Product Management Report: Digital Health Sensor Dual Watch Analysis

This report presents a comprehensive analysis of a hypothetical product: a digital health sensor dual watch designed for aged parents and their working children. The report begins with an executive summary highlighting the innovative nature of the product, designed to improve well-being and be affordable for the target market. It then delves into the product's overview, detailing its features such as heart rhythm detection, ECG applications, and communication capabilities, emphasizing its role in facilitating communication and health monitoring. The report also explores the product's target price, characteristics of its users, and the estimated size of the total market, projecting substantial sales revenues in the first year. The conclusion reinforces the product's potential to enhance health monitoring and communication, supported by a list of relevant references.

Running head: PRODUCT MANAGEMENT
Product Management
Name of the Student
Name of the University
Author note

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Executive Summary
The report has helped in analysing the hypothetical product development which will be
innovative. In the assignment, the product which has been chosen is the Digital Health Sensor
Dual Set of Watch which will be applicable for both aged parents and their children who
stays away from them for most of their time in a day. With the help of the respective product,
it will be capable of improving the well-being and it is reasonable which will be affordable by
the different customers in the market.

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Table of Contents
Introduction................................................................................................................................3
Overview of Digital Health Sensor Dual Set of Watch for Aged Parents for Informing their
Children Regarding their Activities...........................................................................................3
Appropriate Features of Product................................................................................................4
Target Price of Product..............................................................................................................4
Characteristics of Product Users................................................................................................5
Size of Total Market...................................................................................................................5
Projected Product Sales Revenues in Year One for Sales of Product........................................6
Conclusion..................................................................................................................................6
References..................................................................................................................................8

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Introduction
The report helps in identifying the hypothetical product development which has been
effective for the specific group of individuals in different parts of the economy. The main
reason behind developing the digital health sensor dual set of watch is that in the current
scenario, the parents mostly live alone as their children are working and they cannot take care
of their parents. In the assignment, the overview of the digital health sensor dual set of watch
will be analysed along with the analysis of the appropriate features of the product. Lastly, the
characteristics of the product users and the size of the total market will be analysed along
with sales revenues successfully.
Overview of Digital Health Sensor Dual Set of Watch for Aged Parents for Informing
their Children Regarding their Activities
The Digital Sensor Dual Set of Watch is considered to be the smart watch which have
the ultimate potential for supporting health in everyday living through enabling the self-
monitoring of the self-activity and it will be capable of informing their children regarding the
same. When the parents and their children are away from one another, in case of health
emergencies, it will be capable of informing the different whereabouts such as blood pressure
or glucose level and others. The digital health sensor watch is one of the innovative and new
technologies which will be capable of helping the working children and their aged parents
who are away from one another.
It is considered to be the communication pattern which will be supporting the bi-
lateral communication with the different health care providers as their numbers will be
inserted as the speed dials in the smart health sensor. The digital sensor health dual set of
watch will be consisting of two sensor watches in a box wherein it is needed to be worn as

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band on wrist by both parents and the children. It is considered to be one of the most efficient
technology which can be discovered and manufactured as it will be of great help for most of
the individuals and they take tension of the well-being of their parents who are staying in the
house alone.
Appropriate Features of Product
The major features of the product digital health sensor dual set of watch will be
comprising of two bands which will be worn by children and their parents. The first and
foremost aspect which will be seen are as follows:
 It will be capable of detecting the abnormal rhythm of heart and it will be
immediately informing their children and there will be call gone to the house
physician
 It will be providing the children with the daily track on the low or high heart rate
 There will be inclusion of ECG application installed in it which will be keeping them
informed regarding their next check up and it will be allowing children to take day off
from their daily routines (Bouncken et al., 2018)
 Lastly, both the watches can be kept in charging for 24 hours and it will be working
for more than twenty days without any problem
 There is option for ringtone or vibration mode available to the both bands and it can
be customized as per the choice of the individuals (Cooper, 2016)
Target Price of Product
The target price of the respective digital health sensor dual set of watch will be
costing around US$150 as the main motive behind the same is that it will be affordable by
the different individuals as it will be within their capability (Della Peruta et al., 2018). The

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major approach of innovating and manufacturing the respective product is that it can be
generating safety aspects among children regarding the health of their parents (Du,
Yalcinkaya & Bstieler, 2016). In addition, after the manufacturing of the product, there will
be introduction of other varieties of the health band which will be implementing more
features that will be adding up to certain other costs as well (Tian et al., 2017). The respective
digital sensor dual set of watch will be made available in different parts of the country which
will be efficient in managing their appropriateness and more people will be aware of the
product that will be helping them in taking care of well-being of their mother and father and
others in their family (Schöggl, Baumgartner & Hofer, 2017).
Characteristics of Product Users
The main characteristics of the users of the digital health sensor dual set of watch will
be the aged individuals who are staying alone as their children are working and they cannot
spend time together. Moreover, in the busy scenario, the children are busy with their lives and
they are unable to keep the proper track of the regular whereabouts of the health of their near
and dear ones which will be capable of improving their health efficiency successfully
(Rubera, Chandrasekaran & Ordanini, 2016). The respective product will be benefitting both
parents and children as they will be generating the capability understanding the health and
whereabouts of the check ups and medical emergencies which will be helpful for tracking
them successfully. It will be for all the income group customers as the main motive for the
innovation is to make the people aware regarding the health of one another and spread
awareness regarding health and whereabouts (Lee et al., 2017).
Size of Total Market
The size of the total market who will be included in the process of innovation will be
about 40-45% of the individuals. It means more than 2 million digital sensor dual set of

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watches will be sold after the manufacturing of the product. It will be generating profitability
after the manufacturing of the same as everyone will be preferring the product due to the
versatility of the product in comparison to the other competitor companies which have
manufactured the smart band or watch such as Apple Inc (Forbes & Schaefer, 2017). The
main difference in the respective smart digital health sensor band is that it will be dual and it
will be available at the lower price than the other watches which have been sold in the market
in the current scenario (Dziallas & Blind, 2019).
Projected Product Sales Revenues in Year One for Sales of Product
The projected product sales revenues in the first year for the product sale will be
around $20,000 million within a year. It will be registering the CAGR of more than 14%
from the time it will be manufactured. As through conducting the survey, it has been noticed
that the companies which will be introducing the respective digital sensor dual set of watch
will be gaining and attracting large number of customers in the market and it will be
impacting effectiveness of the product in a very short span of time.
There can be sale of the smartwatches and it will be around 55M units which is
helpful in representing the 15% of the total wearable devices which are being introduced in
the market and it will be effective in managing their sales and revenues within the shortest
span of time. Moreover, it is required to be noted that the revenue which will be gained by
smartwatch will be increasing and it will be able to manufacture different kinds of other
bands with more features that will be impacting their sales and presence in the competitive
market appropriately.

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Conclusion
Therefore, it can be concluded that the hypothetical product which has been described
is the digital sensor dual set of watch which will be comprising of two watches and it will be
available with both parents and children that will be keeping them aware regarding their
abnormality in the health and the regular check up schedules as well. Moreover, the smart
band will be capable of generating high level of sales within a year and it will be helpful for
them in flourishing.

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References
Bouncken, R. B., Fredrich, V., Ritala, P., & Kraus, S. (2018). Coopetition in new product
development alliances: advantages and tensions for incremental and radical
innovation. British Journal of Management, 29(3), 391-410.
Cooper, R. G. (2016). Agile–Stage-Gate Hybrids: The Next Stage for Product Development
Blending Agile and Stage-Gate methods can provide flexibility, speed, and improved
communication in new-product development. Research-Technology
Management, 59(1), 21-29.
Della Peruta, M. R., Del Giudice, M., Lombardi, R., & Soto-Acosta, P. (2018). Open
innovation, product development, and inter-company relationships within regional
knowledge clusters. Journal of the Knowledge Economy, 9(2), 680-693.
Du, S., Yalcinkaya, G., & Bstieler, L. (2016). Sustainability, social media driven open
innovation, and new product development performance. Journal of product
innovation management, 33, 55-71.
Dziallas, M., & Blind, K. (2019). Innovation indicators throughout the innovation process:
An extensive literature analysis. Technovation, 80, 3-29.
Forbes, H., & Schaefer, D. (2017). Social product development: the democratization of
design, manufacture and innovation. Procedia CIRP, 60, 404-409.
Lee, K., Woo, H. G., & Joshi, K. (2017). Pro-innovation culture, ambidexterity and new
product development performance: Polynomial regression and response surface
analysis. European Management Journal, 35(2), 249-260.

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Rubera, G., Chandrasekaran, D., & Ordanini, A. (2016). Open innovation, product portfolio
innovativeness and firm performance: the dual role of new product development
capabilities. Journal of the Academy of Marketing Science, 44(2), 166-184.
Schöggl, J. P., Baumgartner, R. J., & Hofer, D. (2017). Improving sustainability performance
in early phases of product design: A checklist for sustainable product development
tested in the automotive industry. Journal of Cleaner Production, 140, 1602-1617.
Tian, Z. P., Wang, J., Wang, J. Q., & Zhang, H. Y. (2017). Simplified neutrosophic linguistic
multi-criteria group decision-making approach to green product development. Group
Decision and Negotiation, 26(3), 597-627.