How the Location Based Services Help Companies to Market a New Product
The ever-growing markets for Location based services (LBS) greatly influence the business industry by increasing competition in the market (Porter & Heppelmann, 2015). Due to the technological advancements that are on the rise, it is estimated that the sector will realize a massive increase of applications with greater features apart from the presently known Global Positioning System (GPS) (Deodato, 2015). Since the society has adopted the use of high-speed Internet connectivity on mobile devices, it is easier to track and deploy solutions. This process has been enhanced by the innovations providing analysis capabilities.
The major challenge in the market today is the level of penetration new applications receive when entering a market for the first time. This study will analyze the possible measures that organizations can adopt to ensure that the LBS can be utilized to succeed in the market (Feng, Sun, Sohal & Wang, 2014).
This study will analyze how organizations can utilize the location based services to market a new product. Through the use LBS, companies can increase their customer base by creating awareness, providing information about certain services, tracking customers, and enhancing government initiatives (Oakey, Groen, Cook & Van, 2013).
Secondary research techniques are ideal for this study to enable the researcher to estimate and forecast probable mechanism since technology is ever-changing (Lan & Toubia, 2015). The study will divide the market into several segments and sub-segments will be verified through primary research by conducting interviews with professionals in the field of computer science and marketing to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments.
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