Product and Services Innovation

Question: Write an essay on the "Product and Services". Answer: 1. Introduction Innovation and technology have been a major factor in the success of a new product in the market. It is important for any company to apply the innovation and technology development factors in designing a new product that can attract a number of customers. Along with that, it is important for an organisation to check the viability of the new product by judging the market scenario, technological viability, commercial viability and future pathways of the products (Nayyar and Puri, 2016). The paper has been developed to analyse the factors that may influence the success of Apple Watch in the international market. The paper will present the present scenario summary with all analysis that is required to check the viability and future prospect of the new product in the market. 2. Present Scenario Summary Apple Watch is the most innovative product of Apple Inc that has been prepared to change the market of smartwatches all across the globe. The goal of this new innovative idea is to liberate people from the individual mobile phone and provide the customers with a simple and innovative product that will bring a change in the Smartphone market. The concept of Apple Watch provides the customers with a diversified range of products (Michael and Michael, 2015). Customers can personalise the product with a different range of bands, styles, colours and materials. The product portfolio includes Woven Nylon, Modern Buckle, Milanese Loop, Classic Buckle, Cuff and much more. It has been estimated that the company will achieve profitable deals with the new product in the market (Erdmier, Hatcher and Lee, 2016). The market research shows that the innovative product will lead the company to a path of major profit with revolutionary innovation and simplicity of the product. The product will be relea sed in the major events of the company to bring a revolution in the field of innovation and technology. The new product will serve as a mini iPhone that can be worn on the wrist of the person. It provides all sorts of facilities that are present in an Apple Smartphone. But, to enhance the performance of the new product, a person must have a smartphone operating on the iOS platform. It is the major drawback of the innovative product. In other words, a customer must buy an Apple iPhone before buying the Apple Watch to get more out of the product. Furthermore, it can be seen that Samsung is the primary competitor of Apple Inc, which has a market share of 73.6%.Hence, it can be seen that most of the people in the market are using Smartphone that runs on Android Platform that brings up another challenge for the company (Mackinnon, 2013). Irrespective, of these challenges, the effective technology development and new facilities provided by the new product will be the most effective factor for the success of Apple Watch in the international market. 3. Technological Viability Analysis 3.1 Firm Related Factors Apple Watch has been the recent innovation of Apple Inc that will bring a revolution in the Smartphone market. It has been believed that the research and development wing of Apple Inc is the most capable and suitable team to develop the product that suits the need of the customers. Apple is the market leader in technology development and has a potential share in the market. Along with that, the new idea of the product fits the changing need of the consumers. A Recent survey shows that people are always demanding something new in the Smartphone industry that will change the use of mobile phones (Gaff, 2015). Along with that, the present workforce with the professional expertise of Apple Inc is the most supportive factor for the success of the product in the international market. It has been believed that the strengths of the firm are also the supportive factors for the success of Apple Watch. The strong brand image of the firm and high-profit margin provides the company with strength to invest in innovative technology. Along with that, the effective innovation process of Apple Inc also supports the growth of the Apple Watches (Kalinauckas, 2015). Apple is known for producing products in which they are better than the other companies. It has been believed that Apple Inc is two years ahead than its competitors in regards to its innovative products. Hence, the core competencies of the firm support the growth of the Apple Watches in the global market. 3.2 Project Related Factors Kevin Lynch, the vice president of Apple Inc for the technology development, has been provided with the responsibility of developing the most innovative product that is Apple watch for the company. It has been found that the technology used for this product was the latest innovation of the company that will change the taste of the buyers and users of Apple Smartphone in the international market. The project developed by the company has all sorts of facilities that are provided by any iPhone or Smartphone in the market. The major positive aspect of the innovative product is its small size and superb technology that fits it best to meet the requirement of the busy life of the customers (J. Wilson, 2015). The project started few years back with hundreds of researchers who invented the smallest processor and best suitable battery for Apple Watch. The news of this new invention started spreading in the year 2011 and finally in the year 2015 Apple Inc launched its first Apple Watch in the market. It was found that the opening of the booking on April 10, 2015, was a success for the company. Later on, the company made many more changes in the product to make it suitable according to the needs of the customers. The project was further developed to provide the various customer range of customised products. 3.3 Summary Analysis It can be seen that the company has good infrastructure, financial support and a good research team to develop the innovative product. Along with that, Apple is known for its supply chain strategy that provides it with a competitive advantage in the market. In terms of technology viability, Apple has all needed resources to support development and marketing of Apple Watches in the international market (Gent, 2014). Furthermore, it has the most experienced team of software developers that supports the innovative product. Hence, it can be seen that Apple Inc has all sort of technological support to carry on with its project and seek growth with the new innovative product that is Apple Watch. 4. Commercial Viability Analysis 4.1 Product Related Factors Apple Watch is one of the most awaited hi-tech products in the twenty-first century. The success story of Apple iPhone or iPod has made it much more special than anything else. In the wearable market, Apple Watch has been a significant revolution as it has reinvented the technology in wearable gadgets (Kunwar, 2015). Meanwhile, though wearable technology is not anything new to the global tech-loving customers, Apple Watch has promoted fitness fanatic through the speculative and unique device known as Apple Watch. In order to discuss the product related factors, the review of Apple Watch is a critical part of the discussion (Clapperton and Corones, 2007). First of all, design and build in the quality of the hi-tech gadget must be taken into consideration. The modern-looking smart watch invented by Apple Inc is trending in the market as users can try Apple Watch as a fashionable wristband with innovative fitness trackers and much latest tech appeal. Innovation is the term always attached to Apple Incs gadgets. Therefore, Ion-X glass face of Apple Watch and different stylish edge finishing has promoted the hi-tech device to everyone. The special edition products of Apple Watch have included different looking to impress a different set of consumers. The water-resistant wearable gadget of Apple has got efficient display screen, diversified user interface, prominent controls, a variety of applications, Apple Pay facility, all relevant health and fitness apps that make the product highly adorable and demandable to the global target demographics (Kim, Kim and Hyun, 2015). The unique features of the wearable device have everything in one single Apple Watch to make it more elegant and satisfying for the customers. 4.2 Market-Related Factors In terms of discussing the market-related factors of Apple wearable gadget, the most exciting technology and innovative tech features have made Apple Watch as one of the most viable devices in the global target market. Also, the brand name of the corporation has a major impact on the market feasibility of Apple wearable device (Cresswell, 2006). The developers of Apple Watch has understood the proper functionality of a wearable gadget and manufactured something latest that cannot have an adverse impact on the sale of products such as iPhone. The standalone features of the wearable device have made it more demanding to the Apple gadget lovers. In the case of market analysis, the product distributors, retailer marketers and internet retailing businesses have voted in a positive way to promote Apple Watch at the highest level. The unique and exclusive technology of the wireless device has pointed towards massive market potentiality (N. Smith, 2015). Though there are some market factors associated with product popularity, Apple Watch has convincingly passed all the doubts of customers and retailers with flying colours. In order to impress the market buyers, the fast speed of the gadget has motivated the purchasing behaviour of the customers to go for the product. All the market consumers have turned to be positive as the apps provided in Apple Watch have fulfilled their expectations without any complaint. According to the market expertises, the Apple Watch has transformed the wearable device market as it turned things around (Dempsey, 2015). The particular design and elegant features of Apple Watch have added something new for the fashionable as well as tech-lovers. 4.3 Summary Analysis The developers of Apple Watch have significantly identified the purchasing behaviour and fundamental requirement of wearable devices of the target customers. Therefore, Apple Watch has got every potential to make it through to the highest level (Wang, 2011). The new device is loaded with significant standalone features that can monitor fitness level of the users and promote activity level of the users. By monitoring heart rate, tracking real-time physical state and other daily activities of a user, Apple Smartwatch can qualify for commercial success. The device also features as a fashionable product to those who love to wear fashionable hi-tech gadgets (Kato, 2015). Along with that, the developers have provided time to time product upgrade so that the functionality of the device can impress the client for a long-run. The self-identifying features and monitoring system of the gadget have influenced a massive number of people. Apparently, the wearable hi-tech device of Apple can create a unique market changing the conventional trajectory of the wearable device market. 5. Future Pathways 5.1 Opportunities and Challenges In order to discuss the future pathways of Apple Watch, the major market opportunities and challenges of the hi-tech product have been analysed herein as follows. Opportunities Increasing demand for hi-tech gadgets: The global increasing demand for wearable gadgets has been a positive trend for Apple Watch. In addition to that, the fitness monitoring functions of the wearable device have been promoted the device to high-class people (Pentland, 2014). Therefore, the precise functionality of wearable gadget introduced by Apple Inc has emerged as the leading factors for market development. Global accessibility of Apple Incs gadgets: The Global presence of Apple Inc and its massive target demographics have created significant futuristic market sustainability for Apple Watch (Haslam, 2016). Better accessible gadgets have been a trademark for Apple Incs research and development team. Challenges The introduction of latest wearable devices at low prices: Modern technology is growing fast like never before. As a result of the consequences, more new set of wearable devices have been introduced in the competitive market zone that can be a significant threat to the wearable device section (Monahan, 2015). More devices at affordable price ranges can dilute the sales figure of Apple Watch to a significant extent. Rapid product replacements through technological development: Efficient growth in technology front has created more similar products to replace the latest ones. Therefore, it would be highly impossible to invent a technology that can sustain in the market for a long-run. Hence, Apple Watch has got the threat of replacement products that can create a sensation in wearable device market in recent time. 5.2 Team Reflection The developers of the Apple Watch have positioned the product in a way that can match the requirement of legitimate users from every aspect. The fitness apps and additional wireless features have been already made a significant authority in the global market. Also, the continuous modification and latest edition of Apple Watch have presented more commercial viability for sustainable market growth (Hart-Davis, 2015). The technological endeavours behind the product manufacturing have created efficient standalone features for the wearable device so that it cannot make an impact on the sales of other Apple devices. The developers have set the apps following the trends to catalyse the product selling. 6. Conclusion The viability analysis shows that Apple Inc has all sorts of resources that are required for the success of Apple Watch in the market. The growing demand and innovative idea of the product are the supportive factors for the success of Apple Watches in the international market. The major drawback of the product is the high competition and need of iPhone to get a better result out of it. Hence, Apple must develop innovative promotion techniques that will influence the customers to choose the Apple Watch out of other smart watches in the market. References Clapperton, D. and Corones, S. (2007). Technological tying of the Apple iPhone: Unlawful in Australia?.QUT Law Review, 7(2). Cresswell, T. 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