In the last decade, humanity has seen numerous emerging businesses that have proved to be successful; one of them is Apple Corporation. Apple produces devices that have entered the market and earned great reputation among consumers. The company entered the market, segmented it correctly and caught the customer’s attention by a superior value proposition. Today, the global trend towards wearable and connective home technologies is being outlined. Hence, the product that was chosen for the analysis is Smart Watch by Apple Corporation, which is available in three types: Apple Watch, Apple Watch Sport, and Apple Watch Edition.
Company’s Products and Their Core Benefits
Apple Corporation is well known worldwide and has gained the reputation of a respectful and qualitative company that produces leading devices and programs. Among the extremely popular devices created by Apple, there are MacBook, iPhone, iPod, iPad, Macintosh, etc. Young people from all over the world and of different social classes including businessmen purchase Apple products because they are user-friendly and of high quality. In addition, the company created a highly recognizable brand. Along with that, one of the main benefits of the company is the fact that it produces devices and own programs for them. In other words, the company is independent and has no need to be tied to any other organization.
Smart Watch is one of the new products that are created by Apple Corporation. Today, Smart Watch is one of the best selling wearable devices. Smart Watch is a real innovation in the world of technology and obviously has certain benefits. Undoubtedly, these are the benefits of the actual product; however, the augmented product still has space for development and improvement. One of the most significant advantages of the product is the fact that it can be paired with Apple iPhone. As a result, a user can import the music and photos from iPhone to his or her watch.
The Market for the Product
According to the statistics, Apple Smart Watch captured 75 percent of smart watches market worldwide. For instance, in contrast to Apple Smart Watch, Samsung Smart Watch takes only 7.5 percent of global smart watch market. Obviously, Smart Watch by Apple has excelled all other smart watches. In the first quarter, Apple Smart Watches were sold in 4 million units while Samsung sold only 400 thousand watches. Importantly, China has become the country that has more interest in Apple Smart Watch than any other one. To sum up, Apple Smart Watch has a huge market share since this watch becomes more and more popular in a great number of countries worldwide.
The Segment the Product Targets
Apple Smart Watch is a trending device that gains its popularity among young people and middle aged people. The above mentioned audience is a targeted segment for Apple Smart Watch. Undoubtedly, such a leading product attracts the attention of young people and provokes the desire to obtain it. As Apple offers different types of Smart Watch, such as Apple Watch Sport and Apple Watch Edition, it should be noted that almost any social group can find the watch that will be suitable for them. People of any occupation, sportsmen and businessmen can find suitable watches for their daily activities. However, it is important to mention that despite any social group positioned as a target segment, Apple Smart Watch also targets is the audience basing on their financial state. Thus, the cheapest price for Apple Smart Watch is $349 while the most expensive Apple watch costs $17,000. Consequently, it is obvious that people of any economic status can afford buying these watches, but, of course, the cheapest watch differs from the most expensive one in terms of functionality, material and some other aspects.
Surely, Apple Corporation can be considered to be a successful business; as a consequence, it may seem that its activities do not require any amendments. However, after the death of Steve Jobs, new owners have made some mistakes in the process of production. As an example, one can mention iPhone 6, which has uncomfortable shape and a short life body frame, which is easy to bent. Therefore, there are still some recommendations that can be applied to the analyzed product – Apple Smart Watch. Undoubtedly, this watch has a rather wide target audience. However, it would be better to expand the segment including school-children and students by producing watches that will perform some functions that are useful in studying. In regard to positioning of Apple Smart Watch, it is better to introduce the product not only as an ultra-trend device that makes an owner look cooler but also as a device that is very useful in its daily functioning for various groups of people. Perhaps, for this goal, there will be a need to create one more type of Apple Smart Watch in order to combine all the necessary functions together.
Fad or Here to Stay Product
Whether Smart Watch is a fad or here to stay product is a question that is not easy to answer. However, one can take a look on its functionality in order to come to a certain conclusion. Among the functions of Apple Smart Watch, the most significant ones are playing music and showing photos and pictures in case the watch is connected to iPhone; it has the storage of 8 GB, surprisingly good battery that can work within 72 hours after it is almost discharged, and a built-in heart rate sensor. As for the rest, at large, it is a usual watch; in addition, if an owner does not have an iPhone, he or she will not be able to enjoy a great number of functions. Thus, in case there are no improvements and developmental decisions from Apple Corporation in regard to this product, it can easily become a simple fad, without any promising perspectives in the market.
Ways to Avoid a Premature Decline of This Product
One of the best ways to avoid a premature decline of Apple Smart Watch is emphasizing on the brand of the product. Though it may sound weird, many young people are chasing brands in order to be cool and fashionable. For instance, even though iPhone 6 is way worse than iPhone 5, many young people purchased iPhone 6 because it is newer and, therefore, as they think, cooler. No doubt, Smart Watch is the same case: the amount of watches sold is great now, but this may be only a temporary effect. Therefore, the only way to avoid a premature decline of Apple Smart Watch is to improve the product. Adding and advancing some useful and user-friendly functions will obviously help consolidate the product’s success. Still, Apple Corporation is a respectful and famous company that has succeeded in its business; therefore, it will obviously do its best to avoid any decline of its products.
The analysis of the trending product by Apple Corporation has shown that Apple Smart Watch has both weaknesses and strengths. The product is obviously very popular in the market, but it is so rather due to the brand name and the new character of the product since smart watch is quite a new product in the global market. Therefore, in order to keep the product successful, Apple Corporation should strive to improve the device because customers always want something new and better. As soon as they realize that the watch is not functional enough, they will probably refuse using it. In addition, taking into account the cost of Apple Smart Watch, one can state that this watch is not smart enough to cost $17,000.
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