The aim of the reflective journal is to assess the impact of smart watches on the traditional watches and their markets. The scope of the journal covers the background of the two classes of watches, the strengths and weaknesses of smart phones and their capabilities to serve the multiple needs of the users. According to me smart watches are one of the most useful inventions of the present age. The companies are designing their products keeping the needs of the users in mind and the smart watches clearly show that. The smart watches serve multiple needs like receiving notification, reading heart beats of the users and even responding to Facebook messages. I can say they are mini computers in form of watches and some authors claim that the smart watches are slowly capsizing the markets of the traditional watches. However, there remains a doubt over the total truth of the fact because smart watches have their own disadvantages like short battery life which render them weak before traditional watches.
The history of the traditional watches dates back to old ages when pocket watches were preferred to wrist watches. I can point out that the wrist watch developed to serve the soldiers during the World War I and not to help the civilians to check time. The wrist watch manufacturing I feel was largely concentrated in Europe especially in Switzerland. I can point out even today some of the most expensive traditional watches are made in Switzerland and the luxury watches are referred to as Swiss watches. The watch market of the traditional wrist watches were dominated by the luxurious watch makers. I feel that the advent of the smart watch industry and market worldwide have succeeded in challenging this dominance of traditional watch makers.
I can point that the background of smart watches is far more recent but revolutionary in character. The smart watch is a combination of a traditional time piece and a mini computer or smart phone, all rolled into one. The first smart watch was developed by Hamilton which had a memory of its own. Another feature which is particular to the smart watch market is the collaboration of companies from various industries to produce and market smart watches. This feature was not very common in the traditional watch market. I can point out that these joint ventures helped the companies manufacturing smart watches bring about open innovation to make wearable pieces of technology which are capable of serving multiple needs. It is needless to say this multi utility serving capacity of the smart watches sets them apart from the traditional counterparts.
I can point out that the smart watch market is spread all over the world at its very rudimentary stage. The smart watch challenged the dominance of Europe as the leading manufacturer and market in the world. The companies from various sectors collaborate to make smart watches having multiple features. The electronics giant Samsung collaborated with Google which is computer technology giant. Google provided its operating system while LG provided its hardware and technical expertise. Again I can point out that the smart watch market not only attracted IT giants, it attracted international sports goods companies like Nike as well. The smart watch market encouraged the regional companies of the emerging markets of Asia to enter and grow in the international market. For example, Titan from India and Xiomi in China are making and exporting smart watches both locally and internationally. Thus, the smart watch encouraged more competitiveness in the watch market and has made it more customer centric and profitable. Today the traditional wrist watch companies are making more innovative models of wrist watches which are capable of satisfying multiple needs of the users. For example, Rolex and Omega have introduced watches which are capable of showing date, giving alarm tones and various other features. I can also point out that the traditional watch market have presence of companies which manufacture both smart watches and traditional wrist watches. For example, Timex of the United States of America and Titan of India have strong presence in both the markets and export their models.
I can point out that the smart watch market owing to the presence of multinational companies has more chances of growth compared to the traditional wrist watch market. I must point out that Samsung and Apple are among the biggest multinational companies in their respective sectors, Electronic and IT respectively. These companies are financially and competitively stronger than the traditional watch makers like Rolex. The huge financial and technologically resources allow these companies to carry on research and innovation on robust scale. I can opine that the smart watch markets have also led to entry of big business conglomerates from emerging markets into watch making. For example, Titan luxury watches and smart watches are owned by Tata, one of biggest Indian business conglomerate all over the world. These new entering companies give tough competition to the traditional watch makers which have made the watch market more competitive. They are able to share their resources to make watches which combine the technical strength of both. For example, the smart watches by Google and LG run on Android platform of the first and hardware of the second. These companies use their market goodwill to promote their smart watch products which allow the smart watches to find ready acceptance in the international market. The traditional smart watches are mostly solitary companies bringing about models of wrist watches. The combined power of the international companies like Samsung and Apple helped them to carry out open innovation. I can point out that this open innovation has helped them to introduce more advanced watches with more features. These companies are owners of some of the most sought after smart watches in the world. Their watches sell at high prices and are extremely useful in serving multiple needs of the customers. They help these companies to maximise the value of the customers’ purchase and ensure high degree of customer satisfaction.
I can point out that the smart watches have to a certain extent succeeded to give a tough competition to the traditional watch makers in the international market. The smart watches are wearable technology which allows the users to do a variety of things. The users can receive meassages, listen to music, track roads using GPS systems and even use Facebook. These features of smart watches have attracted the young customers mostly who are rich enough to buy these expensive gadget watches. This helped the smart watch companies like Apple earn more revenue to gain more competitive advantage over the market. I can also point out that the smart watches can be used to make jobs easier. For example, the tourist managers used smart watches to manage and control tourists in historical locations. The tourists on the other hand used smart watches to find out places using GPS. The passengers could use smart watches to hold copies of their tickets and boarding passes to show them at the check points. Thus, smart watches encourage sustainability by promoting usage of tickets in digital forms instead of paper forms. This tremendous utility of the smart watches, their huge markets and the global strengths of their manufacturers attract investments towards the smart watch manufacturers. I can point out that the this tremendous market position of the smart watch companies causes the share price of the traditional watch companies to go down, thus detrimentally impacting their market positions. However, the smart watches too have disadvantages which render them prey to market challenges.
The biggest disadvantage of smart watches is their limited battery lives compared to the traditional watches. However, the smart watch companies like Apple and Fitbit are introducing models which can run for upto five days without charging. The second disadvantage of smart watches lies in their view operating methods. The screens of the smart watches are extremely sensitive and get damaged by water and dust. This defect is causing the smart watch companies spend huge amount of money to bring about new water resistant models. The smart watch market have big players like Apple and LG. This presence of multinational companies and the future profitability of the market have made it extremely competitive. The smart watches have to keep on introducing more advanced models to retain their market position. I can point that though apparently smart watch companies succeed in attracting robust investments, the stiff competition and continuous investment to sustain in it often result in disapproval from the stakeholders. This lack of cooperation from stakeholders inhibits innovation which impact the competitive advantage of the smart phone companies.
I feel that the traditional Swiss wrist watches are still preferred by the upper class people owing to their luxury and aristocracy. Thus, the smart watches have not succeeded in causing total erosion of the traditional watch market.
I can conclude that though smart watches are advanced and more useful compared to the traditional watches, they have their weaknesses as well. The traditional watches and the smart watches compete and sustain the international watch market
Adams, A. 2017. Forbes Welcome. [online] Forbes.com. Available at: https://www.forbes.com/sites/arieladams/2016/09/19/is-the-swiss-watch-industry-a-victim-of-their-own-marketing-success/#351d6a5638bc [Accessed 15 Jul. 2017].
Adams, A. 2017. Forbes Welcome. [online] Forbes.com. Available at: https://www.forbes.com/sites/arieladams/2013/09/12/the-chinese-made-luxury-watch-market/#795fb02e4686 [Accessed 28 Jul. 2017].
Bieber, G., Haescher, M. and Vahl, M., 2013, May. Sensor requirements for activity recognition on smart watches. In Proceedings of the 6th International Conference on PErvasive Technologies Related to Assistive Environments(p. 67). ACM.
Choi, J. and Kim, S., 2016. Is the smartwatch an IT product or a fashion product? A study on factors affecting the intention to use smartwatches. Computers in Human Behavior, 63, pp.777-786.
Dans, E. 2017. What will be the impact of the smartwatch on the traditional timepiece?. [online] Medium. Available at: https://medium.com/enrique-dans/what-will-be-the-impact-of-the-smartwatch-on-the-traditional-timepiece-23655eda64 [Accessed 15 Jul. 2017].
Financial Review. 2017. Luxury watch market hit by technology and politics. [online] Available at: https://www.afr.com/lifestyle/watches-and-jewellery/luxury-watch-market-hit-by-technology-and-politics-20170126-gtz8gc [Accessed 28 Jul. 2017].
Friedman, U. 2017. A Brief History of the Wristwatch. [online] The Atlantic. Available at: https://www.theatlantic.com/international/archive/2015/05/history-wristwatch-apple-watch/391424/ [Accessed 28 Jul. 2017].
Gomelsky, V. 2017. Japan Becomes a Rising Star for the Swiss Watch Industry. [online] Nytimes.com. Available at: https://www.nytimes.com/2017/01/17/fashion/watches-japan-swatch-group.html?mcubz=1 [Accessed 28 Jul. 2017].
Hardman, S., Steinberger-Wilckens, R. and van der Horst, D., 2013. Disruptive innovations: the case for hydrogen fuel cells and battery electric vehicles. International journal of hydrogen energy, 38(35), pp.15438-15451.
Kamiya, K., Ozasa, K., Akiba, S., Niwa, O., Kodama, K., Takamura, N., Zaharieva, E.K., Kimura, Y. and Wakeford, R., 2015. Long-term effects of radiation exposure on health. The Lancet, 386(9992), pp.469-478.
Lacey, S. 2017. Eight Australian watch brands you need to know. [online] Executive Style. Available at: https://www.executivestyle.com.au/australian-watch-brands-you-need-to-know-gpctka [Accessed 28 Jul. 2017].
'LG Watch Urbane (W150) - Best Android Wear Watch | LG Electronics In' (Lg.com, 2017) <https://www.lg.com/in/smart-watches/lg-W150> accessed 29 July 2017
Lowens, B., Motti, V. and Caine, K., 2015, March. Design recommendations to improve the user interaction with wrist worn devices. In Pervasive Computing and Communication Workshops (PerCom Workshops), 2015 IEEE International Conference on (pp. 562-567). IEEE.
Lyons, K., 2016. Smartwatch Innovation: Exploring a Watch-First Model. IEEE Pervasive Computing, 15(1), pp.10-13.
'Mens Waterproof Watch | Ebay' (eBay, 2017) <https://www.ebay.com/bhp/mens-waterproof-watch> accessed 29 July 2017
Morrison, S., Pitt, L. and Kietzmann, J., 2015. Technology and financial services: Marketing in times of U-commerce. Journal of Financial Services Marketing, 20(4), pp.273-281.
Mukherjee, S. and Ramos-Salazar, L., 2014. " Excuse Us, Your Manners Are Missing!" The Role of Business Etiquette in Today's Era of Cross-Cultural Communication. TSM Business Review, 2(1), p.18.
Nagata, K. 2017. Seiko CEO eyes premium watch market in a bid to bolster brand | The Japan Times. [online] The Japan Times. Available at: https://www.japantimes.co.jp/news/2015/08/12/business/seiko-ceo-eyes-premium-watch-market-bid-bolster-brand/#.WXrmhYSGPIU [Accessed 28 Jul. 2017].
Nguyen, B. and Simkin, L., 2017. The Internet of Things (IoT) and marketing: the state of play, future trends and the implications for marketing.
Norman, D.A. and Verganti, R., 2014. Incremental and radical innovation: Design research vs. technology and meaning change. Design issues, 30(1), pp.78-96.
Norman, D.A. and Verganti, R., 2014. Incremental and radical innovation: Design research vs. technology and meaning change. Design issues, 30(1), pp.78-96.
Perman, S. 2017. Swiss Watches Are Being Sold At Discounts in Gray Markets. [online] Fortune.com. Available at: https://fortune.com/2016/02/11/swiss-watches-gray-market/ [Accessed 28 Jul. 2017].
pro J, 'Titan Juxt Pro Smart Watch - Titan World' (Titan World, 2017) <https://www.titanworld.com/in-en/juxt-pro/> accessed 29 July 2017
Singleton, M. 2017). Despite the smartwatch, the clock hasn't stopped for mechanical watches. [online] The Verge. Available at: https://www.theverge.com/circuitbreaker/2017/5/9/15584234/smartwatch-mechanical-martenero-omega-frederique-constant [Accessed 15 Jul. 2017].
'Smartwatch 3 SWR50 Features | Android™ Wear Watch - Sony Mobile (India)' (Sony Mobile (India), 2017) <https://www.sonymobile.com/in/products/smart-products/smartwatch-3-swr50/features/#tabs> accessed 29 July 2017
Strauss, J., 2016. E-marketing. Routledge.
Tahara-Stubbs, M. 2017. Time out for Swiss watchmakers?. [online] CNBC. Available at: https://www.cnbc.com/2015/01/20/is-time-running-out-on-luxury-swiss-watches-in-asia.html [Accessed 28 Jul. 2017].
Thomas, L. 2017. Fossil shares plunge as Apple Watch kills traditional watch market. [online] CNBC. Available at: https://www.cnbc.com/2017/05/10/fossil-shares-plunge-as-apple-watch-kills-traditional-watch-market.html [Accessed 15 Jul. 2017].
Titcomb, J. (2017). Fitbit Blaze challenges Apple with five-day battery smartwatch. [online] Telegraph.co.uk. Available at: https://www.telegraph.co.uk/technology/ces/12083288/Fitbit-Blaze-challenges-Apple-with-five-day-battery-smartwatch.html [Accessed 30 Jul. 2017].
Vargo, S.L., Wieland, H. and Akaka, M.A., 2015. Innovation through institutionalization: A service ecosystems perspective. Industrial Marketing Management, 44, pp.63-72.
Voges, D., 2017. NFC–Great innovation is on the rise, but the market remains very fragmented. The diffusion of innovation using the example of Near Field Communication (NFC) multiapplication platform.
Wallen, M.P., Gomersall, S.R., Keating, S.E., Wisløff, U. and Coombes, J.S., 2016. Accuracy of heart rate watches: implications for weight management. PLoS One, 11(5), p.e0154420.
'Watch' (Apple (India), 2017) <https://www.apple.com/in/watch/> accessed 29 July 2017
Willet, M. (2017). Apple's Smartwatch Is Cool, But The Classic Wrist Watch Isn't Going Anywhere. [online] Business Insider. Available at: https://www.businessinsider.in/Apples-Smartwatch-Is-Cool-But-The-Classic-Wrist-Watch-Isnt-Going-Anywhere/articleshow/42205546.cms [Accessed 15 Jul. 2017].
Williams, T., 2015, November. Using the evolution of consumer products to inform design. In Proceedings of the 6th IASDR (The International Association of Societies of Design Research Congress) (pp. 2222-2235). IASDR (The International Association of Societies of Design Research).
Cho, J. and Lee, J., 2013. Development of a new technology product evaluation model for assessing commercialization opportunities using Delphi method and fuzzy AHP approach. Expert Systems with Applications, 40(13), pp.5314-5330.
Kim, K.J. and Shin, D.H., 2015. An acceptance model for smart watches: implications for the adoption of future wearable technology. Internet Research, 25(4), pp.527-541.
Buckley, P.J. and Hashai, N., 2014. The role of technological catch up and domestic market growth in the genesis of emerging country based multinationals. Research Policy, 43(2), pp.423-437.
Sullivan, M. 2017. Extended technology acceptance model (TAM2) [Personality & TKMS series]. [online] RealKM. Available at: https://realkm.com/2016/08/24/extended-technology-acceptance-model-tam2-personality-tkms-series/ [Accessed 30 Jul. 2017].
Acharya, V. and Xu, Z., 2017. Financial dependence and innovation: The case of public versus private firms. Journal of Financial Economics, 124(2), pp.223-243.
Balakrishnan, A. 2017. Apple market cap tops $800 billion for the first time. [online] CNBC. Available at: https://www.cnbc.com/2017/05/08/apple-market-capitalization-hits-800-billion.html [Accessed 30 Jul. 2017].
Forbes.com. 2017. Forbes Welcome. [online] Available at: https://www.forbes.com/companies/rolex/ [Accessed 30 Jul. 2017].
Jack Forster, S. 2017. 10 watches that changed the course of history (in watchmaking terms, at least). [online] CNN. Available at: https://edition.cnn.com/2015/06/30/luxury/gallery/10-watches-that-changed-the-world/index.html [Accessed 30 Jul. 2017].
Ray, A. (2017). Google unveils future of smartwatch - Android Wear 2.0 - Future is here. [online] The Economic Times. Available at: https://economictimes.indiatimes.com/slideshows/tech-life/google-unveils-future-of-smartwatch-android-wear-2-0/rotate-and-read-message/slideshow/57059050.cms [Accessed 30 Jul. 2017].
Borthwick, A.C., Anderson, C.L., Finsness, E.S. and Foulger, T.S., 2015. Special article personal wearable technologies in education: Value or villain?. Journal of Digital Learning in Teacher Education, 31(3), pp.85-92.
West, J., Salter, A., Vanhaverbeke, W. and Chesbrough, H., 2014. Open innovation: The next decade.
Chan, C.M., 2013, January. From open data to open innovation strategies: Creating e-services using open government data. In System Sciences (HICSS), 2013 46th Hawaii International Conference on (pp. 1890-1899). IEEE.
Wells, T.N., Willis, P., Burrows, J.N. and Hooft van Huijsduijnen, R., 2016. Open data in drug discovery and development: lessons from malaria. Nat Rev Drug Disc, 15(10), pp.661-662.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2018). Smart Watches And Traditional Watches. Retrieved from https://myassignmenthelp.com/free-samples/smart-watches-and-traditional-watches.
"Smart Watches And Traditional Watches." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/smart-watches-and-traditional-watches.
My Assignment Help (2018) Smart Watches And Traditional Watches [Online]. Available from: https://myassignmenthelp.com/free-samples/smart-watches-and-traditional-watches
[Accessed 25 May 2020].
My Assignment Help. 'Smart Watches And Traditional Watches' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/smart-watches-and-traditional-watches> accessed 25 May 2020.
My Assignment Help. Smart Watches And Traditional Watches [Internet]. My Assignment Help. 2018 [cited 25 May 2020]. Available from: https://myassignmenthelp.com/free-samples/smart-watches-and-traditional-watches.
MyAssignmenthelp.com makes buy assignments online easier for students in Melbourne, Brisbane, Adelaide, Perth, Sydney. Students can get highest quality Assignment Help in Brisbane, Perth, Sydney and other cities of Australia only by completing three steps. Students only need to convey their requirements and our experts craft the assignment in an exact manner that our customers want. In case, they need CDR writing services, they can hire our professional CDR writers for strengthening their chances against other applicants.
Answer: 1. The long queues represent the high demand for the given restaurant’s foods and service. The people value the restaurant high and are willing to stand in the waiting lines. The people have high opportunity cost associated with the time spent in the line. On the other hand, the restaurant with empty chairs may have high prices which make their food and services unaffordable to a large number of customers. The owner can increas...Read More
Answer: Background to the problem: Failures in managing research are mainly associated with the lack of preparation in readiness for a project. This leads to businesses failing to prepare for problems leading to the projects encountering serious management hurdles (Cleden, 2017). To overcome these problems every business must address the following research issues so as to address research problems. Define business and research o...Read More
Answer: Introduction In the modern era, there are several organizations that are functioning in the global economy each one of the companies have been performing according to their aims and objectives. The operations of a company is dependent on the style of the entrepreneur and the ability and the mind-set of the entrepreneur determines the process that would be undertaken with the help of which the company can gain competitive edge an...Read More
Answer: Introduction The Yeo Valley is one of the most widely known organic dairy firms in the UK. This company works for bringing fresh and new products for all the milk lovers. At the same time, they believe that taking care of nature is also one of the most important activities that they have to carry on. This firm has been set up by the Mead family. They have been living and working in Somerset for a long time period. They had started their...Read More
Answer: Introduction: Communication is an important aspect of business management. Every professionals need to develop proper communication skills to enjoy success at workplace mentally and financially. The assignment will first help me identify my issues in communication. Depending on it, a literature review will be conducted which will be followed by an action plan. Tools and analysis: The first tool that I have used is the ...Read More
Just share Requriment and get customize Solution.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
The finished product of my assignment was impressive! No stone was left unturned from the required rubric. Easy to follow, original material, and thorough, not to mention, completed more than 24hrs before the requested time. THANKS TO MY MAH EXPERT! ...
THANKS Very timely completion. The attitude of the experts is very good, and it is found that the job requirements are different at different times. The experts completed the new requirements in a short time.
thanks for helpingto get good marks in all the work. i have got good marks. i hope u will provide good work in future
Met the requirements for the assignment. I would definitely recommend this website.