B. Mission Statement
Our mission is to make communication between different languages effortless and
attainable. Evolve Earbuds will translate languages in real time as it is being
spoken, eliminating language barriers between people in the business sector,
along with avid travelers. Evolve Earbuds will cut out the awkward moments that
occur while you type out and pass a cellphone back and forth to make
conversation. Our goal is to bring people together, through travel or business,
. without the added stress of a language barrier
C. Strategy
Products and Services
Our product, Evolve Earbuds, will translate languages in real time as it is being
spoken. They are wireless, reducing all those bulky cords, while also being able to
connect to your device through bluetooth, making them double as average
.standard earbuds
Target Market
Our target market will be business professionals between the ages of 23-50
Although the average age of business travelers is 45, this age is dropping due to
the amount of millennials that are traveling more (Trodent.com, 2020). Business
professionals will not be the only target, we will also capture the average
travelers. Again, millennials are traveling more now than ever, with those
numbers only climbing. All of our competitors will be targeting the same market,
but our product is superior. With more language translation options than our
competitors and a price point that is slightly lower, we have a more attractive
overall product. The main competition in the market is Google Pixel Buds, Pilot
Smart Ear Buds and V Best Life wireless earbuds. These companies hold a
. majority of the market share at this time
Basis for differentiation and competitive advantage
At this time, the translating earbud market is very young. Waverly Labs created
the first product, the Pilot translating earpiece in 2016. At this time, their product
has just started shipping to early investors that bought products through an
Indiegogo campaign. To date, the company has shipped 27,000 products with
thousands of orders remaining to ship (Hartmans, 2018). This is one company in
the market with exceptional growth projections. Over the last four years this
technology has advanced considerably and is gaining the attention of consumer
worldwide. "In its 2018 annual trends report, the Ericsson Consumer Lab
unveiled that 63% of the surveyed consumers said they would like "earbuds that
can translate in real time" (2Mlanguageservices, 2018). According to Trodent.com
"Americans make more than 405 million long-distance business trips per year.
This means about 1.1 million people are traveling for business every day in the
U.s" (Trodent.com, 2020). While the main three companies have a four-year head
start, we still believe our product will capture a good percentage of the market.
As the world recovers from the current Covid-19 pandemic travel will increase
again, and as travel increases, more people will be in need of translating earbuds.
. At this time, this business is feasible, with amazing growth potential
References:
Hartmans, A. (2018, March 09). These sleek $250 earbuds can translate languages in real tim