Retail store selling hearing aide to individuals with audio deficiencies.Industry hearing aide Free Essay Example, 1000 words

The OTC amplifiers are part of a fragmented market where there is less follow up and fitting support provided to the customers. The value of the market of OTC amplifiers is USD 50 million. Business Concept The business concept is for setting up a retail store that will sell different types of hearing aids for both the individual and institutional customers. The market for medium priced hearing aids seems to be a saturated market which is dominated by exiting players. Market gap is identified in the segment of niche hearing aid products. The number of companies operating in the niche segment of hearing aid products is less. Therefore, the company will launch innovative hearing aids with new features that would make the products different from the existing products in this market (Baker and Greasly, 2009). The business would be aimed at the high end segment of the market. Competitive Edge The products would be hearing aids and machines that are very small in size and packed with high end features. The small size of the hearing aids would act as a unique selling proposition for the hearing aids because the users of the hearing machines are often concerned about the visibility of the machines. We will write a custom essay sample on Retail store selling hearing aide to individuals with audio deficiencies.Industry : hearing aide or any topic specifically for you Only $17.96 $11.86/pageorder now The small size of the hearing aids would help the users to use them without being noticed easily. This would also prevent the customers feeling conscious about their audio deficiencies. The innovative features, the aesthetic and cosmetic oriented features are likely to act as competitive advantages for the business. ‘ Strengths The location of the hearing aids store would be strength of the business. The hearing aids would be sold in a retail store set up in a prime location where the visibility of the store would be high. Also, the location would be chosen such that the connectivity with other places is good. This will lead to more customers of this segment coming to the stores due to the high visibility and accessibility. Initially the products would be sold only in the retail store of the company. The retail store would stock the hearing aids and display them in an attractive manner so that some models can be seen by people from outside through the glass displays. Weaknesses The hearing aids are aimed at targeting the premium group of customers in the hearing aids market. One of the weaknesses of the business is that the selected segment is a comparatively narrow segment. However, the sale of products in this segment is expected to be high because of the added features and aesthetic properties of the new hearing aids.