Scenario Summary
Product and service innovation refers to the subsequent launching of a new business or new good (Hong et al. 2017). Innovation is not only development of new products but also an invention of the service or goods. In order to develop a new business, innovation is crucial. Innovation takes place in the development of new products or adding new features to the existing product. This study deals with the Apple watch that smart watch developed by Apple. In the year 2014, Apple launches this new product. However, various technological, market and product-related factors regarding apple watch will be discussed in this section.
Apple introduced Apple watch in the year 2014 and it is a smart watch with the unique design. Some health-oriented apps are incorporated in the apple watch by IOS. This incorporation makes this watch smarter in the market. In the second quarter of 2016 apple watch was the best wearable device and its sell was significant in this year. In the year 2016, Apple launches the second generation of Apple watch. However, apple watch has many features and it is connected with I-phone. According to the journal, Juniper smart watch is a product that needs to wait to get a proper market for its expansion. However, this was a big challenge for Apple watch (Mani and Chouk 2017). On the other hand, huge competition is the another issue for the smart watch as any company comes into an existing market and wants to show them better than other companies (Hsiao and Hsiao 2017). This type of barrier during the launching was very common to the apple watch.
Apple watch has overcome such barriers by its unique features. The android wear has few apps while apple watch has almost 3000 apps that make it different from the other wearable devices (Blanco et al. 2017). However, it has been found that Apple only focuses on its brand loyal customers in the context of selling the Apple watch. Hence, it is important to focus on the customers from all ranges to expand the business. However, entry of the Apple watch in the market is very challenging for Apple due to other rivals. Therefore, the distinctive feature of this product makes a strong position for it in the global market.
Apple is well known as the multinational firm and enriched with the modern technology. Computers, online service, and consumer electronics are the main products of Apple. Different technological factors affecting the firm’s ability to innovate products. One of the most important firm factors of Apple is the extensive research and development of new product (Narayanan and Narayanan 2017). However, Apple watch is an innovation of Apple that includes a huge research and utilization of modern technology. In order to introduce a new product, Apple carries out a huge research by using technology to develop a best and unique product for the customers. In the year 2010 Apple has enhanced its workforce by recruiting 12,600 technical experts. This highlights on its strong technical skill in product development.
Analysis of the Technological Viability
Innovative activity is another firm factor of Apple industry. However, apples watch a new product of such company that includes several unique features and various apps. There is five game-changing innovations are developed by Apple include i-tunes, apple store, i-pod, i-phones and app exchange. Such technological features enable this firm to develop rapidly in the global market (Reeder et al. 2017). Apple watch is a recent example of their innovative activity in the year 2014. Digital touch is a unique feature of Apple watch. Apart from this, the users are able to receive calls and text without the help of i-phone. A fitness app is also installed in this watch. Hence, such features of the apple watch give strong evidence about their innovative activities through using modern technology.
Unique advertising technology is another form factor of Apple that ensures that this organization thinks different from the other organization. They use modern technology during their advertisement to make it more attractive to the consumers. However, during the promotion of Apple watch such organization conducts special events and seminars. Mac world Expo and Apple Expo are their well-known seminars to promote a new product (Wilmott et al. 2017).
Type of the project is a vital factor of any project as it highlights the core area of the project (Hsiao and Hsiao 2017). In the context of Apple watch, it is categorized under the equipment and system installation project. However, various types of apps are installed in this smart watch with the help of modern technology. Hence, it is important for any business to identify the type of the project as based on it the entire project will be carried out.
Nature of project is another factor that ensures the aim and purpose of a project (Akana et al. 2017). However, in the context of the apple watch the nature of project highlights on the technological innovation. Apple watch includes various programs and applications. It is a digital watch thus; it is one kind of technological innovation in the Apple industry. This product is developed by the help of advanced technology.
The complexity of a project is another factor that occurs during a project development (Zentes et al. 2017). However, complexity can be referred in terms of market competition, incorporation of new technology and changing demand. Hence, in the context of apple watch battle between the FBI and Apple is a big complexity that may affect the project of apple watch. On the other hand, huge competition in the global market, use of technology and changing demands of the customers are other barriers that make a project more complex.
Project size is another factor of a project development (Uggla 2017). However, based on the project size huge planning and resources are needed. A project regarding the apple watch possesses a good size and high investment in its development as this project includes incorporation of advanced technology.
According to the above discussion, it has been found that there are various factors associated with the projects and firm. However, most of the factors are technological factors that highlight on the analysis of the technological viability in context of Apple watch. Technology is a big part of any business especially in the context of electronic products (Kessous et al. 2017). However, apple watch is a smart watch and invaded with the modern technology. The technological factors related to the firm highlight that Apple follows an extensive research before their innovation as they use modern technology in their each innovation. On the other hand, their innovative activities and advertising concept are also included technological features. Therefore, the project factors include the nature, type, complexity, and size of the project, as these are also technology oriented in context of Apple watch.
Summary of Analysis
Product design is a vital product factor as based on which the sale of the product depends (Orazi et al. 2017). However, if the consumers are not attracted by the product design then they will not be interested to purchase the product. In the context of Apple watch, it has attractive and staggering outlook and various designs that influence the purchasing behavior of the consumers. Therefore, users can pay bill and book rooms through it. They can draw a picture quickly and send it apart from this animated emoji’s is another feature of apple watch. This smart watch has included various colors and a huge range of apps that make it advance.
Product material is another factor of a product as customers want a wearable product that is comfortable to wear and very durable (Mani and Chouk 2017). Apple watch is made of aluminum and stainless steel that ensures the durability of the product. Therefore, health-oriented apps are installed in this smart watch, which is beneficial for the users.
Cost of the product is an important element of any product as it measures the quality of the product and its demand (Luna 2017). Apple watch is a smart watch developed by Apple and it includes high cost, as it is well known to that entire Apple’s product is costly. Apple watches possess high quality among the smart watches, which makes it costly in the market. Price of the apple watches ranges from US$329.00 to US$ 1,399.00. Despite its high cost, this smart watch is preferable in the consumer domain due to its unique feature.
Consumer need is another product factor as based on it the success of a product depends (Orazi et al. 2017). Apple watch fulfills the daily needs of the people besides there fashion. It includes the various applications that meet the regular need of users. Therefore, its mind-blowing design also meets the fashion requirements of the consumers. Thus, this smart watch is beneficial to fulfill the current market demand, as people are technology-oriented and prefer to buy the product, which is fashionable and valuable for their daily use.
Government is the big market factor for any business. However, it is important for any business to maintain the government policy for their smooth business operation within or outside of the country (Luna 2017). However, apple watch is rapidly used in the USA while the UK has banned the use of Apple watch in the cabinet meetings due to the fear of hacking. According to the previous research, the iOS-based devices are hacked many times, for this reason, the use of Apple watch in the UK cabinet meeting is discarded. This situation affects the sale of Apple watch in the UK market.
The Economic condition of a country affects the market of any product or service. However, if a country has high GDP and strong economic condition then the introduction of the new product can gain successful outcome in this country (Zentes et al. 2017). However, apple watch is launched in U.S and this country has the strong economy and high GDP that develops a flexible market for this product.
Analysis of Commercial Viability
The demand of the customer is another factor of the market as according to the current demand the business industry innovate new feature in their existing product or introduce new products (Uggla 2017). However, apple watch is a smart watch that consists of various technological features. These features meet the demand of the users in their daily life on the other hand; its unique design also makes the users fashionable. However, according to the current market demand product should be fashionable and durable, which is met by apple watch.
From the above market and product factors, it has been received that apple watch is the unique gift of Apple to the users as it fulfills the daily demand and makes the people fashionable (Hsiao and Hsiao 2017). Therefore, despite the high cost of apple watch, its market demand is high and it is preferable to the consumers. This smart watch is easy to wear and beneficial for the users to carry out various works regarding their daily life. Moreover, it has been received that government policies and the economic factors play an important role to market a product in a country.
It has been discussed about the challenges and opportunities of Apple watch in terms of the development of the Apple Watch.
- The watch users are looking forward for the shorter and smaller shorter activities than which are presented in the phone (Akana et al. 2015). Therefore, giving design to the phones, which are quicker, seems to be the important opportunity of making the games successful.
- The announcement of the apple watch creates more opportunities about establishing the firm’s IoT ecosystem, more than selling iPhones and conquering the wearables.
- The Apple watch has many features such as digital touch, which enables the user to draw pictures quickly and send it with the tap. Therefore, in this respect, the apple watch is also giving opportunities to users to use the emoji’s which are customized animated and taking the calls without using the features of iphone (Akana et al. 2015).
- Apple watch is creating more opportunities with time as it is developing and innovating. In this modern era, the apple watch paving the way for the devices, which are wearable and this innovation is linked with the messages, time, schedules and so forth.
- To increase the use of iphone, the mobile has become an integral part of a human’s life. Therefore, in this aspect, the apple watch has opened the avenue for the people to wear their phones on the wrist having the wireless connectivity of Bluetooth, therefore it gives individual to perform all the functions on their watches without even touching the phone.
- The apple watch concentrates on the hyper textual targeting having the responses of the consumers to the ads of mobiles. The watch relies on data, which is rich field in nature from one of the world’s biggest producer of telecom who can link the physical crowdness in the actual time in relation to a number of active users of mobile (Akana et al. 2015).
- The apple watch is in the position where various brands of watch can be compared. There are many competitors in the market place who would be challenging hard to the apple company (Boone & Kurtz 2014; Lusch and Nambisan 2015). It needs to compete to find better opportunities in the market place in order to gain its competitive advantages. In this case, it is important to remember, that the oppositions are expanding which are searching for opportunities to give a blow on the selling of the apple watch (Boone & Kurtz 2014).
- The price of the apple watch is quite high and keeping the watch in one’s pocket is a matter of status and prestige (Lusch and Nambisan 2015; Breidbach and Manglio 2015) However, the apple is overlooking the other half of the target market, whose income is not as high to buy the watch . Therefore, by keeping in mind the income level of the people, it is important for the company making a standard price so that, it can be available to the people whose income is not that high
- The banning of watch in United Kingdom is also a bigger challenge for the Apple during the cabinet meeting someone was using the apple watch and this lead to the ban. Therefore, the apple company must come up with the tag lines on their products that there would be no use of any kinds of apple watches during any important meetings or conferences (Lusch and Nambisan 2015).
While doing the assignment, the four members in the team learnt about the critical analysis of the product that a firm launched. The assignment deals about the background of the firm and the objectives and goals of the product and the reasons behind such launch. The team now has the proper idea about the new product or the innovative technology, description of the market where the product would be launched and its current position of the market. The assignment is about the analysis of the ways the apple watch is facing the competition with the other firms, which is finally giving birth to the challenges and opportunities of the product in the market.
Conclusion
Therefore, to conclude it can be stated that apple watch is a product, which, has a set of goals and objectives, and accordingly, the description of the market was given where the apple watch is having a greater competitive advantage due to the portfolio it is carrying. It is a smart watch with every technological innovation and it is something new, which is increasing the importance of the name of the firm in the market place.
References
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