Product of Fitbit in market mix
Prices of Fitbit in Market mix
Fitbit targets middle to higher class consumers, as their products range from around 50 to 150 US dollars per piece, a price affordable by most customers with this income level (fitbit.com).
Strength: Relatively low prices for fitness goods and services makes Fitbit competitive.
Weakness: A lower price suggests the company’s total income relies more on the quantity of products sold, which may lead to financial issues such as shortage of capital turnover if the business cannot sell enough goods. However, recent researches on the feedback from customers from different online sellers have shown that the price is higher than their expectation, which may also deteriorate the sales amount in the future.
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Place of Fitbit in Market mix A product’s place in the market indicates the activities that make the product available for the company’s customers.
Fitbit has its headquarter in California, which is the most renowned state in the U.S. for innovation. California’s fame for the development of innovative technology supports Fitbit in maintaining its current market share and in attracting additional potential customers. Fitbit currently does not have any physical store of its own and is therefore dependent on retailers and its online shop to sell all of its products.
Strength: Thanks to its headquarters in California, Fitbit largely extends its market and at the same time promotes its fitness gadgets more effectively. Secondly, Fitbit sells its products to consumers through different retail stores and online, so it is very accessible to consumers from all those places where Fitbit is marketed.
Weakness: Due to the lack of a proper physical Fitbit store, if not advertized, the product would face lack of brand awareness and consequently sales may decline.
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Promotion of Fitbit in Market
mix Promotion denotes the commercial activities that communicate the merits of products among both potential and existing customers and thus persuade more customers to buy the product. For Fitbit, promotion is mainly done through TV advertisements, Social networks Ex. In 2018 they invited consumers to share pictures of their Fitbit experience with the hashtag #MyReasonIs on Instagram, the social network on which the Fitbit page is followed by 530 thousand users. (https://www.instagram.com/fitbit/) (https://stories.fitbit.com/nl/) Moreover, Fitbit occasionally pairs up with other clothing and fitness brands like Adidas to promote their products together. (https://techcrunch.com/2017/08/28/fitbit-is-teaming-with-adidas-for-a-branded-version-of-its-ionic-smartwatch/) . Another way Fitbit can promote itself is by sponsoring festivals and marathons like the time it sponsored TCS New York city marathon. http://adage.com/article/cmo-strategy/fitbit-staying-a-step-ahead/305785/ Strength: Efficient and effective promotion, as well as pairing up with other companies, activities and individuals, can contribute to increasing the sales amount of Fitbit. Social media is also a very fruitful promotion strategy as it is mostly inexpensive and can be driven by the customers themselves. Weakness: The capital spent on promotion may represent a failure if the return from customers is low / due to low return from customers.
By 2007, they increased their visibility by reaching other local communities. Frostburg Fit is profitable by staying affordable in the Frostburg Falls community and covering expenses through 20% membership increase to other communities. To maintain, the organization will need a strategic plan to retain, develop, and
INTRODUCTION Formulating strategy means defining the key issues needed to be addressed to enable progress and improvement to be made in meeting future vision for an organisation or service, whether at government, regional or local level (Walshe & Smith, 2006). Davies (as cited in Walshe & Smith, 2006) state vision is a conceptual precursor to the creation of corporate policy, different from the mission, which mission statements are derived from corporate policy. Other aspects of envisioning that are relevant at different levels of an organisation, or across inter-organisational networks, include the formulation of strategies based on a SWOT (Strengths, weaknesses, opportunities, threats) analysis of the organisation or service, its resources and the interests of its stakeholders, which in the case of healthcare would be government representatives, insurers, patients and local citizens (Walshe & Smith, 2006).
Since 1998, Lululemon has transformed the way people dress to workout. Through innovative products and technical athletic fabrics, a brand was created to provide clothing for workouts such as yoga, running and cycling. Lululemon opened its first store in Vancouver in 2000 with the plan to have the store be a community hub for people to learn and discuss their physical fitness and overall health goals. As Lululemon was more than a store to provide products for consumers, their goal was to influence every person who walked into the store. A basic criterion for investment is Lululemon’s mission to create components for people to live longer, healthier, fun lives. All Lululemon locations maintain strong relationships with local communities and host in-store events such as complimentary yoga classes and goal-setting workshops.
As a business in a competitive market we must be able to determine what may assist us to accomplish our objectives? What obstacles we must overcome or minimise to achieve our desired results? To achieve this we must carry out a strategic plan, which is a straightforward model known as a SWOT analysis (strengths, weakness, opportunities and threats). This will help us to establish our overall strategic position, based on internal issues (strengths and weakness) and external issues (opportunities and threats).
Barriers to entry. Primary barriers to entry for the Mr. Fit Life brand that must be considered are: • Capital: In order to start business off correctly there will need to be sufficient capital to purchase product, hire employees, obtain a retail space, and funding advertising. • Switching barriers: Individual that are already brand loyal or have already sunk funds into other fitness apparel may be difficult to capture. Establishing a money-back guarantee and otherwise building value will be key.
Amtrak is a state-owned, for profit, national railroad Company that provides efficient rail service both long and short distance transportation services. Being the primary provider of passenger-rail service in the U.S has a network that connects more than 500 cities and towns in 46 states. It offers long-distance and short-distance service corridors throughout nationwide operating daily, offering several choice of service class – first class sleeping car, custom class and economic services for different age groups with different travel needs. Amtrak receives federal funds to be used for their operating expenses. Its ridership and revenue growth have progressively increased in the past five-year successfully building relationships with the public and customers, recreating branding, and improving new services/quality, and it projects a continued growth in passenger revenue at about 4% per year with modest growth in passenger ridership (Exhibit C4.1, Page 245).
Conclusion Since Lululemon started in 1998 they have expanded the company into North America and Australia and offered high end yoga products. Lululemon was able to corner the market in a market driven business, which has strengths and weaknesses to consider. This company could benefit from more aggressive advertising because they have such great brand recognition and consumer loyalty. With the retail market changing and more competitors entering the market, Lululemon needs to stay competitive and offer a broader spectrum of products and expand their markets into areas they already have great brand recognition. Lululemon takes pride in offering a high quality product and this company has changed the way the world sees yoga appeal today.
Jawbone will need to utilize internet advertising to promote UP because their target audience mainly uses these channels daily. Jawbone must reach out to bloggers that specialize in exercise or new technology products. These influential bloggers can then write articles about the band and their opinion on the product their blogs. By allowing the blogger to express what they think, gives potential consumers a consumer objective view on the product. Jawbone could also use TV commercials. Showing video of the product will give full visibility to the user on what the wristband looks like and how they can use it. Since this kind of technology is so new, jawbone has to explain to consumers how the product works. This commercial video then can reassure the consumer about
The company 's main headquarters are located in Santa Monica, California, but they also have a multitude of offices spread across the world. Due to its large size and extensive amount of capital and
Apple launched the Watch in Los Angeles, London, Tokyo, Milan, and Berlin, with pre-orders reaching 7 million before the launch date (Harding, 2015). Since Apple designed the Watch to reach multiple market segments, the market reach as seen in the pre-order numbers before the product launch is extensive. The introduction of the EDITION model has allowed Apple to extend into the luxury watch market, likely increasing its performance and widening the gap between itself and other companies in the smart watch market.
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This reflective essay will critically review my personal and professional skills that I am less confident in whilst in practise, which is essential for communication and developing effective relationships with others in an organization and even for personal development. The skills identified for improvement was highlighted in a skills audit for communication and effective relationships. A SWOT analysis was carried out to focus on the skills recognised, where finally an action plan was made to address how to improve the skills, what the challenges would be to develop them and how it is beneficial. The skills audit, SWOT analysis and the action plan are included as an appendices. It will also apply communication theories to
The SWOT analysis is a useful tool for identifying our personal strengths, weaknesses, opportunities, and threats to our plans and goals. According to a “Fuel My Motivation” article (2010), this analysis considers internal influences that can positively or negatively affect our ability to achieve our goals. The internal factors are our strengths and weaknesses. Also considered are opportunities and threats, which are external influences that can have a positive or negative impact on the ability to achieve our goals. I will share how the self-assessment instruments and self-exercises in this course have contributed to assessing and understanding my strengths and weaknesses. I will also discuss techniques I will use to leverage my strengths and understand my weaknesses. In addition, I will consider opportunities that I can take advantage of and the threats that can possibly impede my progress.
Due to inequity, not all of the population has access to this technology. A resolution to this was offered in the form of a lending service. Pedometers could be lent out to the patient for a set time period to encourage a regular physical activity routine. Once this routine was established and the patient experienced the positive health outcomes, it would naturally evolve into a sense of empowerment, this with an optimistic prediction, could transform unhealthy habits into healthier ones (Patel, Kolt, Schofield, & Keogh,
...e enough because the company has chosen the best possible way to increase the company performance. The pricing strategy is the company’s best strategy from all because it affected the sales revenue a lot. Although fluctuating the price is quite risky for a business since the customers might order from other companies if the company doesn’t do it properly, but XXX Company manage to done it well so far. The effectiveness might also be seen by the average of sales revenue between January to August from 2011 to 2013.