Product Innovation-Timex
Purpose
This report will suggest why Timex Group should pursue the development of an activity/sleep-tracking wristband along with a supporting app. It provides an analysis of the technological and behavioral changes that motivated the initial capital investment in the creation of self-tracking gadgets. The report also examines existing devices and their key features, potential growth of the market and a study indicating an ideal location for test of the product.
We, at Sage, know that the Timex sportive division focuses on creating equipment that supports athletes and semi-athletes during physical activity. This strategy has allowed your company to acquire great expertise, but has also restricted its market to a specific niche. The self-tracking trend appeals to a mass audience having enormous potential growth. In fact, 7 in 10 Americans are self-tracking their fitness and health, but only one fifth is currently using technology to do so. (Fox, 2012) Furthermore, the technology necessary to develop a competitive product is not groundbreaking. (Economist, 2012)
Understanding the Trend
Technological development has been accused of promoting sedentary behavior. The modern lifestyle is generally dominated by bad habits such as poor diet and lack of physical activity. The combination of these behaviors leads to higher risks of diseases like obesity, heart attack, diabetes and high blood pressure. (Dzewaltowski, 2008) In fact, about 90 million people are considered obese in the United States and the average adult takes only 5,117 steps per day; which is half of the amount recommended by the U.S. Surgeon General. (Wang, 2012)
However, technology has finally found its way to promoting wellness and health to the general public. The introduction of smartphones and apps in the market has been changing the way people live and s control their lives. Many smartphone users are starting to use apps such as Expensify to track their expenses, DataMan to track data
This report will suggest why Timex Group should pursue the development of an activity/sleep-tracking wristband along with a supporting app. It provides an analysis of the technological and behavioral changes that motivated the initial capital investment in the creation of self-tracking gadgets. The report also examines existing devices and their key features, potential growth of the market and a study indicating an ideal location for test of the product.
We, at Sage, know that the Timex sportive division focuses on creating equipment that supports athletes and semi-athletes during physical activity. This strategy has allowed your company to acquire great expertise, but has also restricted its market to a specific niche. The self-tracking trend appeals to a mass audience having enormous potential growth. In fact, 7 in 10 Americans are self-tracking their fitness and health, but only one fifth is currently using technology to do so. (Fox, 2012) Furthermore, the technology necessary to develop a competitive product is not groundbreaking. (Economist, 2012)
Understanding the Trend
Technological development has been accused of promoting sedentary behavior. The modern lifestyle is generally dominated by bad habits such as poor diet and lack of physical activity. The combination of these behaviors leads to higher risks of diseases like obesity, heart attack, diabetes and high blood pressure. (Dzewaltowski, 2008) In fact, about 90 million people are considered obese in the United States and the average adult takes only 5,117 steps per day; which is half of the amount recommended by the U.S. Surgeon General. (Wang, 2012)
However, technology has finally found its way to promoting wellness and health to the general public. The introduction of smartphones and apps in the market has been changing the way people live and s control their lives. Many smartphone users are starting to use apps such as Expensify to track their expenses, DataMan to track data