the camera industry there is a high level

of competition as the competitors offers product and services that are similar to the

GoPro. For example, ION America offers the Air Pro and Garmin (GRMN).

Garmin offers the VIRB X and VIRB XE camcorders. This creates a threat if the

buyers decided to shift in buying these products instead. Canon on the other hand

also created a product to compete with GoPro which is the Canon VIXIA mini. This

camcorder allows for hands-free place-and-shoot and self-shooting from many

different positions

ii. Not included in global market – the GoPro current global market share for stand-

alone digital cameras and camcorders is only 7 percent which states that it is not

yet globally incline and known compared to competitors who are well known across

the world.

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 iii. Increase in demand of smartphones - The arrival of new technology on the market

may have an impact on demand. Good quality cellphones can also be used to

replace cameras as it is constructed for image stability and also slow-motion video

production similar to what GoPro Hero provides, posing a severe threat to the

corporation.

iv. One product line – Over the years the GoPro only focused on improving their one

line of product, which includes its accessories, editing, and capabilities factors in

which imposes a threat where the consumer does not have a variety of choices.

Customers tend to be attracted to new technology being created by competitors.

v. Changes in regulation of international trade – as there are continuous changes with

the policies and regulation imposing in trading, the corporate need to adjust and

require compliance so that they could operate globally

B. SWOT Matrix

Table 5
GoPro SWOT Matrix

Strengths Weaknesses

1. Strong brand 1. Research and

2. Partnership with technology Development
company 2. Expensive Price
3. Good customer relationship 3. Low focused on
4. Well established IT System investment in new
5. Good distribution network technologies
4. High employee
turnover rates
5. Lack of market
research

24 | P a g e
 Opportunities SO Strategies WO Strategies

1. Brand recognition
2. Increase in Revenue • Take advantage of the good • To reduce turnover
3. Product improvement reputation and advancement and boost work
4. Network marketing in product to attract more morale, increase
5. Advancement in consumers. (S1, O1, O4, payrolls, and offer
product capabilities O5) incentive packages
and benefits to
• Use the opportunity of employees. Because
expenses are now low,
having a partnership with a
this may be feasible.
technology company to
(O2, W4)
improve products. (S2, O3)
• Use the advancement
in products to lessen
the price (W2, O5)

Threats ST Strategies WT Strategies

1. High competition level • To reach out to customers • Increase research and

in the industry and fend off new entries development
2. One product line into the market, build a investment to help
3. Not included in global strong distribution network GoPro Inc compete
market and maintained good more effectively.
4. Increase in demand of customer relationship. (S3, (W1,W3, W5, T2,
smartphones S5, T1) T3)
5. Changes in regulation
of international trade • Use established IT system • To keep people, offer
to develop more product incentives, improve
lines and maintained its engagement, or create
product quality (S4, T2,T4) a better work
environment. This
will prevent
employees from
defecting to a
competition. (W4,
T1)

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 C. Internal Factor Evaluation Matrix

Table 6
Internal Factor Evaluation Matrix
Strength Weight Rating Weighted
Score
1. Strong brand reputation 0.12 4 0.48
2. GoPro built a reliable distribution network 0.10 3 0.30
3. The GoPro Inc. successfully merge and acquire 0.12 3 0.36
technology companies to improve its operation
4. It has high level of engagement with the customers 0.08 4 0.32
5. Well established IT System 0.09 3 0.27
Weakness Weight Rating Weighted
Score
1. Lack of allocated budget in Research and Development 0.15 2 0.30
2. Expensive Price 0.06 1 0.06
3. Low focused in investment in new technologies 0.12 2 0.24
4. Lack of market research 0.04 1 0.04
5. High employee turnover rates 0.12 2 0.24
Total IFE Score 1.0 2.61

The Internal Factor Evaluation (IFE) matrix is a tool used to summarize and evaluate the firm’s

major strengths and weaknesses in the functional areas of business and provide a basis for

identifying and evaluating relationships among those business areas. Total weight scores well

below 2.5 characterize that firms are weak internally. On the other hand, scores significantly above

2.5 indicate a stronger internal position (David & David, 2017, p. 117). GoPro’s total weighted

IFE score is 2.61, which shows a strong internal position. In the matrix, it shows that the two most

important factor in the camera industry is high product value perception by the customer and

market positioning. The matrix reveals that the major weaknesses in the areas of low market

penetration and low focused on investing in new technology where it leads to the firm being left

behind in the trend. The matrix provides valuable data that allows GoPro to formulate strategies

to improve its market positioning as well as increase its revenue.

26 | P a g e
 D. Internal External Matrix

Figure 2
Internal External Matrix

Grow &
Build

In determining the SWOT analysis of the company and conducting the matrix needed to weigh

and measure the factors included, the Internal External (IE) Matrix tells that the GoPro company

should grow and build its position in the industry. The company should pursue strategies focusing

on developing and increasing its market penetration as well as product development. From the

operational perspective, GoPro must grow its market diversification and develop new technologies

other than the current product line they have. There are great opportunities ahead that the company

can use to further improve the services they offer.

27 | P a g e
 Chapter V

Financial Analysis

A. Financial Ratio Analysis

A.1. Liquidity Ratios

The current ratio assesses a company's capacity to cover short-term liabilities with existing assets.

From 2013 to 2014, the GoPro current ratio has been increasing. GoPro quick ratio, which

measures the company's liquid assets, has been improving for the past two years.

Figure 3
Liquidity Ratios from 2013-2014

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 A.2. Asset Utilization Ratios

In the area of asset utilization ratios, inventory turnover shows a downward trend from 2013 to

2014, as the percentage fell in 2014. They sold their product far faster in 2013 than they did in

2014. Accounts receivable turnover is also on the decline, falling from 8.036-7.58. In 2014 and

2013, total assets turnover showed a negative trend, indicating that the corporation is leveraging

its assets to create income.

Figure 4
Asset Utilization Ratios from 2013-2014

A.3. Debt Management Ratios

This metric evaluates the company's debt-to-equity ratio, which is utilized to fund the company's

operations. GoPro's debt ratio is on the decline, indicating that the company's financial load is

growing.

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Figure 5
Debt Management Ratios

A.4. Profitability ratio

Over the last two years, GoPro's gross and operating margins have increased. The net profit margin

is in the black. The return on assets has also improved, rising from 13.08 percent to 13.78 percent.

Return on equity is increasing, which suggests that more investors are putting money into GoPro

in the hopes of making money. During 2013-2014, return on equity (ROE) increased from -

1128.92 percent to 19.98 percent, indicating a positive trend.

30 | P a g e
Figure 6
Profitability ratios

A.5. Market Value Ratio

The price-to-earnings ratio increases from $0.47 to $0.92, indicating that the market is willing to

pay more for GoPro stock in 2014, with investors paying $0.92 for every dollar made. The price

to cash flow ratio significantly reduced from 44.53 to 37.91 from 2013 to 2014. GoPro market

price to book value ratio is trending in a neutral direction.

31 | P a g e
 B. Vertical Analysis

Table 7
Vertical Analysis of Balance Sheet

Balance Sheet (in millions)

Report Date 31-Dec-14 Percentage 31-Dec-13 Percentage % Change

Assets
Cash and equivalents $422 46.0 % $101 23.0 % 23.01 %
Accounts receivable 184 20.0 % 123 28.0 % -7.91 %
Inventories 153 16.7 % 112 25.5 % -8.79 %
Other current assets 64 7.0 % 22 5.0 % 1.97 %
Total current assets 823 89.7 % 358 81.4 % 8.29 %

Property, plant &

42 32
equipment 4.6 % 7.3 % -2.70 %
Goodwill & intangibles 17 1.9 % 17 3.9 % -2.01 %
Other assets 36 3.9 % 33 7.5 % -3.58 %
Total assets 918 100 % 440 100 %

Liabilities
Short-term debt 0 0.0 % 60 13.6 % -13.64 %
Accounts payable 126 13.7 % 127 28.9 % -15.14 %
Other current liabilities 133 14.5 % 114 25.9 % -11.42 %
Total current liabilities 259 28.2 % 301 68.4 % -40.20 %

Long-term debt 0 0.0 % 53 12.0 % -12.05 %

Other liabilities 18 2.0 % 14 3.2 % -1.22 %
Total liabilities 277 30.2 % 368 83.6 % -53.46 %

Common stock 533 58.1 % 15 3.4 % 54.65 %

Retained earnings 108 11.8 % -20 -4.5 % 16.31 %
Convertible stock 77 8.4 % 8.39 %
Paid in capital and other
Total equity 641 69.8 % 72 16.4 % 53.46 %
Total liabilities & equity 918 100 % 440 100 %

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Table 8
Vertical Analysis of Income Statement
Income Statement (in millions)
Report Date 31-Dec-14 Percentage 31-Dec-13 Percentage % Change

Revenues $1,394 100 % $986 100 %

Cost of revenue 767 55.02 % 624 63.29 % -8.26 %
Gross profit 627 44.98 % 362 36.71 % 8.26 %
Operating expenses 440 31.56 % 263 26.67 % 4.89 %
Operating Income 187 13.41 % 99 10.04 % 3.37 %
Other expense 6 0.43 % 7 0.71 % -0.28 %
EBT 181 12.98 % 92 9.33 % 3.65 %
Tax 53 3.80 % 31 3.14 % 0.66 %
Net income 128 9.18 % 61 6.19 % 3.00 %

Due to the company’s move for market expansion, it experienced some significant growth, evident

in the change of percentage on every account listed. As shown in the income statement, the cost

of sales significantly lowered in percentage, which may indicate that the firm manages to attain

economies of scale, which coincides with the surge of product shipments during 2014. However,

it also saw an increase in operating expenses due to the said expansion, which were incurred to

realize the increased outputs of the firm. On the topic of the balance sheet, the overall assets should

increase to coincide with the firm’s expansion efforts. The variances indicate the change in the

asset composition, where most of the assets seemed to have shifted to cash, possibly due to

increased sales during the year. On the other parts of the balance sheet, generally positive changes

to the firm’s equity indicated the growth the firm underwent. Notably, the common stock by

amount drastically increased, reaching more than 30 times its amount in the previous year. In

conclusion, the growth was due to increased market activity, stemming from the increase in

demand due to the growth of its target customer industries.

33 | P a g e
 Chapter VI

Strategy Recommendation

A. Alternative Course of Action

ACA.1-Product Innovation

For GoPro Inc. to be competitive in the market, the company should focus and invest more

on the Research & Development (R&D). The fact that GoPro is only offering a single product and

that other players in the same market is now working on producing the same is a big threat to the

company. Following the rapid development and growth in the technology the features of GoPro's

product should also align with the trend and technology thus continuously innovate its products.

GoPro has announced that they will release a drone, this will be an opportunity to answer the need

within the construction industry as “The construction industry has emerged as a key driver of the

nascent commercial drone industry, which some analysts believe will top $5 billion by 2020”

(Dillow, 2016).According to several research, entering the drone market is indeed a great deal due

to the reason that the money in that industry is flowing. Sales of drones is expected to climb up in

the future as the product can be used in different scenarios and more advanced capabilities which

is very compatible with the GoPro's product, Hero. Other than this, this strategy also aims in

gaining new market segment which will increase the firm’s revenue. This also accomplished by

expanding the choice of product and services, in which it offers to answer the needs of other

industries other than sports such as medical and law enforcement. This will establish a new identity

to the brand, in which it can be now used for documenting important details. In doing so, the users

can now have a choice other than HERO line product created for sports, and users can continue to

patronize GoPro without shifting to another brand.

34 | P a g e
ACA.2-International Expansion

Market penetration refers to the objective “to induce existing buyers to buy more” or it can

also be directed to non-users with the objective “to attract more buyers into patronizing the product

being offered”. GoPro has an advantage over competitors for being” a niche player for outdoor

enthusiasts only´ due to its characteristics of being able to handle harsh environments. GoPro

currently operates in the Americas, Europe, Middle East, Africa, and the Asia Pacific; however,

according to the reports being released the Asia Pacific segment is weak. It generates $106 million

in 2013 and $133 million in 2014 compared to the American segment which generates $557

million in 2013 and $890 million in 2014 which states that there are more focused on one

geography. By establishing further retail outlets and making advertisements featuring and targeting

Asian culture to be able to penetrate the Asia Pacific market, GoPro can compete geographically

with their nearby competitors such as Sony, Canon, and Nikon. Using the market penetration will

allow GoPro to promote the brand in Asia that has been accepted and trusted within the industry.

This will help to widen the market audience and contribute to increasing the sales rather than

focusing on one geographical location and to its local competition.

ACA.3 - Focus on increasing retail distributors

GoPro’s largest retailer distributor is Best Buy which contributes for about 19 % of their annual

revenue, therefore if the firms sought to increase revenue, they need to gain larger retailers such

as Walmart, Target, and Amazon which is considered as large distributors across the globe to

primarily sell their product. In doing so, they could reach a larger audience, who will patronize

their product. Amazon has accounted for 60% of US online sales growth in 2015, therefore it

would be a great opportunity for GoPro to engage with these retailers to further improve not only

35 | P a g e
their sales but also their network. These platforms will also help to expand the business

internationally as numerous people across the globe are using this to purchase products.

B. Alternative Course of Action Matrix

Table 9
Alternative Course of Action Matrix

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 Chapter VII. Financial Projection

Table 10
GoPro Financial Projection

37 | P a g e
The firm saw an abrupt decrease in net income between 2014 and 2015, owing to the relatively

high operating expenses and cost of sales. This could prove detrimental to the firm should it not

be immediately addressed. A good way to lessen the effects of these expenses would be creating

new products that may provide value to the brand as a whole. As part of the firm's expansionary

policies, there may be a significant increase in research-related expenses. Though this would in

turn increase the operating expenses by figures, the value of the new products it will yield is

forecasted to be exceeding those of the costs, greatly increasing its revenue, and allowing the firm

to obtain increased net income as a result compared to earlier years. This trend would continue for

the following years, which will shift the sales percentages around, gradually increasing revenues

and decrease expenses percentage-wise.

38 | P a g e
 Chapter VIII

Recommendation and Action Plan

RECOMMENDATION

Based on the decision matrix in the previous chapter that is conducted by the case study

researchers, the results have shown 3 alternative courses of action (ACA). GoPro having a single

main product offered in the market, despite the fact that it does not have a rival offering the same

product, highly competitive brands such as Sony, Samsung, Canon, and others are still threat to

the company as well as the emerging smartphone brands with built-in point-and-shoot cameras.

The fact that the company’s only source of revenue is the sales earned from its sole product, GoPro

HERO, as time goes by it could experience loss as a built-in camera on phones is surfacing in the

market which is highly favorable in the point of view of customers. The research and development

team should be competitive and updated with the trends in the market in order for the company to

be able to maintain its established identity in the industry. The company should plan and strategize

ways on how to compete with these established competitors in the industry.

In conclusion, for GoPro Inc. to preserve competitiveness in the industry the researchers

suggest that the company should put more attention in research and development, international

expansion, and product innovation. First, by focusing on research and development the company

is able to continuously innovate their product where it is suitable to be introduced into new market

segments such as medical and law enforcement since most of the users of GoPro HERO are those

in the field of action and extreme sports. Next, is by expanding the target market internationally

mainly focusing on Asia Pacific Region as the study shows that their sales into this region are

weak. Lastly, the firm should consider establishing a partnership with retail distributors such as

39 | P a g e
Amazon, Target, and Walmart as it would help to further increase the range of their audience. This

would help them maintain the loyalty of their customers by trusting their high-quality and durable

products. By doing the recommendations, the company is guaranteed success in its operations and

achieves the best results that meet the objectives and goals of the entity.

ACTION PLAN

A. The CEO Nick Woodman, management, and Research and Development team should

make a strategic plan on creating or introducing a new product to offer in the market.

This will include:

1. Focus and invest in R&D, wherein the company will align their products to the

trend.

2. Market research in regard to diversifying new product segments such as medical

and law enforcement.

3. Innovate the firm products line that is suitable to the need of the customers. Also,

meet their satisfaction and expectations thus patronization of customers will be

obtained.

4. Released and introduced the newly innovated product to the market.

5. Promote the innovative product through advertising.

B. The CEO Nick Woodman, as well as Senior VP of Operations and Chief Operating

officer, should strategize and deliberate about expanding internationally the retail outlets

of the company. This will include:

40 | P a g e
 1. Assess the geographical area in the Asia Pacific region in order to see the

competition within in area and to see if the firm can have an advantage in

establishing the retail outlets.

2. Identify potential partner companies who are familiar with the area to be able to

successfully penetrate the target market.

3. Negotiate regarding the following provisions and laws that need to be followed in

establishing stores to avoid any risks.

4. Establish the retail stores.

Table 11
GoPro Proposed 3 Year plan

41 | P a g e
 Chapter IX

Strategy Map and Balanced Scorecard

Figure 7
GoPro Inc. Strategy Map
Financial perspective
Growth Strategy
(value)

Expand
revenue Increase Sales
opportunities

Customer perspective
(user)
Customer value proposition

Increase Increase
customer base market share

Internal perspective
(operational
excellence)

Increase
product
Portfolio

Growth perspective
(future orientation)

Innovation
Training

42 | P a g e
Table 12
GoPro Balanced Scorecard
Objectives Measures Targets
Financial Perspective Expand revenue Revenue growth rate Increase of 8% every
opportunities year from 2nd quarter
of 2015
Increase Sales Sales growth rate Increase by 15% by
2016
Customer Perspective Increase customer Conduct customer Get a high score in
base surveys customer satisfaction

Increase market Market change Increase the market

share percentage by 5% of GoPro

Internal Business Increase company Number of new Offer new innovative

Practices product portfolio innovative products products to the
market by 3rd quarter
of 2016

Focus on innovation Employee To increase

training assessment employees’
Learning and Growth capabilities in
performing their role

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 References

10-K Form. (n.d.). Retrieved June 4, 2021, from https://s21.q4cdn.com/291350743/files/

doc_ financials/2015/GoPro_-_2015_Annual_Report.pdf

CODE OF BUSINESS CONDUCT AND ETHICS. (n.d.). GoPro Official Website.

Retrieved June 10, 2021, from https://s21.q4cdn.com/291350743/files/doc_downloads/

governance/2016/GoPro_Code_Of_Conduct_FINAL_20161026.pdf

David, F. R., & David, F. R. (n.d.). Strategic management: A competitive advantage

approach (16th ed.). PEARSON

Thompson, C. (2015, May 14). Here's where the real money is in drones. CNBC.

https://www.cnbc.com/2015/05/13/heres-where-the-real-money-is-in-drones.html.

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