It used to be that putting on a watch was just a standard part of getting dressed in the morning. How could you hope to move successfully throughout your day, making it to appointments? On time, if you weren’t wearing a watch on your wrist to let you know what time it is? Today however, we’re surrounded by technology devices at work, home, and even away from home that readily display the time of day. The outcome? Many have come to view the personal watch as an unnecessary device. As a result, the watch industry has been struggling to find ways to remain relevant, searching for the key to how they can motivate consumers to purchase a timekeeping device that many consider unnecessary with the desktops, laptops, tablets, and cell phones to which they are so connected. As industry analysts have pointed out, watches may actually be “superfluous” and there are claims that “telling time is secondary today.” And even for those more diehard consumers who still wear a watch, according to Marshall Cohen, chief industry analyst in New York at the NPD Group, “there’s no practical need for any watch-wearing holdouts to pay a lot for a timepiece.” Apple says, not true! It believes that the death of the watch has been greatly overstated and in response, the company recently introduced the Apple Watch. These devices range in price from $350 to more than $10,000. The new watches, far from simply telling the time, are actually mini-computers that allow the wearer to check and send messages, surf the Internet, monitor heart rate, and pay in a store. The watches’ introduction has been both praised and criticized. Some point to Apple’s ability to interest consumers in any number of technology devices and believe that the Apple Watch will be yet another success story for the company. An early reviewer, Wall Street Journal’s Geoffrey Fowler, believes that his dependence on other devices has decreased since putting on the Apple Watch and that it’s helped him to be more focused. But others cite consumers’ fading interest in watches in general, the difficulties in functioning with such a small screen, and they wonder who would really be motivated to make the investment in the entry level model, let alone the top of the line, Apple Watch Edition, with an attention-getting price tag of $17,000! So what does Apple think will motivate consumers to buy one of these new gadgets? They talk about consumers’ need to creative Strategies analyst says, “The flexibility of “glance able information” is more valuable than people realize today.” He also mentions that the new watches will offer options for nonverbal communication, tapping a button to send a message, for instance. Apple CEO Tim Cook calls it “the most personal device we’ve ever created, it’s not just with you, it’s on you” and claims that it’s the most advanced timepiece ever created, period. Analysts forecast that Apple will ship 7.5 million watches in the months following its introduction. But critics still wonder if consumers can be convinced that there’s a real need for the devices. On top of that, there’s a potentially saturated market to consider, with 10 million competing smart watches shipped in the year before Apple’s entry into the product category. Another form of competition comes from the established luxury brand watches that may have already cornered the higher end of the market. Proponents of luxury watches believe that Apple can’t match their unique qualities—prestige, resale value, their ability to be passed down as an heirloom, exclusivity and a less obtrusive look which may be safer for the wearer. While blogger John Gruber commented on a recent podcast: “I still have no idea why I would want to wear it,” early adopters of the Apple Watches and others who believe in the power of Apple to succeed were not surprised by recent announcements from the company about an upgraded operating system and improvements that will make the watches’ apps work even better. So, who knows how this story will turn out, will Apple be the game-changer that played a significant role in how we think about the evolution of the personal watch or will it be seen as having momentarily mistyped into an industry whose death was already a foregone conclusion? QUESTIONS 1. Discuss the possible reasons to buy a watch today. Connect each psychographics factors you identify with an appropriate Personality and Psychographics theories from the lecture.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Case Study
It used to be that putting on a watch was just a standard part of getting dressed in the morning. How could you hope to move successfully throughout your day, making it to appointments? On time, if you weren’t wearing a watch on your wrist to let you know what time it is? Today however, we’re surrounded by technology devices at work, home, and even away from home that readily display the time of day. The outcome? Many have come to view the personal watch as an unnecessary device. As a result, the watch industry has been struggling to find ways to remain relevant, searching for the key to how they can motivate consumers to purchase a timekeeping device that many consider unnecessary with the desktops, laptops, tablets, and cell phones to which they are so connected.
As industry analysts have pointed out, watches may actually be “superfluous” and there are claims that “telling time is secondary today.” And even for those more diehard consumers who still wear a watch, according to Marshall Cohen, chief industry analyst in New York at the NPD Group, “there’s no practical need for any watch-wearing holdouts to pay a lot for a timepiece.”
Apple says, not true! It believes that the death of the watch has been greatly overstated and in response, the company recently introduced the Apple Watch. These devices range in price from $350 to more than $10,000. The new watches, far from simply telling the time, are actually mini-computers that allow the wearer to check and send messages, surf the Internet, monitor heart rate, and pay in a store.
The watches’ introduction has been both praised and criticized. Some point to Apple’s ability to interest consumers in any number of technology devices and believe that the Apple Watch will be yet another success story for the company. An early reviewer, Wall Street Journal’s Geoffrey Fowler, believes that his dependence on other devices has decreased since putting on the Apple Watch and that it’s helped him to be more focused. But others cite consumers’ fading interest in watches in general, the difficulties in functioning with such a small screen, and they wonder who would really be motivated to make the investment in the entry level model, let alone the top of the line, Apple Watch Edition, with an attention-getting price tag of $17,000!
So what does Apple think will motivate consumers to buy one of these new gadgets? They talk about consumers’ need to creative Strategies analyst says, “The flexibility of “glance able information” is more valuable than people realize today.” He also mentions that the new watches will offer options for nonverbal communication, tapping a button to send a message, for instance. Apple CEO Tim Cook calls it “the most personal device we’ve ever created, it’s not just with you, it’s on you” and claims that it’s the most advanced timepiece ever created, period. Analysts forecast that Apple will ship 7.5 million watches in the months following its introduction. But critics still wonder if consumers can be convinced that there’s a real need for the devices. On top of that, there’s a potentially saturated market to consider, with 10 million competing smart watches shipped in the year before Apple’s entry into the product category. Another form of competition comes from the established luxury brand watches that may have already cornered the higher end of the market. Proponents of luxury watches believe that Apple can’t match their unique qualities—prestige, resale value, their ability to be passed down as an heirloom, exclusivity and a less obtrusive look which may be safer for the wearer. While blogger John Gruber commented on a recent podcast: “I still have no idea why I would want to wear it,” early adopters of the Apple Watches and others who believe in the power of Apple to succeed were not surprised by recent announcements from the company about an upgraded operating system and improvements that will make the watches’ apps work even better.
So, who knows how this story will turn out, will Apple be the game-changer that played a significant role in how we think about the evolution of the personal watch or will it be seen as having momentarily mistyped into an industry whose death was already a foregone conclusion?
QUESTIONS
1. Discuss the possible reasons to buy a watch today. Connect each psychographics factors you identify with an appropriate Personality and Psychographics theories from the lecture.
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