This chapter focuses on identifying the market drivers that can enable a firm to develop in an increasingly competitive global grooming market and deliver sustainable profitability and market share growth. The primary driver of growth for electric shavers has been the fact that they can be used for a fast and convenient shave without the skin irritation, scars and bruising caused by conventional blades (Grandview Research). The fact that the European economy is also recovering over the past decade with increased percentage of disposable income per capita has led to increased sales volumes every year in the European region (Prescient and Strategic Intelligence 2015). The industry is also expected to grow at a ‘CAGR’(Compund Annual Growth Rate) of 4.8% till 2025 in the United States of America which is one of the largest and most strategic markets globally (Grand View Research 2018).Since it is essential for any firm to plot out its future investments to maximise profits this thesis uses the technique of ‘Technology Roadmapping’ to analyse the current state of the industry, find the gaps and predict the future state of the industry. Technology roadmapping is a technique that is commonly used to enable planning in the long term and strategy development. The technique enables the identification of critical technologies to fill the current gaps in the market versus customer needs and helps to make sure research and development investments by the firm are made in the correct direction (Garcia and Bray 1997a). Though technology roadmapping is currently used predominantly to plan technology and research and development investments, it can also be used for trend monitoring and market observations that can enable a firm to choose the right path in an increasingly fierce and competitive market (James V. Hillegas-Elting 2016a). The objective is to identify the ‘Market Drivers’ that can enable growth and associate them with the ‘Product Features’ needed on the device. This can then be used to assess the ‘technology’ needed to make those features available and the ‘Resources’ the industry needs to invest in to acquire the necessary technology (Phaal et al. 2004b). Due to the fact that limited academic work is available in this specific field of electric shaver, this thesis relies heavily on the input and feedback from industry specialists and researchers employed in the field to identify the existing technologies and upcoming trends in the market.
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Kulshrestha, P., Daim, T.U. (2021). Technology Roadmap: Electric Shavers. In: Daim, T.U. (eds) Roadmapping Future. Applied Innovation and Technology Management. Springer, Cham. https://doi.org/10.1007/978-3-030-50502-8_3
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