The Swiss watch industry is again in the midst of a technology revolution, which threatens to be comparable to the “quartz crisis” (Refer Appendix A). Led by organizations such as FitBit, Samsung and now more recently Apple, the wearable technology and smartwatch industry is expected to reach market revenue of US$32.9 Billion by 2020. Swiss watch makers, guilty of ruling the smartwatch market as a “fad” until recently, are now beginning to see the threat to their business. TAG Heuer (herewith referred to as TAG), a leading Swiss watchmaker, and part of the LVMH Group, has recognised this threat and will be entering the smartwatch market in Quarter 4 2015. TAG will release the "TAG smartwatch" in a partnership with technology giants Intel and …show more content…
Kotler et al. (2013) expands on this, stating that business units need to monitor competitors as part of their microenvironment actors, as they affect its ability to earn profits. According to a smartwatch industry report, over 40 companies had released smartwatches in 2013, with Samsung holding the largest market share at 34%. (Overview of the smartwatch industry 2014). Apple are poised to launch their smartwatch in April 2015, which the Apple Watch Edition aimed at the luxury watch buyer, these range from $US10,000 up to $US17,000. The TAG and Apple devices target customers with different smartphone OS, however future technology advancement could alter this, and create a direct competitor. 4 Market Analysis During the business unit strategic planning process, there are a series of steps, which if implemented and managed correctly, should lead to success (Kotler et al. 2013). With success being measured by the ability to meet the customer needs, wants and demands …show more content…
(2013) states that to ensure it can take advantage of opportunities, a business first must evaluate its internal strengths and weaknesses. While TAG does not need to correct all its weaknesses, nor gloat about its strengths, they should understand the opportunity and determine whether they can capitalise on it by leveraging strengths, by addressing existing weaknesses, or avoiding the opportunity altogether. Refer to Appendix E for a Strengths and Weaknesses summary. A significant weakness is that TAG is not a traditional technology company, and there may be customer concerns about their ability to deliver a technology solution. This weakness has been somewhat mitigated by the strategic partnership with Intel and Google, both being leaders in the technology space. Kotler et al. (2013) defines this type of partnership as a Strategic Alliance. In addressing their technological shortcomings, TAG has created an additional weakness. The branding ‘Swiss Made’ brings with it an association of quality with customers. This brand requires the watch movement to be assembled in Switzerland, and given that the Intel chip will be built in the Silicon Valley, the smartwatch cannot leverage this
From Hans Wildorf's Rolex company to Ben Clymer's specialist online magazine over a century later, we remain fascinated with watches to this day
Strategic planning is crucial for the success of all business endeavors. Analyzing currents trends in technology, consumer markets, competition, and the workforce can play a pivotal part in whether or not the organization can survive. Overtime, strategic planning strategies must be modified in order to compensate for changes in the industry. Goals and strategic planning often necessitate change to ensure that the organization is performing at peak level, while offering the most beneficial and quality services to consumers.
A business needs to look at every angle for their value chain to work and to make sure their expansion is successful. They will need to review many points to
Thirdly, there is no designer because some parts of the watch do not have a function. Paley responds by stating that just because we are not currently aware of the function of some parts of the watch, it does not mean that they actually do not have a function (Paley 30).
Fitbit was founded in 2007 by James Park and Eric Friedman with the purpose of using wireless technology to improve a person’s fitness and health according to the About Us page in Fitbit.com. Fitbit would fall within the digital technology industry that focuses on improving health and wellness of individuals. I would also classify Fitbit as an Internet of Things (IoT) device because it is Internet-enabled and shares and captures data without human involvement. Fitbit’s competitive advantages include being the first to market with a wearable technology that is widely accepted by general consumers. Fitbit was able to increase their market share significantly due to their first-mover advantage. Another competitive advantage for Fitbit includes
Furthermore, Under Armour’s goal is to expand their wearable watches and bracelets into built-in sensors that go into the clothing they create. This product will allow consumers to be accessory free and still will be able to track their activity levels. This innovative idea will surely bring in consumers, and provide Under Armour with the push they need to directly compete
The plan will also let them figure out the steps they need to take, in order to attain these goals. Since moving into a greater digital presence, they need to set digital strategies that can allow the organisation to be disruptive, which is a value that Ms. Archbold stated she needed her company to have (Bharadwaj et al., 2013). Strengths and Weaknesses Each business has their own strengths and weaknesses, TORSTAR seemed more prevalent to discuss their many strengths, but were very presumptuous to say that they did not have any weaknesses.
All humans want to live long and happy lives, and one of the main things we must maintain to achieve these goals is our health. To stay healthy, we have to get plenty of sleep, exercise, and the correct nutrition. To help us reach these goals fitness smartwatches, such as the Fitbit and Apple Watch, have been invited to assist us in tracking our activity. While the Fitbit and Apple Watch are both smartwatches, they do have some differences.
The enhancement of Rs.9 croreswill be solely used for the purpose of acquisition of paid stocks of the said unit. No assets and liabilities relating to the said unit will be taken over by PRIL.
Strategic planning directs every movement in a business and is very essential to business performance (London 2002, pp.26-33). The strategic plan and operational plan are extracted from Best Buy Form 10K to better clarify the current situation and future direction of Best Buy.
The world exists where people no longer wear just clothes, but a person wears a watch or a shirt that is always functioning and require a minimum of the wearer’s attention. Laptops are no longer need because with wearable computer on him why needs of a lab top. MIThril’s vision of this project is to provide our gifted society with a better way to computing. Laptops are the thing of the past; wearable computer is the step to the future.
The major competitors of Apple are Dell and Samsung out of which Samsung is the
Just like the individuals who comprise the human race, these curious creatures come in all shapes and sizes, each with its own beauty. My watch, an example of those delicate timepieces fastened with a band of gold or silver, resembles a bracelet. Yet, there are watches with thicker straps; some with leather, plastic, and even bands of bulky cloth; watches with bold heavy-set numerals; timepieces with only dots or diamond-shaped accents to represent the twelve hours; as well as the contemporary digital watch. Despite the endless assortment of watches, each serves the very same purpose: creating a framework in which those who ride the roller coaster of modernized life must run th...
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...