Problem
Compose a analysis Market Summary, Market Demographics, Market Needs, Market Trends, Market Growth base on this information.
Have you ever been late to plans and forgot to charge your phone? Portable chargers can be a hassle to carry around, keep charged, and hard to remember to bring. That is the main reason why we believe a purse that doubles up as a phone charging unit is the missing piece to our busy, unorganized lives. Not only can it charge your phone, but the purse can hold extra items that linger around in your hands. Not to mention, it is always a fashion statement to add to any outfit! Introducing the Battery Bag! An affordable, luxury purse with a built-in charging unit. It comes with the three essential power cords, the lightning cable for iPhones, a USB-C, and a micro USB connecter. The Battery Bag is made with real leather, tarnish-free hardware and comes in different colors and designs. It retails for $199.99 USD. Find it in department stores worldwide, or on its own website.
The target market for the Battery Bag are people who are always on the go, such as students or travelers. Specifically, this handbag is made for women with a taste for luxury, without the budget for it. It is a perfect gift for almost any occasion!
The Battery Bag has two main groups of competition. The first group are those who produce portable chargers, such as Mophie and Anker. These two brands sell different variations of power banks anywhere between $50 to $200. Another competitor for the Battery Bag are affordable, designer purse manufactures like Coach, Marc Jacobs, and several other brands.
What makes the Battery Bag stand out is that provides to a combination of the two markets, with a reasonable price.
In order for the Battery Bag to be successful, it must be marketed with the multiple ways that you can use it. It has to stand out from competitors and has to be introduced as a new and hip style in our everyday lives.