Several entrepreneurs, working for either themselves or an already established firm, have plans to enter the hearing aid industry. With the help of a five forces analysis I have discovered that entering this market has a large amount of upside. One of the plans for hearing aid development was a concept in which a blue tooth earpiece could be fitted to become a hearing aid and the technology could be bought as an application on a smartphone. The opportunity for this business venture is very promising. To begin with current market competitors could be overcome in several ways. This concept involves both significant points of difference and lowered pricing. The channel that this product would be supplied through is as well, completely unique. Advertising and sales through a smartphone make it easily accessible to a target market where accessibility is crucial. Direct substitutes could be warded off as technology patents would be obtainable stopping imitation products from hindering sales. The sales pitch of this product is what makes it so attractive. Sure, the buyers may have power but why choose the overpriced low-quality alternative? The development and future of this product is one that looks bright for both consumers and producers.

http://www.bloomberg.com/news/2012-10-08/the-battle-to-build-and-sell-hearing-aid-alternatives.html