MARKET ANALYSIS 2 Running Head: MARKET ANALYSIS 1 Market Analysis Market Analysis

MARKET ANALYSIS 2
Running Head: MARKET ANALYSIS 1
Market Analysis
Market Analysis
Introduction
Market analysis reviews how a particular product is booming and its impacts on the market. Market analysis lets us know the risks, threats, opportunities, and problems a product encounters in its market. This paper will discuss the modern hidden cameras in the industry of technology. Telus is the company of discussion, and I will cover the competitors the company faces in its product. I will review the product focusing on my marketing plan. Direct and indirect competitors, potential buyers in terms of demographics and psychographics, significant problems and opportunities, and target market profile for the new marketing plan will also be discussed.
Industry/Company Review
Hidden cameras are in the industry of technology in terms of security technology. The sector has expanded due to the growth in technology and miniaturization of camera devices which can be placed on corners that are hard to recognize (Mammoth Security Inc, 2017). Many companies are competing to produce the best closed-circuit television cameras in the market with precise resolution (Telus, 2021). They can record security feeds at any time and store them for future use. This industry can be the best in today’s world since everyone needs security and property protection. CCTVs are installed in almost all places and hence enhance the growth of the Security Technology industry.
Product Review
CCTV cameras are non-portable cameras installed in homes, business places, schools, and gates of some institutions, to help the management of the particular organization monitor any incoming visitors or even theft in the company. The cameras are connected directly to the recording machines to ensure the feeds are no broadcast over public airwaves. This is the main concept that led to the name Closed Circuit Television. CCTV was developed in 1942, and years after that, they have undergone some improvements. The cameras could only give live footage. The changes made it the ultimate security technology since people could record security feeds for future use.
Competitive Analysis
There are essential direct and indirect competitors in the Closed Circuit Television market today. Many of the companies developing CCTV cameras are inventing new technologies and making the industry up-to-date. Some of the companies that are in great competition with Telus are; Brickhouse Security, TeleEye, Cediss, and Eureka Technical Services. Security companies have also trained their personnel and handed them security tools to ensure safety in the stipulated organizations (Telus, 2021). This is a significant competitor in the security industry. The battle of determining who is the best will eventually yield great results since none will accept defeat. The advancement of phone cameras is also considered competition to CCTV cameras.
Consumer Analysis
There are potential buyers of hidden CCTV cameras. The big and highly secured organizations whose data and information are vital cannot risk them being stolen or falling into the hands of terrorists or fellow competitors. Government facilities, banks, hospitals, companies, schools, and households are some of the places that are sure to have these cameras installed on their premises (Norris and Armstrong, 2020). Government facilities are mostly the first to employ new technologies when they arrive in the market. This assures the citizens of the particular country that their privacy is well taken care of.
Problems and Opportunities
Hidden cameras can also face problems. With the growth of technology, hackers can still penetrate security systems and alter them for the sake of helping in stealing information and data. Though some can be hacking for fun, the vulnerability in the system can cause a lot of damage in any given organization. Information landing in the hands of the wrong people can destroy a company. When a competitor knows the secret weapon of its opponent, the attacked company will face a drop in its sales and profit (Noormizan, 2020). With this problem comes an employment opportunity for software engineers or hackers into the security industry. There is also the opportunity to advance the security systems further to eliminate any vulnerability and make productions safe.
The new marketing plan enables potential buyers to realize how important it is to keep their data and information safe. The marketing plan will raise the income received by the security firms. Banks and government facilities are the primary target markets (Girton, 2018). This market is relevant to CCTV cameras and strong since these organizations deal with delicate things. The government has to keep its secrets and monitor any terrorist activities in their area, hence the new technology of hidden CCTVs in their respective buildings. Banks are like the second government. Every nation cannot run without funds. Providing security feeds for any abnormal behaviors in the bank can help resolve robbery cases and make sure the participants are recognized and dealt with. Banks are a high target for criminals, and hence CCTV cameras are a necessity to them.
Conclusion
In conclusion, the new technology in Closed Circuit Televisions has helped many organizations secure their facilities from theft or even unethical behaviors, which have to be eliminated to make a company blossom in its production. The market analysis has helped me know the particular areas of great concern in the security industry. Telus as an organization is obliged to finding other technological advances in their product to keep the competitors far behind them.
References
Girton, C. (2018). Creating a marketing plan with a marketing team of one.
Mammoth Security Inc. (2017). What is A CCTV? Retrieved July 18, 2021, from

What is a CCTV?


Norris, C., & Armstrong, G. (2020). The maximum surveillance society: The rise of CCTV.
Routledge.
Noormizan, N. L. N. (2020). PowerEye CCTV-IY Enterprises.
Telus. (2021). Outdoor wi-fi security camera – smarthome security. Retrieved July 18, 2021,
from https://www.telus.com/en/smarthome-security/security-system-products/security-outdoor-camera