Technological advancement has introduced smart watches that are synchronized with smart phones to monitor the human vitals such as heartbeat rate and blood pressure, as well as displaying user’s phone information including incoming and missed calls, reading and responding to text messages. Therefore, the age bracket of 25-34 years is more likely to adopt the smart watches as they are more involved in fitness activities such as running, cycling, swimming and gym workout where they can easily monitor their progress using the smart watch. New York City, is densely populated with 24% in the 25-34 years age group hence, a good target market for the smart watch.
New York City’s dense population provides a large market size for the sale of the smart watch with a possibility of expansion in the future. In addition, the population in the 25-34 years bracket in the New York City is highly educated with a better understanding of technology’s role in modern lives enhancing their adoption of the smart watch. Furthermore, people in this age bracket require to be informed at all times using news updates and also emails notification which is made possible by the smart watch.
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Smart watches adoption relies on socioeconomic factors such as the income levels. High income earners that mostly fall in the age bracket of 25-34 years are more likely to wear a smart watch as they are considered to be luxury items. In addition, people in this age bracket have a sense of style therefore considers wearing of the smart watches stylish with a touch of technology. Furthermore, smart watches are more courteous to check when in a meeting and are also secure to use in a crowded or insecure areas compared to displaying smart phones (Wu, et al. 2016). Also, music is important to this age group and using smart watches forward and backward buttons makes controlling of the phones playlist easier as compared to using a phone directly.
In New York City 20% of the population is obese and hence most of the individuals undertake physical activities providing a platform for the smart watch use such as monitoring the calories lost and the distance covered while running or jogging (Chun, et al. 2018). Also, smart watches gives navigation directions while in new places thus plays a great role while cycling, jogging or driving in unfamiliar places.
Moreover, youth in the 25-34 age group are the highest consumers of internet and social media, thus marketing via this platforms such as on the website, Facebook page, Instagram and using celebrity brand influencers would have a great impact. Furthermore, according to data the age group of 25-34 years spend at least 75 hours per month on app usage, therefore introducing smart watches that are also app based will have a great influence and consumption on this age group.
Competition in the New York City’s market mainly is from the Apple’s and Samsung smart watches that retail at high prices therefore, if cheaper ones are introduced offering improved features such as slimmer size and self-charging system, they would be better positioned in the market. Additionally, based on competitors data the smart watch adoption rate in the New York City is increasing rapidly therefore, introduction of a new brand is recommendable.
Additionally, the regulatory framework in New York City, is accommodative on the introduction of new brands and there is political stability therefore, the smart watch will thrive well if introduced here. Furthermore, English is the major language used for communication hence, there will be no language barriers while marketing the smart watch.
In conclusion, using New York City is the most strategic location to launch the smart watches. In addition, the marketing efforts should focus majorly on luring the 25- 34 years age group to gain brand popularity and sales growth.
References
Chun, J., Dey, A., Lee, K., & Kim, S. (2018). A qualitative study of smart watch usage and its usability. Human Factors and Ergonomics in Manufacturing & Service Industries , 28 (4), 186-199.
Wu, L. H., Wu, L. C., & Chang, S. C. (2016). Exploring consumers’ intention to accept smart watch. Computers in Human Behavior , 64 , 383-392.
