What Is a Trend? Essay Example
In the world of business, as well as society itself, there are always new trends that are surfacing. Some of these trends may last longer than others, and some may even become more popular than others. Almost anything can be considered a trend given the proper circumstances. A trend may occur in any sector of society from various elements from art, science, fashion, sports, technology, events, products, politics, and much more. (Business, 2015)
A trend usually occurs when an individual or group of certain individuals begin to engage in a concept of any sort. This concept is then noticed by other people. These other people find the concept desirable or favorable, and begin to practice the concept themselves where even more people will see them. This creates a chain reaction and can last for variations of time depending on how popular or “trendy” the new concept is. (Fitzgerald, 2015)
Trends are especially important to business because they are one of the primary factors surrounding sales revenue as well as marketing and advertising. If a trend happens to be based on a certain product—say a type of fashion accessory—then this is favorable for the business that produces and sells that product. As the trend continues on, the business supplying the given product will get a compounding basis of free advertisements, while all at the same time driving their sales revenue for that trending product. (Business, 2015)
Businesses are always trying to trend their products or services because it helps to promote growth and expansion. As a trend starts, the business sees profits, the consumers are satisfied, and the economy becomes more stimulated. Most trends eventually die out like a wild fire eventually would. However, businesses along with society are constantly looking for the new trend or even try to re-trend previous trends. Trends are not only important for business but also a significant part of many cultures. (Business, 2015) (Fitzgerald, 2015)
Cameras have been a trend in society for an incalculable amount of time as they are being modified on a very consistent basis. This is primarily due to advances in technology. At somewhere around 1826, the first ever photographic camera was invented. Since that time, the camera has been a constant trend and continues to re-trend just about every year. As advances and innovations in technology continue, the camera continues to be reinvented along with it.
The original invention of the camera can be attributed to such advances in technology, because the camera itself is a type of technology. Cameras became notorious for their use of film to capture images. This enticed consumers to purchase them because just about everybody had desired the idea of capturing images from their own lives to keep as memories. As technology continued to advance, cameras had eventually acquired the ability to not only capture images, but also to record motion film in real time. Then technology advanced even further as it always does, and film cameras were replaced by digital cameras.
Digital cameras were much more convenient to manage and recorded images and video at much higher qualities than the traditional film cameras. As the trend for cameras continued, technology allowed for the camera to be harness and integrated into other forms of technology. Today, cameras are a common accessory that can be found on computers, lap tops, cellular phones, satellites, and many other things. Considering the historical trend of the camera technology, it is strongly suggested that the camera is a consistent, never ending trend. (Fitzgerald, 2015)
At this day in age social media has been expanding exponentially to all whom use the internet. There is now almost a constant need for people to share with their friends what they’re doing, photos of themselves, and even what they’re eating at the moment. The millennials of today crave the instant gratification of being able to show off whatever it is they have to others.
Popular social media platforms such as Facebook, Instagram, and Snap Chat all contribute to the influence on pop culture and the younger generations to be able to capture images and video with use of the highest trending cameras. The camera industry is such a lucrative business because consumers are constantly demanding for more and more advanced types of cameras.
For the more active posts though, one finds it pretty difficult to appropriately portray to their friends the full action of what they are doing. For example, being able to post a video of one surfing in the ocean can prove to be complicated as the recorder would either have to record from too far from the shore, or the surfer him or herself would have to invest a lot of money in overly priced recording equipment. The newest trend of extreme sports such as parkour, skydiving, cliff diving are all almost too complicated to capture on film from a first person point of view. (Tom Huddleston, 2015)
Nick Woodman was one of the many who had to deal with this problem, but became the one to finally come up with a simple solution. The idea of capturing action videos from the first person view had not been fully exploited through the use of cameras until the introduction of the “Go Pro” camera. The Go Pro Corporation is a successful publically traded company that is traded on the NASDAQ stock exchange. As of June 2015, Go Pro’s stock price is at $57.97 USD per share. (Mac, 2013)
The Go Pro camera itself became a trend in society primarily among the younger generations of pop culture when it was first introduced back in 2002. As this unique trend started to expand, it became popular in many sectors of pop culture including sports, car racing, under water scuba diving, and just about anything that was related to some form of live action. As celebrities were seen using these Go Pro cameras from all over the world, society wanted to join in on the action and started to go out and purchase them. Like the numerous action and sports figures that used the Go Pro camera to capture their moments, everybody else wanted enjoy the benefits of the first person view action video shots.
If the invention of the camera itself was considered a significant trend in society, then the Go Pro camera can easily be regarded as not only the re-trend of the camera, but also a trend within a trend. Considering every kind of trend that has ever entered the circulation of society, the Go Pro camera was a turning point and set the new golden standard for all trends.
Everybody who was into some form of action in life wanted to own a Go Pro camera, and even today, merchants often fail to meet the demand of their customers whom are interested in purchasing a Go Pro camera simply because they are always being bought out of stores. (Landau, 2014)
Woodman founded GoPro so that being able to capture extreme action can finally be accomplished more conveniently and for a reasonably lower price. Starting up sales in Australia back in 2004, GoPro has expanded and now sells and ships to over 200 countries worldwide. Today anywhere where there is live activity there is bound to be a GoPro present, whether it be at a snowboarding location or even just walking through the city.
No longer do people simply record themselves on the half pipe at the skate park or biking down a great mountain, they GoPro themselves doing it putting the waterproof 1080P camera to a helmet or other attachment on the person. GoPro pleases to audiences of all ages and to almost every demographic, whether it is a teenager having the camera attached to their helmet while they skateboard, or the elderly retired person attaching the camera to their plane as they cruise through the Bahamas. One’s imagination is the only real limit when coming up with what to record. What GoPro portrays in its commercials is many sports and action from first person point of view, giving off its famous quote “Be A Hero.” It can be seen in the chart below provided by New York University that over the last few years, the Go Pro camera has continued to increase in trend based on the units of sales. (PAUMGARTEN, 2014)
The GoPro has been very successful on the market since its initial release. Its sales to consumers around the world have almost doubled every year since its first been made available to the public. According to Woodman, founder of GoPro, by 2012 GoPro had sold over 2.3 million cameras worldwide with a gross income worth of about $521 million. In December of 2012, GoPro was the highest grossing digital image recording device, surpassing Sony and knocking it off the top spot for the first time in the two rivals history. The International Data Corporation says that 21.5% or digital camcorder sales nationwide was all from GoPro.
Now today on the Go Pro website there about a dozen different types of Go Pro cameras to choose from for sale, with also a very wide selection of accessories such as attachments and mounts. Or for even more convenience, there is an option to just pick a sport or activity and the website finds the perfect match of Go Pro camera and accessories.
The idea of branching off from more than just a simple recording camera, and now to start including various attachments and making the Go Pro more customizable even more allows it to be used in many more different types of locations and activities for everyone. It is safe to say that the Go Pro action recording camera has made a name for itself and is also very apparent in the public today, obtaining the title of the best-selling digital camcorder device in 2014. (Mac, 2013) (Tom Huddleston, 2015)
Although GoPro started off as only being sold locally by Woodman, it has greatly expanded and has become a regular worldwide sold product. The trend of recording extreme action has been made globally with all thanks going to GoPro. A simple YouTube search of GoPro shows all the different types of actions recordings that are now possible and easily accessible to the average consumer. Considering that people from all over the world use the Go Pro camera to record their action shots, and the fact that the Go Pro Corporation is a publically traded company, it is easy to address that this unique tend in cameras exists globally.
The Go Pro camera can expect to remain a constant global trend. This is because the Go Pro Corporation is aware that most trends eventually die out if they are not remodified to keep up with the times and generations. With this knowledge and sharp acumen for business and marketing, the Go Pro Corporation continued to develop new models of their original Go Pro camera which all had newer modifications each time they were released to the general public for purchase. The Go Pro Corporation has released several versions and models of their Go Pro camera. (Anderson, 2015)
The most recent edition of the Go Pro camera is the “HERO 4” black edition. Each number I the series of Go Pro cameras were classified under one of three unique colors. These three color classifications were white, silver, and black. The white editions of Go Pro were the least modified, while the silver editions were slightly more modified and the black versions carrying the highest modifications. One new modification is made to a black edition Go Pro camera, the Go Pro Corporation moves on to model the next series number. Each time the Go Pro camera was modified and re-categorized, it started a new trend around the world. This was because every sport celebrity wanted to have the latest edition. One the consumers saw that the celebrities were using them; they wanted to go out and purchase the latest edition themselves.
Even science explorers had a desire for the Go Pro camera not only for its trend but for its unique features that most other cameras simply are not equipped with. Take for example the National Aeronautics and Space Administration or (NASA). NASA continues to make use of the trending Go Pro cameras because they use them for their journeys in space exploration. (Barrett, 2015)
What make the Go Pro camera even trendier are the unique accessories that come with it. Because the Go Pro camera has its reputation for being able to be installed just about anywhere, certain accessories and tools are needed to make the adjustments for the camera depending on where the user intends to install it. For example, many people like to use the Go Pro camera to record their action on a roller coaster at an amusement park. There are specific accessories for this type of event surrounding the use of the Go Pro camera. Another popular use for the Go Pro camera is how they are installed on vehicles. Many drivers, and especially competitive racers, like to record their action when driving around in their car. Again, there are specific accessories that allow for the Go Pro camera to be used in this specific type of situation. (PAUMGARTEN, 2014)
The Go Pro Corporation is able to generate money in a variety of ways. Again, the Go Pro Corporation is a publically traded company on the NASDAQ stock exchange. This means that investors who have an interest in the company may purchase shares of stock. When an investor purchases a share of stock, then this generates cash under the Go Pro Corporation’s equity statement. Should the stock price ever go up, investors’ capital will rise with it and as will the net worth value of the company. This plays a significant factor in the value of their stock price which has reflected the continuing trend with a constant increase as shown in this stock graph provided by Forbes.
Another primary way that the Go Pro Corporation may generate money is through their sales. Sales generate revenue and revenue is easily converted into profits given that the cost of goods sold does not outweigh the selling price of the product; in this case the Go Pro cameras and all of their models. Each time a new model of the Go Pro camera is released to the general public for sale, the consumers will stand in line for the new trend and makes a purchase on the new product. As a new model of the Go Pro camera is rapidly being sold to consumers, the prices of the previous models have a tendency to drop down. This is mostly because that since the newest model is out; the older models may not be as popular to the majority of consumers.
Because most of the consumers are losing their interest in the previous models, the company will usually have a price cut on the previous models or hold a sale to push them out of inventory and easily convert them into cash assets. The Go Pro Corporation does not want to keep the older models locked up in their inventory because over enough amount of time they will fully depreciate and will not be worth anything at all. It is a wiser business decision to try to re-trend the older models, even if it is at the cost from a price cut.
The Go Pro Corporation also is highly involved with sporting events such as the “X Games” which consists of snowboarding, skate boarding, surfing, as well as many other events. Being so highly involved with such events give the company a great deal of exposure to new customers who had not yet heard about the trend. This also will drive up the Go Pro Corporation’s sales revenue. (Tom Huddleston, 2015) (Mac, 2013)
There are many societal implications surrounding the trending technology of the Go Pro camera. People of all backgrounds may use this product for a vast array of uses in their lives.
There do not appear to be any current issues surrounding the trend of the Go Pro camera. It is also very safe to say that regarding the future outlooks for the trending Go Pro camera are quite favorable. It should be emphasized that behind the trend of the Go Pro camera is an even larger trend in the generalization of the camera itself.
The camera has been trending around the world for well over a century, maybe even two centuries, and it is because of innovative ideas such as the Go Pro camera that keep the trend going. This is true even through all the phases of society including the wars, economic depressions, and economic recessions. While it is very true that most trends will eventually die out due to the fact that they eventually are rendered obsolete, the trend of the camera is constantly being reinvented as well as re-innovated, making for a continuous and seemingly unstoppable trend. (Anderson, 2015)
Anderson, C. (2015, April 6). GoPro (GPRO) Trends Positive Last Week; Google Searches, iPhone App Position Improve – Dougherty. Retrieved from Street Insider: http://www.streetinsider.com/Analyst+Comments/GoPro+(GPRO)+Trends+Positive+Last+Week%3B+Google+Searches,+iPhone+App+Position+Improve+-+Dougherty/10433746.html
Barrett, B. (2015, June 17). New Action Cam Has Gopro Hero+ Specs For $200. Retrieved from Wired: http://www.wired.com/2015/06/monoprice-mhd-2-0-action-cam/
Business. (2015). Trend. Retrieved from Business Dictionary: http://www.businessdictionary.com/definition/trend.html
Fitzgerald, J. (2015). What is a Trend? Retrieved from Actual Analysis: http://www.actualanalysis.com/trend.htm
Landau, J. (2014, July 22). GoPro’s viral video marketing campaign turns it into top YouTube brand in the world. Retrieved from Daily News: http://www.nydailynews.com/news/national/gopro-marketing-turns-top-youtube-brand-article-1.1875573
Mac, R. (2013, March 25). The Mad Billionaire Behind GoPro: The World’s Hottest Camera Company. Retrieved from Forbes: http://www.forbes.com/sites/ryanmac/2013/03/04/the-mad-billionaire-behind-gopro-the-worlds-hottest-camera-company/
PAUMGARTEN, N. (2014, September 22). We Are a Camera. Retrieved from The New Yorker: http://www.newyorker.com/magazine/2014/09/22/camera
Tom Huddleston, J. (2015, Feb 5). GoPro rides big wave of camera sales, but shares wipeout. Retrieved from Fortune: http://fortune.com/2015/02/05/gopro-earnings-revenue-swells/
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