Answer

Preliminary Market Overview

Establishing a new commodity in the market requires exploration of the market to understand the market and the potential that the new product will stand against the competition and derive enough sales. However, the success of a new product will depend on the prevailing industrial trends and market desirability. This paper provides a preliminary market overview of the target audience for Just Game It (JGI), a new gaming console set to be unveiled in the market before the end of the year. Additionally, the paper will provide a discussion of the competition in the market, a data analysis projection, and the relevant industrial trends details.

Market Overview

                 JGI is a new gaming console set to be unveiled in the gaming industry before the end of the year. The new gaming console is will target males aged between 17 and 40 years. The targeted market are mainly men who have the freedom of playing video games at their convenience in comparison to teenagers and children, who may face parental or other limitations. The product is set to meet the gaming needs of males within different parts of the globe, not only in the US. On the physiographic element, the JGI market will mainly target men who prefer spending their free time indoors. Moreover, the targeted market also shows their interests in exploring any new gaming consoles in the market based on the belief that the latest products are always of a superior quality.

Competition Analysis

                JGI will face a stiff competition in the market, having in mind that several players are already well established in the sector. Sony’s Play Station 5 and Microsoft’s Xbox series are some of the primary competitors which JGI will face in the market. These two players are considered as JGI competitors because they are effectively established in the market. Sony and Microsoft already have a huge market base and have derived a strong customer loyalty for their gaming consoles (Dwiar, Abbott, & Griffiths, 2021). Microsoft targets male consumers aged between 17 and 40 years. Sony offers different play station versions with the PS5 being the latest product released in the market. On the other hand, Microsoft offers different Xbox series gaming consoles such as the Xbox 360. The primary competitor, which will be implemented for analysis, is Microsoft’s Xbox gaming console. The Xbox 360 product is approximately on the lower side in comparison to the other gaming consoles unveiled in the market. Evidently, when it comes to cost, the Xbox product is estimated at approximately $299.99 (Microsoft, 2020).

Industrial Trends

                The gaming sector is associated with several industrial trends likely to influence the performance of JGI in the market. The supply chain bottleneck experienced mainly because of the COVID-19 pandemic is one of the prevailing industrial trends currently experienced in the sector (Broadbent & Guerrieria, 2020). Evidently, the spread of the coronavirus prompted the closure of several industries associated with the production of different gaming consoles and semiconductor chips. This is likely to have a short-term impact on the production and delivery of the new gaming product to the market. A shortage in the product will affect the process of revenue generation mainly due to reduced sales in the market. 

The increased utilization of games as a way to mingle has been sped up during the COVID-19 lockdown measures. Virtual spaces inside enormous player base games are likewise being utilized as get-together areas whereby players mingle and experience a live connection. Advancement in online multiplayer administrations for vivid encounters will continue to be a common factor over the long run. Virtual live shows have had viewership numbers during the several millions, featuring the effective connection between computer games and music. As a result, more game designers set to venture in this space and establish new consoles to benefit from this gap (Broadbent & Guerrieria, 2020). This trend will result in the rise of sales of the product in the short run, as people tend to establish ways of socializing without putting themselves at a risk of contracting the virus. This will also have a long run impact recorded by increased sales. Notably, gaming is known to be addictive. The use of the gaming products in the short run does not suggest that consumers will stop using them even in the long-term after the virus is contained.

Projected Data Analysis

                I will ensure that the data being utilized is accurate by consulting only recent data from credible sources such as from the company’s websites. To ensure that the information is relevant, accurate and worthy, I will consider the date of publication, the source of data (such as the publisher), and the credibility of the company/individual publishing the information. If the data is up to date, then I will consider it as accurate and relevant for the analysis. Moreover, if the publishing firm or individual is verified to document details about the topic, then I will consider the information as worthy for analysis.