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Transcript of OCULUS RIFT
Desirability & Demand
Using PEST analysis we can;
Assess relevant environment surrounding the Oculus Rift
Assess decision-making and the Oculus Rift's potential and development
The two major factors using PEST;
What is the Oculus Rift?
Virtual reality head-mounted system
Makes portable virtual reality - a reality
Developed by Oculus VR (vitual reality) a Californian based technology company
Launched its prototype in 2012 through a Kickstarter campaign that raised over $2.4mil to create an immersive gaming experience
Purchased by Facebook in 2014 for over $2bil
Developing a broader consumer product to revolutionize the way interactive content is viewed
Diffusion of Innovation?
Oculus Rift Developers Kit 2 - not yet a consumer product
Boom in advancement of technology
Ability to mimic experiences which create opportunities to practice and learn
Creating value through technological advancements into an untapped dimension, allowing greater possibilities for the consumer
WE THINK SO!
The current team at Oculus Rift consists over 50 employees in the Californian head office.
Diffusion of Innovation?
'Intrepid developers are receiving Oculus Rift Dev Kit 2, ..But it's still meant for early adopters and is not yet a consumer product.'
-Matt Swider, TechRadar
A Viable Project?
Success dependent on the way Oculus Rift is marketed
The next geek gamer toy?
Or widespread consumer product - the next product you didn't know you needed
Potential to create a new market
Potential to pioneer a new market and create a need we did not yet know we had
Value to entertainment industry
Gaming, movies, virtual tourism, education, treatment of psychological disorders
Increased efficiency of functions within everyday life
Target Market Attractiveness
Current state of marketing
Porter's 5 Forces
We have identified 3 key market segments;
Currently solely targeted towards gamers and developers
Main strategy online marketing and conventions such as comic con
Limits exposure to current enthusiasts
Broader consumer product proposed launch 2015
Vast resources now available from Facebook buyout
Over $2.4million raised on Kickstarter to develop product - indicative of a strong interest for initial sales
Facebook buyout - means backed by one of the world's technology giants
The nature of product and outsourced software predicts a low percentage of recurring income - a challenge to overcome to provide sustainable sales and revenue
Compatibility greater than emerging competitors
Affordable for the technology
Slim target market & enthusiasts
Outsourcing software reduces potential revenue
Commercial product marketing
Potential for expansion into educational, medicinal, virtual tourism markets
No commercial products on the market
Already seeing competing products developed
Negative associations around the widespread use of virtual reality