MOHAMMED ABDULHAFEDH MOHSEN ABDULLAH TP027458
APPLE WATCH ANALYSIS Innovation Management and New Product Development
Executive Summary The purpose of this report is to conduct a marketing analysis of Apple watch which is new exploration to its new category line. The concept of smart watches has been recently being introduced in the market already with companies such as Samsung, Motorola and many more and Apple is also in same boat. In this report, Apple manages to manner its Apple watch in the market and uses various technologies on how it can improve its product-line promotion strategies for its products to be successful in the technology markets. Hence, this report would even comprise on how Apple Company can create better innovative products than its competitors to overcome the issue of high competition that it faces from its competitors. Overall, Apple watch has been growing multinational markets for one year and it continues to grow supplying new innovative products and services for its customers to easy their life.
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Table of Contents Introduction Apple as Company.............................................................6 Introduction to Apple Watch...................................................................6 Background of The Case.........................................................................7 Market Entry...........................................................................................8 Launch Activities....................................................................................9 Brand Management Strategies.............................................................10 Product Platform................................................................................10 Brand Extension................................................................................11 Market Evolution................................................................................11 Market Segment.............................................................................11 Product Life Cycle...........................................................................11 New Geographical Areas................................................................12 Brand Success...................................................................................12 Competitors.......................................................................................13 Brand Development..........................................................................13 Product...........................................................................................14 Price................................................................................................14 Promotion.......................................................................................14 Place...............................................................................................14 Buyer Behavior..................................................................................15 Brand Performance............................................................................16 SWOT Analysis.....................................................................................16 Strengths...........................................................................................18
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Weaknesses.......................................................................................18
Table of Contents Opportunities.....................................................................................18 Threats..............................................................................................18 PEST Analysis.......................................................................................19 Political..............................................................................................19 Economic...........................................................................................20 Socio-cultural.....................................................................................20 Technological.....................................................................................20 Development of Growth Strategy.........................................................21 Market Penetration............................................................................21 Product Development........................................................................21 Market Development.........................................................................22 Diversification...................................................................................22 Conclusion............................................................................................23 Reference.............................................................................................24
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Table of Figures Figure 1: Apple Watch............................................................................7 Figure 2: Apple Watch styles................................................................10 Figure 3: perceptual map of competitors.............................................13 Figure 4: Male ages likely to buy Apple Watch.....................................15 Figure 5: Female ages likely to buy Apple Watch.................................15 Figure 6: Apple Watch SWOT................................................................17 Figure 7: Apple PEST Analysis..............................................................19 Figure 8: ANSOFF Matrix.......................................................................21
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List of Tables Table 1: Market follower advantages and disadvantages.......................8 Table 2: Apple Watch prices.................................................................14
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Introduction Apple as Company Nowadays, development cycle in personal computer industry is moving towards faster and enhancements added to those personal devices are rapidly increased. This is happened because of demand of the customers for making their lives easy by perform their tasks with comfort and more accuracy. In the past, many inventors contributed to the history of computers and the computer were complex pieces of machinery made up of many parts, each of which can be considered a separate invention. In 1976, Steve Jobs and Steve Wozniak founded Apple Company which are mainly focused on computer hardware and computer software consumer electronics digital distribution in United States. Apple is multinational company that deals in technological devices are like iPhone, iPad, iPod and computer software. Tim Cook is now Chief Executive Officer (CEO) in Apple Company and he has introduced new many products. Apple’s vision statement is to make great products, simple and to own and control the primary technologies behind the products also not to settle for anything less than excellence in every group in company. The mission statement is to design the best personal computers in the world along with OSX, iWork, iLife and professional software (Rowland, 2015). Introduction to Apple Watch Recently, dreams become true and the computers are smaller so that they are affordable and portable such as wearable computing smart watches. There are two famous smart watch companies that most people use which are Samsung, Apple and LG and all of them are manufacture personal devices such tablets, phones many others. Apple Company provides various products for and business with integrity and high quality. The products are provided to people are very interesting and also needed in our daily life. One of the most powerful recent wearable product is Apple Smartwatch. It is extremely smart as it understands what the user is looking for. In April 2015, Apple unveiled iWatch as best personal device that features innovative idea such Apple iOS device like the iPhone or iPad to push the watch specific content to
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the device. In figure 1, Apple watch is one of the best wearable computing smart phone type that should be worn on user’s wrist in the world for their design and built by Apple. It provides high quality efficient system that mainly attracts young customers to acquire product (Apple, 2015).
Figure 1: Apple Watch (Apple, 2015) Moreover, the name of watch has been changed from iWatch to Apple Watch. Also, apple watch is beautifully featured with four heart beat sensors so that it can improve fitness by monitoring heart rate. In addition, the user can call or send an SMS throughout the watch and it can easily be answered as well as GPS is provided. It also could interact with world so that the user is able to pay using Apple Pay system. Apple have three different watches which are apple watch, Apple watch sport and Apple watch edition and they are in two different sizes (38mm and 42mm) (Apple, 2015). Background of the Case Market entry and launch activities of Apple watch are going to be examined and see what issues Apple watch have in market. Although Apple Company usually innovates new idea of technologies for
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products, Apple is follower market after other competitors in Apple Watch. For example, Apple watch is considered as follower market which means that, it might be difficult for apple to get customers in market because they are the follower. Also, it might not penetrate to the market easily as same as the first market. Also Apple Watch is expensive although its competitors have same specification with low cost. Market Entry A market entry is a strategy that delivers services or goods to the planned market and it distributing them there. It is one of the significant strategic decisions in international business so that is the mode of entering the international markets. There are a variety of options open to market when there is an organization has made a decision to enter an international market. There has been much speculation, not only about the product itself but also how Apple fans will receive it. One must consider that the android watches have not made much profit, especially since the wearable technology industry is still nascent. Apple being known as a company which has strong engineering, design and technology base, in whichever gadgets they bring out, a lot of fans have been eagerly waiting for the Watch. Market entry gives any company that is intending to release a new product and indication of the potential sales of that product. Furthermore, in market entry, there are market first and market follower being in the market (Kar, 2011). Apple Watch is considered as market follower due to the product was announced in 2015 while another competitor Samsung (Gear Watch) is considered as market first and it was announced in 2013. There are advantages and disadvantages of being market first and follower in table 1 as follows,
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Table 1: Market follower advantages and disadvantages (Palumbo, 2009)
Launch Activities In 9th of March, 2015 special event, the company made its Apple Watch launch intentions clear and announced that customers would be able to preorder the device via Apple's online store beginning in 10th of April. Apple watch is carried out by apple corporation were marketing and advertising. Also, Apple employs to achieve its tremendous customer loyalty by performing some different aspects. Firstly, apple has its own store which is strictly devoted products so that Apple make it easy for customers to download applications, music and to explorer new technologies that the company offers. So by creating this store, apple can encourage current customers to get excited about what it has to offer (Geddes, 2015). After that, Apple watch can download music by iTunes so that Apple make it easier for customers do not have to stray to find out products and solutions they want while will strengthen customer loyalty. Almost
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all Apple products have same basic architecture due to consistency. Because of that, current customers have good idea of what they will know how to handle the Apple watch before they purchase easily because apple products use iOS operating system and they will be easy to adopt with the new Apple Watch so this makes the customers to repeat purchase new products (Geddes, 2015; and CRM, 2009). Despite the Apple products is consistent, its portfolio is not which means that the Apple offers current customers number of different ways to enjoy its products so that the company gives the customers the opportunity to employ Apple in their rooms and offices as result customers stay loyal to the brand already like (Geddes, 2015). Also, Apple watch attracts customers with beautiful design to user, bright colors, a smiling icons and sleek looking hardware. Finally, Apple carefully consider what the customers are looking for so that Apple Watch is result of strong design and more research until it contributes to Apple’s high customer satisfaction rates by making the watch plain and simple (CRM, 2009). As result, Apple Company is positioning Apple Watch by High technologies, convenient to consumers, stylish and symbol of high status.
Brand Management Strategies Product Platform Apple first generation has three different watch styles as shown in figure 2 which are Apple watch, Apple watch sport and Apple watch edition and they are in two different sizes 38mm and 42mm. Apple watch sport has 10 models which have Ion-X glass display, flexible, come with silver aluminum which making 50% hard. Apple watch has 10
20 models made by 316L stainless steel and sapphire crystal glass which making 80% harder (Apple, 2015). Apple edition has 8 models with 18-karat gold case with different colors. The first generation of iOS has many issues such as apps slow, getting heat and limited apps (Costello, 2015). Because of Apple watch attracts many customers with beautiful design and successful product, Apple Company released second generation of new Apple watch iOS2 provides newer technologies, integrity and high quality apps. Apple Watch iOS2 has greater enhancements and it has been released in September 2015. The next generation has same sizes, models and prices but it more powerful apps and apps load faster by implementing new processor inside the watch. Also, the new generation has feature like receiving emails, replay at all the bottom of a message, adding Taptic engine for vibration, updated digital crown and send an emoji. Moreover, Apple watch iOS2 includes Activation Lock which protects user’s data in iCloud when the watch is lost or stolen (Apple, 2015).
Figure 2: Apple Watch styles (Marshall, 2015) Brand Extension Beside Apple watch, Apple Company has many products and services include iPhone smartphone, iPad tablet, iPod for music, Mac Desktop or
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laptop, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and accessories, service and support offerings. The company also sells and delivers digital content and applications through the iTunes Store, App Store, iBooks Store, and Mac App Store for downloading software and application (Apple, 2015). Moreover, Apple watch current generation or next generation is depending on the extensions products such as iPhones or iPads. For example, user will not be able to make calls or use web-based services from the watch without being connected to a compatible device (Marshall, 2015). The Apple Watch pairs with iPhones via Bluetooth low energy and built-in Wi-Fi. Also, Apple watch apps are really just displays the things running on the iPhone, and some key features are not available if user is not paired to an iOS device (Low, 2015). Market Evolution Market Segment Apple watch main target is to people all ages especially youth, between 16 to 40 year, falling in a medium to slighter social group. It can be used during work out, in army and even for normal days because Apple watch is made up with solid material made by 316L stainless steel and sapphire crystal glass which making 80% harder. However, Apple watch is not waterproof but it is water resistance which means that the product is not suitable for swimmers. In contrast, the user can wash his hands while wearing the watch or if it gets some occasional rain the watch can survive (Low, 2015). Product Life Cycle It describes the changes in consumer demand over time. There is no product can be in demand forever. So Apple watch is considered new product for apple and with first products are often made obsolete more
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quickly. In introduction stage, the product occurred regionally in US because the company predicted demand and the product price is high due machinery, set up and market research. For example, Apple watch for 42mm model price is from $599 to $1099 which is considered very expensive. In growth stage, Apple watch is visible and the reputation spreads through heavy advertisement due to Apple watch is follower market. In maturity stage, Apple got the maximum amount of sales and therefore maximum revenue. For example, Apple watch revenue was $1 billion by selling 2.5 million units in Jun-quarter (Kharpal, 2015). After that, by decreasing the amount of revenue with some time, Apple cannot find new consumers for Apple watch in decline stage. As result, Apple released new watches with more advance technologies (Warren, 2015). New Geographical Areas Apple retailer began selling the apple watch in few stores in US then in Canada. Because of demand for apple watch and it is so great, the company plans to expand the geographical areas of sales thus the maturity stage will last longer and the amount revenue increases as well. Tim Cook announced that Apple watch will be available in Europe, Asia and Australia after 2 months and half of launching Apple watch in 4 June. (Prigg, 2015). Brand Success Apple Watch is successful product where Tim Cook said that the watch revenue has about $1 billion in sales around the world. In addition, the product has many functions are almost like the smart phones. The watch has strong design and Apple has more research until it contributes to Apple’s high customer satisfaction rates by making the watch plain and simple (Kharpal, 2015). Almost all Apple products have same basic architecture due to consistency. Because of that, current customers have good idea of 13
what they will know how to handle the Apple watch before they purchase easily because apple products use iOS operating system and they will be easy to adopt with the new Apple Watch so this makes the customers to repeat purchase new products. Therefore, Apple Watch is distinctive and provides values to customers (Crothers, 2015).
Competitors
Figure 3: perceptual map of competitors (Martin, 2015) Before Apple launched the watch, there many companies have already launched their watches in 2013 and 2014. In figure 3 shows that the
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companies like LG and Motorola have strong hold on customers because of their fantastic features and great design that resemble a normal watch. However, Apple accessories varies, simplicity and design places are slightly above the segment. Samsung and Sony do not have distinctive design and seem to have functionality lacks value to customer. The main focus is to market product to brand loyal customers since apple is already a status symbol (Martin, 2015). Brand Development 4P’s is a set of tools that are used to help companies to gain advantages in marketplace and to maximize products’ potential (Elliot, 2008). 4P’s is the abbreviation of Product, Price, Promotion, and Place. The application of the 4P’s analysis on Apple Watch is as follows,
Product As was reviewed previously, there are three different watch styles as shown in figure 2 which are Apple watch (20 model bands), Apple watch sport (10 model bands) and Apple watch edition (8 model bands) and they are in two different sizes 38mm and 42mm. The main feature of Apple Watch is to monitor health and to keep track of monitoring fitness. Also, Apple watch has the newest iOS and wireless synchronization (Apple, 2015). Price Apple watch is considered as most expensive smart watches compared to any of its competitors. In table 2 below shows the price for each style. The price of Apple watch and Apple watch edition are varying depends on model bands. Table 2: Apple Watch prices (Apple, 2015) Size
Apple Watch
Apple Watch
15
Apple Watch
38mm 42mm
Sport $349
$549 to
Edition $10000 to
$399
$1049 $599 to
$17000 $10000 to
$1099
$15000
Promotion Promotion explains the way to promote for the company’s product either through web promotions, traditional advertising, or some other marketing tactics. Apple uses social media to gain attention of customers and provides videos available in social media especially YouTube that shows specification of the watch and emphasizing the unique of the watch. Also, Apple uses technology and word of mouth strategy by combining TV and the internet and Eye catching display. Place Place or distribution specifies where the product or services would be sold or available to customers. For apple watch, Apple combine direct and indirect distribution strategy by Esales on Apple official website. Also Apple watch would be distributed to all major retailers of Apple Company. Sometimes the product may delay and this creates questions to the consumer. Because of high demands, this would be hard task to handle with the product. (Goodwin, 2015). Buyer Behavior
Figure 4: Male ages likely to buy Apple Watch (Thompson, 2015) Men is more interested in buying the Apple watch than women. In fact, men age between 18-24 are more interested with 26% as shown in figure 4 but women are not interest
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where from figure 5 shows 9.5% of women in same age of 18-24 who made an effort to learn about watch (Thompson, 2015).
Figure 5: Female ages likely to buy Apple Watch Overall, Apple’s consumers are satisfied with their Apple watches due to features and design specifications. Although there are consumers complained about problems in first generation of Apple watch as heat, lag and battery life, Apple has solved these problems in next generation.
Brand Performance Apple did not break out any specific revenue for apple Watch. However, there some companies have been attempting to calculate the revenue based on “other” categories in Apple’s earning. According to researches (Nourma and Juniper, 2015) showed that Apple revenue was likely $1 billion in June quarter of 2015 by shipping 2.5 million units (Kharpal, 2015). The revenue is considered very well and thus the company is motivated to further enhancements. With the success of product, Apple Company is likely to further their efforts in offering fitness features on their smartwatches, thereby contributing to the sharp rise in sales forecast in 2015. SWOT Analysis Another technique can be used to analyze and evaluate the four major parameters of Apple company is SWOT analysis. The four parameter that SWOT analysis is concerned about are; Strength, Weaknesses, Opportunity, and Threat. According to Tom Berry
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(2005), SWOT analysis is defined as “a very simple process that can offer powerful insight into the potential and critical issues affecting a venture”.
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Figure 6: Apple Watch SWOT
Strengths
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The major strength of Apple, it has strong market position and consumer trust worthiness which raises because of Apple’s ecosystem that increases the competitive advantage. Then, Apple watch has variety of software and apps which interlinked and maintain each other (Harrer, 2015). In 2013, third time that Apple has been chosen as the most pioneering company in the world. In addition, Apple Watch has superior capabilities and resources, with assets at $198.69 billion for all Apple’s products (Wang, 2014). Weaknesses High price is major weakness of Apple watch because there is a strong completion in the market and the Apple’s consumer can get with same specification by its competitor in lower price. Also, Apple is not the first market that produced watch so it is hard for Apple to get into the market (Wang, 2014). Also, some consumers gave negative feedback due to limited specifications and overprice. Moreover, decreasing market share can be caused to less influence its customers (Harrer, 2015). Opportunities Apple Company is getting the opportunity to increases the demand and expansion in worldwide and increasing the revenue through this strategy. Moreover, the app makers are possible attracted for creating newer apps so that apps can be feasible and more concentrated on health such monitoring fitness. Because of demands, Apple has chance to expand the product line due to higher revenue compare to its competitors and also releasing Apple watch, new product can be within existing markets (Wang, 2014). Threats There are some issues which might threaten Apple watch and these threats causes reduction in firm revenue and may loss reputation of the company. Android Companies such Samsung and Sony releases 20
their watches with less cost with high technologies. In addition, increment in Tax in USA will affect the Apple’s growth. Also, due to demographic changes, trends fluctuating and the innovative products must be release regularly (Harrer, 2015). As customers are become more technology lover and they want it in very short time which causes pressure to companies. Extending Apple Watch internationally sounds good but it can result in target attacks (Wang, 2014). PEST Analysis To gain an understanding of Apple’s Watch, direction of operation and to know situation of the future market, PEST analysis used for external factors (Political, Economic, Socio-cultural and Technological) in order to identify the opportunities and threats. Figure 7 shows PEST for Apple as follows,
Figure 7: Apple PEST Analysis
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Political There are many problems which cannot be controllable by the company such as; geopolitical uncertainties, war against terrorism, authority to work and health issues which can affect the sale of Apple’s product worldwide. Also, increment in tax in USA will affect the Apple’s growth. One challenge that Apple faces in terms of business is the government requests for information. Apple policy is to be transparent that abides with law but Apple claims no to work with government agencies to create a backdoor into its products or and services and the company will not do (Apple, 2015).
Economic The aspects needed to be considered are interest rates, exchange rate and inflation employment level. Because global growth for the market seems to have weekend, the inflation rate has been reduced which is all time low compared to past 5 years which is offset of keeping the Consumer Price Index (CPI) at rate of 2% (Friesner, 2014; and BBC, 2014). As a result of these economic factors, purchasing power of people reduced which negatively affected the sale of Apple products due to its higher price. But now world’s economic conditions are getting better and company has purchased itself foreign currencies, so Apple revenue has increased in the global market (Apple, 2015). Socio-cultural Apple has promoted socialization in society through their products. It means that people will buy Apple products such as Apple watch, iPhone and iPad due to these gadgets help people to get connected and gives them source of belonging (Newlands and Hooper, 2009). Also, rapid growth of the music industry which have increased markets over the cyber space as well. The main virtual music store is the iTunes. Thus, in all Apple products have benefitted from the social 22
factors as it has begun defining a modern individual lifestyle. Also, some additional behavior can be related to religion, population growth and media influence thus Apple had better to keep in mind the success of new products are based on these factors (Ukessay, 2015). Technological Apple Company has invested largely in its product research and development field and thus Apple products are at the top of the new innovative products ranking. The technology has been fast changing in the world and the market for it has become top of industries which has added to more and more competition and therefore as soon as technological change are concerned the product life cycle has been shortened drastically which the Apple company takes the advantage of by introducing newer products in the market which ultimately lead the market (Ukessay, 2015).
Development of Growth Strategy Product and market development is very important for the growth of any organization. ANSOFF matrix can be introduced here as a very useful tool for thinking about marketing objectives and how to develop the product and market of the company. Figure 8 shows the ANSOFF matrix and further explanations for Apple Watch.
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Figure 8: ANSOFF Matrix (Wanasinghe, 2014) Market Penetration Apple Watch has captured 75.5% global smartwatch market share and the strategy analytics estimates that the company sold 2.5 million units in the second quarter (Kharpal, 2015). In contrast, the competitor Samsung captured 7.5% global smartwatch market share (Rossignol, 2015). Product Development Apple watch is beautifully featured with four heart beat sensors so that it can improve fitness by monitoring heart rate. In addition, the user can call or send an SMS throughout the watch and it can easily be answered as well as GPS is provided. This product can meet customer needs with nicer design than other competitors (Apple, 2015). Market Development Market development is the process of finding new markets for existing products. Because of high revenue and capturing most market share, Apple is planning to export their watches new regions UAE, Saudi 24
Arabia in 22nd October 2015. (Rossignol, 2015). Market development is riskier than market penetration because of new markets. Diversification Diversification is the process of moving new products into new markets at the same time. This could be risky for any company because the business is moving into markets in which it has little or no experience. So Apple always launches their new products in mother land in US but it might be possible for Apple to launch their new watches in new geographical areas due to Apple has good reputable brand worldwide.
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Conclusion All in all, Apple watch has been successfully analyzed. Apple over the year since its establishment have grown from a private enterprise to a public listed company and still continues to venture out with its new innovative products. Like every other enterprise had merits and drawbacks; Apple too have it. The report comprises of Apple watch’s merits, and how the company can improve itself and its products and services for a better future prospect. As the profits and products of Apple watch keeps increasing month by month, Apple prove that their innovation management at the top level. Overall, Apple watch has been growing multinational markets for one year and Apple continues to grow supplying new innovative products and services for its customers to easy their life.
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