Today, the dictates of the marketplace is innovate or perish.
The fact is companies can no longer afford to sit back and wait on things to happen they have to adapt to the fast-changing global marketing environment if they want to remain in business or compete effectively.
For example, one of the few companies that has shown how to navigate changes within the marketplace and make things happen is YouTube.
The Google-owned company is now so pervasive that one would be hard pressed to find a country where people are not uploading the website for entertainment, education, or general informational purposes.
The days of finding video entertainment only on your TV from schedules set by the networks are over. YouTube provides a channel where people can watch and share video entertainment and more and more people are flocking to this platform.
Now, with the launch of the new Apple watch, one wonders whether the more established companies in the watch making industry have not been caught napping.
Apple is not the only new entrant into this industry as other companies such as Sony, Samsung, and Google are already pushing smart watches as part of their product mix offer.
The fact is the watch has lost its core function – that of telling the time.
Today, more and more people are turning to the cell phone to get the date and time.
Therefore, producing a watch as a multifunctional piece of wearable technology just seems to make sense and a better strategic approach.
That said, as the market heats up, one can expect to see companies such as Omega, Swatch, Casio, Omega, and others joining in the fray of producing smart watches.
The truth of the matter is as more people opt for multifunctional smart watches the decline in sales of the older non-multifunctional brands will be imminent.
Furthermore, a large layoff of workers in that sector is bound happen.
In addition, the rivalry among competitors will intensify as companies boast and position their brand on point of difference such as price, style, design, quality, as well as other attributes.
Yvad Billings, Readers Bureau, Senior Fellow
Do you want to add feedback to this story? Please add comment in e-mail box below.
Like our Facebook page https://www.facebook.com/TheReadersBureau
Follow us on Twitter https://twitter.com/readersbureau21