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Apple Watch vs. Fit bit
External and internal environmental analysis
The external environment comprises opportunities and threats; opportunities are the favorable external factors that give a company or organization a competitive advantage. On the other hand, a company can protect itself against the external threats in the market that may lead to losses (Bai et al.). Apple watch and fit bit are among the best smartwatches found. They have a good opportunity to sell in the external environment due to customer shopping trends and technological advancement. Both apple watch and fit bit stand a chance because they are up to date with the new trends, advanced technologically, and their products are of good quality. Some of the threats apple smartwatches are competitors in the market, such as Samsung, Fitbit, and Garmin Technology Company. Another threat is imitation involving firms that compete based on low prices (Bai et al.). Lastly, rising labor costs since the companies are well known and seem to be selling well.
The internal environmental analysis focuses on the strengths and weaknesses of a company by assessing its competencies, competitive advantage, resources, and assets. Apple is a renowned company, and its products are widely consumed due to the quality of its product. The Apple smartwatch has a competitive advantage since it’s in line with current trends and technology. Similarly, Fitbit has quality products, and it is a strong competitor to Apple smartwatches. The weakness of Apple Company is an overreliance on the iPhone revenue, but its strengths overshadow the weaknesses. Both apple smartwatches and Fitbit are innovative creative and have excellent customer and support services (Bai et al.).
Market/Submarket Analysis
The target market is individuals aged between 20 and 45, both male and female. The demand for apple and fit bit products is high at the current time and has the potential to remain high since they are incorporated in fitness and health. These smartwatches give an individual a meaningful health insight, a fitness partner that measures all their movements, and a connection to the people and things they care about (Basha et al.). Smartwatches rather than other devices can easily carry these aspects because the watches are just on your wrist and can measure everything. As technology advances, more people will prefer to keep healthy and fit by using these smartwatches to show them how much exercise they have done in a day (Thomson 1411). Therefore, there is a potential market right now, and the future is promising as well.
Works cited
Bai, Yang, et al. “Comprehensive comparison of Apple Watch and Fitbit monitors in a free-living setting.” Plos one 16.5 (2021): e0251975. https://doi.org/10.1080/02640414.2017.1412235
Basha, Norazlyn Kamal, Eugene Cheng-Xi Aw, and Stephanie Hui-Wen Chuah. “Are we so over smartwatches? Or can technology, fashion, and psychographic attributes sustain smartwatch usage?.” Technology in Society (2022): 101952. https://doi.org/10.1016/j.techsoc.2022.101952
Thomson, Elizabeth A., et al. “Heart rate measures from the Apple Watch, Fitbit Charge HR 2, and electrocardiogram across different exercise intensities.” Journal of sports sciences 37.12 (2019): 1411-1419. https://doi.org/10.1080/02640414.2018.1560644
