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Marketing strategy for the brand Fitbit
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Executive Summary
The market strategy report has been prepared for the brand Fitbit by doing. For this purpose, various aspects have been analyzed like target segment of Fitbit which helps in writing the brand positioning statement. This has been done once the USP and points of differentiation of the product has been identified. To understand more about the product position, position maps have been constructed which gives a clear picture about the product in comparison to other products produced by competitor brands. Further, on the basis of these marketing mix has been recommended using various factors which is followed by communicating the brand positioning. These steps include identifying the stage in the product life cycle and type of consumer product that Fitbit produces. Once this is done, this helps in writing the marketing mix and 4Ps are recommended later in the report. This include methods that will be used for distribution of product and setting the price level according to the market requirements. Further, promotion methods are recommended on the basis of which suits the target segment the most. The conclusion briefs up the and provide an insight on the recommendation made.
Table of Contents
1. Introduction
2. Target Segment
3. Brand Positioning
a. Positioning Statement
b. Position Maps
4. Marketing Mix
a. Product Life cycle
b. Type of Product
c. Product
i. Conceptualizing the product
d. Price
e. Place
f. Promotion
5. Conclusion
6. References
Introduction
Fitbit, the fitness brand having its origins in America has gained huge success in the community of fitness freaks. The brand has achieved high brand recall thanks to its quality products and good customer experience. The products help the customers to keep a track of various activities that includes steps, no of calories burned and sleep cycle of person. With the increase in health awareness of people, everyone who is willing to keep themselves fit wants to keep a track of their health by various means. Fitbit gives an easy provision of these information by their devices. The company mission statement says about empowering their costumers to live a healthier and active life. They work together with them to achieve the fitness and health goals by developing products which can seamlessly fit into their lives. This sense of not making money just for the sake of it but by helping people to reach their fitness goals has helped the brand grow by raising their brand perception in the mind of the customers. The company has been working as consumer brand from a long time but recently they have entered into digital healthcare by introducing devices which can integrate with the healthcare platforms on web and mobile. The company focus on innovation has helped them easy acceptance of their product both by consumers and companies. The devices which maintain the employee’s health information can now be used by their companies to keep a track of health record of their employees. This has resulted into huge business opportunity for Fitbit and are actively looking forward to grow in this domain. (Baalbaki, Hoffman and Gilliard,2017)
Target segment
The brand has maintained a healthy image in the mind of customers. In general, Fitbit has offering for all those who has their love for fitness but in specific the company has targeted consumers who are mainly mid-age from 18-34 including both men and women. The consumers aspire for becoming healthier or are already in healthy. The quest for them is to maintain that fitness. Since the company products requires increase adoption of latest technology, the research by Mintel shows that young adults have higher tendency of adoption of new technologies whose household income is more than $75k. (Castle-Clarke and Imison,2016). In addition to this, the probability of these set of customers is three times higher to own a smart gadget like GPS watch or similar products like Apple watch, Samsung Watch etc. The customer segment are young working professionals who have high disposable income. Their inclination towards the latest gadgets in the market is higher than other consumer segments. With the increase in need of...