LO4 : Be able to create a proposal using converging technologies to exploit the identified new markets

 For my product, as it is an immersive Virtual Reality product, I propose that we make this product exclusive to be accessed through virtual reality items such as the Oculus Quest series, HTC Vive series and Lenovo Explorer series of VR headsets. This is because if I allow my platform to be accessed via other channels such as PC or handheld smart devices, it ultimately removes the unique factor of my product that makes it distinguishable from other social media platforms such as Instagram, Tiktok and Snapchat. 

This product will be converging into the computing and the social media sectors due to the fact that my product is going to be released onto Steam which is the same place that other VR products such as VR Chat, a product similar to mine in a lot of ways. Moreover, it converges into the computing industry due to it having a new way for people to experience Virtual Reality and it is a new way for people to have fun, this will mean that it can make its way into the gaming category in terms of media products meaning it will come with its own PEGI rating. Moreover, it converges into the social media sector as it will be a new way for people to meet and socialise with each other, this principle is what defines social media as it is a way to bring people together by making connections with users around the world to create a global village which essentially a community created around the world, however instead of people speaking through text messages, this allows users to be able to interact in a way that's more realistic and on par with in person interaction which is a step up form present day calls and messages.

I will be releasing my product as a free service as is the standard for social media, and like other products have it include different tiers and paid addons. This is so that my product is still profitable but also discourage people from wanting to get it as a result of payments. I can imagine that people can pay for certain items in virtual world, as there will be a form of currency in the world as is seen with games such as Minecraft, Call of Duty, Grand Theft Auto Online and Fortnite, these can be used to purchase cosmetics such as clothing but also as it will be a feature that people will be able to own properties within the virtual world, it would make sense that people can pay for designs and furniture in them or possibly buy other properties.

Due to my service being free to purchase, people may assume that it is targeted towards a class that is C2 breaching into C1, however I would say that it is more C1 breaching into B class, as while I want this product to be available to everyone, I must consider the fact that it is accessed through high end technology, means that even though it is free so doesn't cost for the base service, it is going to be costly to purchase the technology required to access. And while there is the argument that it could be developed into a VR application for mobile phones as there are accessories to turn your phone into a VR headset, it would not be applicable into this scenario as you still need remote control devices to be able to interact with the virtual world and a mobile phone doesn't meet the hardware requirements to be able to access the service and run it to a quality that will meet the customer's needs.

Moreover, as this is going to be available to audiences as a free service and published through Steam, it means that it will be targeted towards audiences aged 15-25 as they are the predominant users of Steam. This seems the more appropriate choice as if I was going to advertise towards an older audience, I would more than likely provide a physical purchase option however as it would be costly I would have to change it from being a free service to one that must be purchased however I would aim to keep the price as low as possible.

In terms of psychographics, as this is found on Steam and is within the category of technology, focusing on social interactions and entertainment I will be focusing on targeting Explorers, Reformers and Mainstreamers. Explorers are typically people who want to experience new things and experiment, and with my product having the aim of innovating upon current social media, it makes sense that they would be interested in this product as it is completely new and will peak their interest. Reformers are typically people who try and influence change in society, they are going to do this through social media channels, and since this product will be marketed through social media then released on Steam, it will be visible to this type of audience and will likely interest them as it is a new way to push their views and ideals to the public. Finally, mainstreamers are the bulk of my targeted psychographic as they essentially just follow the crowd, so as long as I market the product as well as I can, pushing the unique selling points and also talking about the benefits of my service, it should attract their attention and make up the majority of my audience.  

This product fills a gap in the market as it bringing more to the VR market as there isn't many instances in which people can engage with each other on a mass scale so this will be able to close that gap on a large scale, but also there is the discussion on learning and working environments, as seen through the Covid-19 lockdown was happening, many people struggled with online education, so by using virtual reality, this would make an environment similar to a classroom so it will be better for retaining the attention of the students and give them access to more practical aspects of the classroom.

This product is a large project which would be a large scale one too, so to make it feasible to last for a long time with many updates it will need to be made as a conglomerate company as it will need to be profitable in order to  allow for updates and maintenance as it will be a live service that will constantly produce updates in rapid development to keep it fresh and make it better for the users.

This will be distributed through the Steam VR store as it means it can be accessed from any VR device, not just ones that are linked to a computer, this is as there are more wireless VR headsets such as the Oculus Quest 2 which doesn't require a computer to run off of. This will also be available through a website for download as we understand that it is not in the interest of schools and businesses to wish to download an application through an application that you need to register an account with and also one that is well known and associated with the gaming community.

DISTRIBUTION OPPORTUNITES/HOW AUDIENCES ACCESS IT 

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