Emotiv should keep convincing major console makers to endorse its technology because they have knowledge and market share that would lead to profitability. Introducing technology require meeting demand and customer needs. At the moment, the consoles are successful in business, with substantial market share control, profit margin, and ideal market prices. Therefore, Emotiv seeks to gain more through the console than through PC. Still, the console such as PS3 understand the product's features that would appeal to consumers and the best way to market such that buyers can experience how the product. Console makers know the best way to get products to become household's necessities and association with such could boost its validity and sales through brand awareness that console makers such as PS3 continue to enjoy.
If Console makers such as PS3 agrees to Emotiv request, they have to integrate internet marketing that allows direct contact with consumers. Through the internet, companies can frequently engage with consumers with the ability to respond to queries through social media and emails. It also allows the entity to embrace mobility to operate remotely and avoid the risks of miscommunication with customers. As a technological innovation, buyers must know they can get real-time feedback and access to websites. Additionally, it allows promotion by co-branding with the consoles, using ads and blogs to create the necessary traffic to websites and curiosity to learn about the product frequenting the market. For instance, famous game players can be used and requested to share their experience on known online platforms, which increases the curiosity of consumers to learn more about the product.
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Also, competition-based pricing would be ideal considering that the consoles are a brand with their competitive prices. As such, they can evaluate the prices of high -share competitors such as PS3 and come up with the price that matches market and product high-quality value. The strategy also gives Emotiv an option to set prices below or par with the competitors while engaging in differentiation through marketing. Still, it is ideal to consider the cost of making the product, retailer margin, console royalty, and profit margin for effective pricing.
If the OPEC was PC enabled, it would mean a unique selling point, profit margin with access to a wide range of online based users and gamers. PC gaming is also less concentrated but tends to be the platform of choice for hardcore gamers. This can benefit Emotiv to penetrate to buyers who won’t hesitate to purchase products as hardcore players who buy based on association with a platform they trust. Additionally, for purchasers who know little about Emotiv, EPOC packaging allows them to familiarize themselves with a product.
Guitar hero analogy is fundamental because it shares similarities with the Emotiv situation. It changed the gaming experience as developed by Harmonix and is still improving the gaming experience as an accessory related game. Additionally, it is also compatible with various consoles such as Xbox, PS3, and Wii. Hence, Emotiv should thrive for the same compatibility in the future.
Medical, military and lifestyle non-gaming applications of Emotiv technology seems idealistic alternatives to gaming. Health provides a sector with numerous consumer and endless management difficulties. Emotiv can assist in self-help healthcare management for issues such as paraplegia and mental health disorders management. Also, the military needs the control of weapons operated systems for efficiency and ease of communication in the field. Still, through entertainment systems, they can be programmed to respond to human detection allowing ease of control of home appliances.
In the long run, BCI technology is an idealistic vision that could be integrated into various fields. In the future, most jobs could require technology, which means economies of scale and market share. For instance, if integrated into factories, technology will influence the monitoring of most workers' mental health for adjustments to improve working conditions.
