Report: Smart Speaker Industry Life Cycle and Company Strategies

This report provides an analysis of the smart speaker industry, focusing on its current stage in the product life cycle, which is identified as the introduction or product development stage. The report highlights the investments made by major players like Apple, Google, Amazon, and Microsoft. It discusses the industry's compound annual growth rate and the increasing digitalization of various aspects of life. The report then offers recommendations for companies to address challenges, including pricing strategies, customer relationship management, and the importance of value-added services. The analysis emphasizes the need for strategic planning and customer-centric approaches to navigate the industry's early stages effectively. The report references several academic sources to support its findings and recommendations.

Running head: THE SMART SPEAKER INDUSTRY
The Smart Speaker Industry and its players
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1THE SMART SPEAKER INDUSTRY
Table of Contents
The explanation of the industry life cycle stages of smart speaker.................................................2
Recommendations for companies Apple, Google, Amazon or Microsoft for dealing with the
challenges........................................................................................................................................2
Reference.........................................................................................................................................4

2THE SMART SPEAKER INDUSTRY
The explanation of the industry life cycle stages of smart speaker
The smart speaker is in the product development stage or part of introduction stage of the
industry. The giant competitors of this industry are investing in the smart speaker of the
company. As a product goes through different stages from the beginning of the making a
prototype to the decline from the consumers, it goes through different phases. This product is
growing at a compound annual growth rate of 11% (Moffat et al. 2017). After generating and
brainstorming the idea of an industry lifecycle the product development starts. After the product
is developed, it is exposed in the market for gauging the consumer’s attitude towards it . With the
growth of digital economy, every aspect of life is being digitalized. The digital giants of the
industry like Google, Microsoft, Amazon and Apple have already started investing and have
developed applications and devices in the product range (cbc.ca 2017). The strategic analysts of
the industry say that the evolution of using voices has not yet gained full exposure and
recognition in the market. Therefore, the product has not yet reached the growth stage in the
market. Thus, it is safe to say that the product is in stage of introduction as well as development
in the market.
Recommendations for companies Apple, Google, Amazon or Microsoft for dealing with the
challenges
The most important part of dealing with challenges is acceptance of the product. The
smart speaker has gain recognition in the early adopters. Therefore, the main competitors should
focus on the following recommendations to get through this stage

3THE SMART SPEAKER INDUSTRY
 As the high cost is the most important concern of this stage, the companies can put a
reasonable price on the product in this stage. This would attract more customers to adapt
to this phase. As this stage is very vulnerable, because it is determined in this stage to go
with the idea of investing and manufacturing of the products or not (Bakman & Hashai,
2017). The customer’s attitude is much important to analyze and interpret in this stage.
 Team development and financing activities – the right people should be selected in this
stage in the marketing activities. This is essential, as the company should select key
personnel’s (Bakman, L., & Hashai, 2017).
 Marketing and sales as well as customer relationship management – the management of
customers of the company should be analyzed at this stage. The proper feedbacks from
the consumers are essential as well as maintaining a proper engagement with the
customers through after sale services (Tavassoli, 2015).
 Increasing and recognizing the value addition services should be given emphasis
(Bakman, L., & Hashai, 2017)
 Accountability to the customers and building a proper network should be given priority
too in this stage, as it would help in later stages as in growth and maturity (Bakman &
Hashai, 2017).

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Reference
Bakman, L., & Hashai, N. (2017). Industry Life Cycle, Product Type, and Level of Exploration
in Entrepreneurial Knowledge Intensive Firms. In THE WORLD SCIENTIFIC
REFERENCE ON ENTREPRENEURSHIP: Volume 3: Sustainability, Ethics, and
Entrepreneurship (pp. 363-393).
Moffat, J. G., Vincent, F., Lee, J. A., Eder, J., & Prunotto, M. (2017). Opportunities and
challenges in phenotypic drug discovery: an industry perspective. Nature Reviews Drug
Discovery, 16(8), 531-543.
Tavassoli, S. (2015). Innovation determinants over industry life cycle. Technological
Forecasting and Social Change, 91, 18-32.
Why Apple, Amazon, Google and Microsoft are all betting on smart speakers. (2017). CBC
News. Retrieved 20 November 2017, from http://www.cbc.ca/news/business/smart-
speakers-apple-amazon-google-microsoft-1.4153237