Techsonic Essay

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Techsonic Industries, Inc.: Humminbird New Products Problem: Techsonic is requires help to decide which products to invest in for the company’s future long term planning. These products will be introduced at the upcoming trade show where Techsonic typically likes to unveil their new products each year to excite and engage potential customers of their products that will be coming to market. There are three products that Techsonic is considering, VHF radio, a navigation device (two new products for Techsonic) and a new depth sounder (an extension or modification to its current productions.). I have done individual SWOT analysis for each product to better understand the products characteristics better. (SWOT) New Depth Sounder (The…show more content…
| Opportunities: * Potential for new product for Techsonic * Market growth by replacing old unit with new VHF radios * Opportunity to enter by satisfying dissatisfied customers | Threats: * Supply change (may refuse to carry the product) * Technology from Satellite radio * Competitors with similar products | (SWOT) GPS Strengths: * High level of accuracy in location of boats * High growth potential for market share * Signal less susceptible to interference or weather problems * High profit margin * Techsonic would have exclusive right to manufacture and market all STel’s GPS products * Margins would be great for dealers | Weaknesses: * Entry price may be too high * Market fragmented * Awareness of the GPS and how it works is very low * Investment is high ($1,000,000) which means a higher risk and loss | Opportunities: * Potential for new product * Joint Venture with other GPS manufacturers | Threats: * Competitors with similar products | Critical Issues * Techsonic needs to address its representation with its retailers or supply chain. If they do not address their supplier chain it will be hard to get any old or new product into the market. * Techsonic has a lack of expertise in the VHF Radio market and therefore needs a plan to address the lack of expertise in VHF Radio system Alternatives Marine Satellite Radio | Pros | Cons | | Techsonic could pursue marine satellite radio which is a more up to

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