Market Related Factors for Apple Watch-myassignmenthelp.com

Question: Discuss about theMarket Related Factors for Apple Watch. Answer: The aim of this report is to do market analysis for the latest product of Apple Inc. of its latest product Apple watch. Apple watch is basically considered as the smart watch which is being introduced by company in the market in 2015. There are some factors of marketing mentioned below. Concentration of target market The market potential of Australia is progressing with current share and the android users in the market are very high. Apple has strong competitors such as Samsung, Motorola, LG and Microsoft that turns into making wearable watches, the demand of the smart watches of Apple will be boon in the market. The target segment for Apple watches must be a young to average age between 16 to 40 years. The main concentration of Apple Company should be on the higher income social groups who are willing to take chances with offered options that is the innovator of the segment (Hsiao and Hsiao, 2017). Figure 1: Apple watch Source: (Khan, Alam and Alam, 2015). Timing of marketing entry Apple is the leading inventor of the new technologies. The apple smart watches are entered in the market when the demands of new technology are required. The features of Apple watch is innovative software like Apple Pay which competitors do not have. However, various success factors are considered while entering into new market (Van der Panne, van Beers Kleinknecht, 2003). It is a new and refreshing product and it enters into the market when it has realized that it has number of loyalty customers and this industry is anticipated to grow (Riches, Martinez, Maison, Klosterman and Griffin, 2015). Competitive pressure The competitors of Apple Company have the ability to attain the competitive advantages. While entering the new market of smart watches by Apple, it has to face the two major competitors, Samsung and Sony, had launched smart watches in the market already that had been presentable in the market for more than 1 year. Additionally, Apple did not show their latest technology at the international CES, Las Vegas while other competitors did. The factor of bargaining power of suppliers has low ability in the context of Apple watches due to their loyalty to Apple. Technological capability is able to perform any relevant function related to technical and it can reduce the pressure of competitive (Berkhout, Hartmann Trott, 2010). Marketing Marketing is an integral part for the Apple company to increase the more sell of the Apple watches. It is required for the company to do external environmental analysis, consumer market analysis and marketing mix. These all procedures would be helped out to determine the specific factors for bringing the growth of the sales. The marketing strategy of apply is very clear and crispy in their message. The competition with Apple on a company level is very low. The Apple watch is unique and due to its high demand and great reputation in the market, its marketing strategy is very attractive. Apple Inc. is able to use its innovative model in effective manner that is why its products produce in the market with latest technology (Berkhout Rietdijk, 2010). The price, product, promotional and place strategy of Apple is effectual. The selling strategy of Apple is efficient when a customer enters the apple store, they are treated and assisted by an employee, who provides the services one on one to make a sale. References BerkhoutRietdijk, 2010, Cyclic innovation model - Circular vision in open innovation, Ernst Young Performance Journal. Berkhout, G., Hartmann, D., Trott, P., 2010, Connecting technological capabilities with market needs using a cyclic innovation model. RD Management, 40(5), 474 - 490. ? Hsiao, K.L. and Hsiao, K.L., 2017, What drives smartwatch adoption intention? Comparing Apple and non-Apple watches,Library Hi Tech,35(1), pp.186-206. Khan, U.A., Alam, M.N. and Alam, S., 2015, A Critical Analysis of Internal and External Environment of Apple Inc.International Journal of Economics, Commerce and Management,3(6), pp.955-961. Riches, G., Martinez Jr, R., Maison, J., Klosterman, M. and Griffin, M., 2015, An Apple watch introduction, InApple Watch for Developers(pp. 19-25). Apress. Van der Panne, G., van Beers, C., Kleinknecht, A., 2003, Success and failure of innovation: A literature review, International Journal of Innovation Management, 7(3), 309338. ?