Write an essay on the Smart Watch.
In recent years, the Smart Watch is the most innovative product that facilitates to simplify the daily activity. The researcher will provide a brief knowledge on the process of developing a Smart watch for providing women security. The researcher discusses the business structure and the financial plan of the Company for launching the particular product on the global platform.
The particular business plan will be focused on the several factors including customer’s information, issues and challenges for launching such new products in the global market (Partsch, 2012). The industry has been experiencing the robust growth in the modern age of technology. Technological advancement has changed the shape of the communication system. The business developer will provide the market analysis on the existing smart watch market and evaluates the business opportunity of the product. At the initial stage, the product will be launched in New Zealand, and then, the product will be promoted to the global platform.
Smart watch has obtained the high popularity in the society due to its unique features. The particular product has the popularity due to several factors including calculation, translation, game playing , and communicating (Titman, Wei & Xie, 2013).
Smart watch will consist of blue tooth and USB facilities for file sharing. At the initial stage, the particular products have faced several challenges for enhancing its popularity in the global market (Cassar, Grosjean & Whitt, 2013). However, the continuous research and development process has brought a radical change in the industry.
• Number of Smart watch users have been growing world wide in an effective manner.
• Smart watch users obtain GPS tracking facilities available in the product.
• The particular product has the high potentiality for the enhancement of the business in the global platform.
• The particular company tries to launch their brand with the women security application
In this context, the Company will develop smart watch for the women security as it has the huge potentiality for the business enhancement in the global market.
Owner information: The CEO of the company has sound knowledge on the technology, as he had previously worked at the software development organization.
Customer: The organization will target women in the society as their primary customer. The product is based on the women security (Masoud & Hardaker, 2012).
Issues and pain: The prime issue of developing an smart watch is that the organization needs to include a huge amount of time for the testing phase (Katusic et al., 2012). The pain is that the organization needs to invest huge capital for the research and product development.
The owner has adequate knowledge on the software programming. Consequently, it would facilitate the organization to develop the particular smart watch product in an effective manner. the CEO of the organization has discussed that the marketing team will focus on engaging the teenage and middle age women as their primary customer.
• Business idea: the prime business idea is to expand the product information to the global market within 6 months timeline.
• The CEO has said that they will implement unique features into the app for enhancing business opportunity in the global market (Bishop & Pagiola, 2012).
• The organization may face challenges at the initial stage for competing with the existing product. With the involvement of the marketing team, the organization is planning to launch the product on the global platform.
Market analysis:
• Demographics: Demographic factors like age, sex, the social and cultural background will be considered for product launch (Carp, 2012).
• Competition: In the international platform, the company will face several threats from the existing companies who already have launched the same line of products in the market (Bayar, Kaya & Yildirim, 2014).
• Price: The company will launch the product on the international platform. The smart watch will be based on the women security. Consequently, the organization will target women of young and middle age as their primary customers. The organization will face huge competition in the global market at the initial stage of the business. At the initial stage, the organization will include unique product design to accumulate adequate revenue from the business (Gustafsson, Herrmann & Huber, 2013).
• Promotion: The marketing team will utilize all promotional platform including printing media, social media, digital media and online platforms.
• Product: The product is a Smart watch providing the women security in the society. The product will include some major features such as tracking physical location, emergency messaging (Kelley et al., 2012).
• Place: The particular product will be launched on the global platform
The organization will focus on the social media promotion as it indicates the effective method of advertising the product within short timeline (Ruiz et al., 2012). On the other hand, the sales team of the organization will employ different social media platforms including Facebook, Twitter and other social blogs for promoting the products on the global platform. The software development team of the organization tries to develop the attractive design of the product. The CEO of the organization has agreed with the fact that the continuous development of the product will facilitate in expanding the business in the international platform
Business structure and operations:
• Flow chart of the operations: The organization follows the organizational hierarchy structure in the business. The organizational structure consists of several departments including product managers, business analysts, software development manager, quality analysis, etc. The structure will include analysts, designers and testers (Cassar, Grosjean & Whitt, 2013).
Figure 1: Organizational structure
(Source: Created by author)
Task and roles:
In this organizational structure, the CEO will play the role of head of the department. Moreover, the CEO appoints an assistant for executing the business process management in an effective manner.
Head assistant will review the work of product managers, business analysts, and a software developer in conduct the business in an appropriate manner (Partsch, 2012).
Business analysts will analysis the market based on the current market statistics. Financial forecast:
Cash flow
Company has been planning to start the product development with start-up capital of $50,000. The organization allocates $2500 for providing salary to staffs. The company has registered its business with $10000. The marketing department of the business allocates the $2500 for promotional activities.
• Company will focus on the Smart Watch process to enhance the business in the global platform.
• Company has engaged a hierarchy organizational structure to accomplish the particular objective of the company.
• The research and development team of the company has discussed that they will be trying to accomplish the project within 6 months timeframe.
• The startup capital for the business will be $50,000
The CEO of the organization has discussed that the business will develop the product according to the market demands. At the initial stage, the higher management will accumulate the feedbacks from the market for developing the product properly (Völter et al., 2013). The research has shown that the Smart watch has been enormously popular in recent years. Most companies focus on the Smart watch development for enhancing the business in the global platform. In hierarchy organizational structure, each department receives different responsibilities of the business (Masoud & Hardaker, 2012). The higher management of the organization has analyzed different factors of the marketing including demographics, product, price, place, promotion, and competition. However, Company will face several challenges from the competitors.
Goals and Action plan:
The prime goal of the Company is to increase the new product information in both domestic and international market.
At the initial stage, the main target of the company is to engage a huge number of women in the society for enhancing the business of Smart watch.
Although the smart watch will be launched for low cost, the developer team will include the in-product facilities to attract a huge number of customer in the society.
References:
Andreasen, M. S., Nielsen, H. V., Schrøder, S. O., & Stage, J. (2015). Usability in open source software development: Opinions and practice.Information technology and control, 35(3).
Bayar, Y., Kaya, A., & Yildirim, M. (2014). Effects of stock market development on economic growth: Evidence from Turkey. International Journal of Financial Research, 5(1), 93.
Bishop, J., & Pagiola, S. (Eds.). (2012). Selling forest environmental services: market-based mechanisms for conservation and development. Taylor & Francis.
Carp, L. (2012). Can stock market development boost economic growth? Empirical evidence from emerging markets in Central and Eastern Europe.Procedia Economics and Finance, 3, 438-444.
Cassar, A., Grosjean, P., & Whitt, S. (2013). Legacies of violence: trust and market development. Journal of Economic Growth, 18(3), 285-318.
Gustafsson, A., Herrmann, A., & Huber, F. (Eds.). (2013). Conjoint measurement: Methods and applications. Springer Science & Business Media.
Highsmith, J. (2013). Adaptive software development: a collaborative approach to managing complex systems. Addison-Wesley.
Katusic, D., Weber, M., Bojic, I., Jezic, G., & Kusek, M. (2012, September). Market, standardization, and regulation development in machine-to-machine communications. In Software, Telecommunications and Computer Networks (SoftCOM), 2012 20th International Conference on (pp. 1-7). IEEE.
Kelley, P. G., Consolvo, S., Cranor, L. F., Jung, J., Sadeh, N., & Wetherall, D. (2012). A conundrum of permissions: installing applications on an android smartphone. In Financial Cryptography and Data Security (pp. 68-79). Springer Berlin Heidelberg.
Masoud, N., & Hardaker, G. (2012). The impact of financial development on economic growth: Empirical analysis of emerging market countries. Studies in Economics and Finance, 29(3), 148-173.
Partsch, H. A. (2012). Specification and transformation of programs: a formal approach to software development. Springer Science & Business Media.
Ruiz, I. J. M., Nagappan, M., Adams, B., & Hassan, A. E. (2012, June). Understanding reuse in the android market. In Program Comprehension (ICPC), 2012 IEEE 20th International Conference on (pp. 113-122). IEEE.
Titman, S., Wei, K. J., & Xie, F. (2013). Market development and the asset growth effect: International evidence. Journal of Financial and Quantitative Analysis, 48(05), 1405-1432.
Völter, M., Stahl, T., Bettin, J., Haase, A., & Helsen, S. (2013). Model-driven software development: technology, engineering, management. John Wiley & Sons.
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