A Summary On The Tattoo - 1498 Words

SUMMARY The Tattoo is a product with few direct competitors, but many indirect and invisible competitors. The direct competitors, such as smartwatches or the FitBit, have similar features and functions to the Tattoo. Indirect competitors, or substitutes, are seen in the form of health and fitness mobile apps. Invisible competitors the Tattoo has are large firms and bootleggers that make like-devices to compete with the Tattoo. The bargaining power of these competitors is moderate. The Tattoo faces minimal threat of new entrants because of the Tattoo’s patented technology. This makes the possibility of smaller firms being direct threats to our product low because the barriers to entry are high. However, there are various ways to break into the health and fitness industry through substitutes, thus, the bargaining power of indirect competitors is moderate. Many of our competitors utilize similar electronic chips, which means that our suppliers need to adhere to high quality produ ction or service. Therefore, their bargaining power is low. However, specialty chips with patents make certain manufacturer’s bargaining power high. Being that the Tattoo is unique, but also has many similar competitors, the customer’s bargaining power is also moderate. COMPETITION Currently the market for the Tattoo includes direct, indirect and invisible competitors. Multiple companies provide devices that contain similar features as the Tattoo. Currently, wearable technology is a new trendShow MoreRelatedAnalysis Of Hamlet And An Argumentative Essay892 Words   |  4 PagesEnglish 112 involved writing a large variety of literary pieces focusing on multiple components of writing. I wrote a multigenre on tattoos, literary analysis on Hamlet, and an argumentative essay as well as a summary and response essay on the need for higher education. 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