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Key Topics
Requirement
Marketing Plan for ABC company.
Solution
Executive Summary
ABC is a technology giant having its roots in various elements of software and hardware categories. The company has famous products in the tech world and various tablets, smartphones, Android, etc. have been launched by the company. Their brand new product is known as FitBit. It is a wristwatch that has a fitness tracker and emerged out as a somewhat new product in the technical market. Although wearable, especially in the field of health that encompasses the wellness, medical and wellness applications, are various early applications that have already been gaining momentum. These wearable are expected to play a transformative role in the health and fitness area. The application of these wearable has high potential in every industry where the use of hands-free information critically values. Health and fitness have been a growing trend in the technical world, and social media sharing can be one of the most popular routes for the target market. (Wearable Tech: Leveraging Canadian Innovation to Improve Health, 2014)
Although the wearable technology or the augmented reality which FitBit comes under is not an innovative project but has been scrutinized by the whole world due to the huge backing from our company. The distribution of the product is highly singular i.e. into the health industry. In this marketing plan, we try to focus on the growth strategy of the product so as to improve the customer experience and further develop new variants or services in the same field. This product can prove out to be a benchmark in the category of products from the technical world.
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Introduction
Fitbit is the latest development in technology dealing with technology. This device can be worn like a wristwatch and can also be synced to the smartphones of the users. It also has a hands-free which is equipped with the voice-activated system allowing it to function as a smartphone that can be used every day by using a phrase: “Start, FitBit." The main objective of this marketing plan is capturing of the market share of more than 70%. This could easily be accomplished by breaking into the health market before the competitor. Further a good marketing on social media as well as word of mouth can also be beneficial. One of the behavioral goals of the product is towards changing the societal stigma where everyone constantly looks down at their smartphone. With the help of the FitBit people, we hope that face-to-face interaction will increase through the hands-free capability of the product.
Situational Analysis
The project was started as project FitBit, and the product has now been entering into the higher level which is known as prototype testing level.
Competition
The wearable computing although being present in the infant market but there is a strong competition that can come up in the market in the near future. Many of the similar products are in their development stage and can enter the market anytime. Further, there are upcoming new companies along with the established companies who are also developing similar products and their version of health and fitness-related wearable. (Krstic & Becic, 2011)
Technology
Apart from the competition, there are other factors that impact the market for FitBit, technology being one of them. The idea of wearable technology is widely known, and all the major companies have been working on it. The higher level of this technology has increased the rate of entering and exiting the technology market without even been quite established in it. This has therefore left only the big companies to take advantage of this technology so as to create the best product. This limited competition in the present is a major factor in the pricing of a variety of products.
The market which is open for wearable technology is quite wide and with the release of Fitbit, the customers would wonder where the technology advancement is going to stop. Some of the users of smartphones are likely to be wary of FitBit and its effect on the perception and technology use in society. Therefore, it is critical to highlight the advantages of FitBit over all the expected technological risks.
Opportunities and Threats
The strength of the product is its high battery life with a convenient band and has a user-friendly interface. The company has a high opportunity for taking advantage of the timing of the product. The sooner the company decides to launch the product, the better the revenue it can generate. There is an alarming increase in the number of rivals and upcoming entrants in the fields. Many of the rivals have been developing similar products, but their model is not the same and not as unique and convenient as compared to the product. The company should seize the opportunity so as to capture a major portion of the market share for this technology and can get ahead in competition before the competitors.
However, the company is under the threat that the sales of the company can be overcome by various issues like the company needs to educate their customers to work towards their health along with using the product as most of the customers get solely dependent on the wrist technology for a healthier life.
Marketing Objectives
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Higher than the average price for maintaining high quality.
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Compete with rivals and new entrants.
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Reputation as an innovative, easy-to-use, high-quality and multi-functional product.
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Higher customer satisfaction, growth rate and percentage of the market share.
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More than 70% of the market share.
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Tying with the international brands for developing the product as the fashionable aspect.
Strategic Plans and Marketing Mix
The product FitKit would be placed as the most innovative and unique product. The company should educate its consumers with all the necessary details along with its functions and products. This can help to generate higher awareness regarding the product. The next step would be to relate the product towards to the usefulness in everyday life. The consumers must be made to be assured of the advantages of the FitKit product. After this, there must be a shift towards the fashion statement of the product. The company can tie up with the various brands for making it as a fashion statement so as to develop a high-class model of the product.
Further, the new age social media along with the forums are a critical method for the marketing of the product. This can help to maintain the presence of the product on all the social media sites. These tactics and strategies would be able to add value to the product. (Goi, 2009)
The FitKit is a product of this kind and has already been having a competitive advantage. Free trails must be provided to the elder generation for making them try for themselves and then to spread words for the product if they found it beneficial.
For the distribution, the company needs to sell the products as a part of the packaging product within the phone service stores like T-mobile, Verizon, etc. in which the people would be able to buy it and can see it while buying a new cell phone. Further, the product can be handed over to the seniors of the healthcare management of various hospitals so as to increase its awareness among the target customer. The company can ship the FitKit to the respective locations especially in the high-market areas like Adelaide, Melbourne, Canberra, Perth, etc. first so as to monitor the sale of the product and then expand its distribution accordingly.
The product can be made online on its own website, healthcare facilities website and the company website so as to reach to the maximum customers who do not reside in the high-activity areas. Additionally, the company can implement various other strategies that it believes would be beneficial for the company and the sale of the product. The company is planning on selling the product within the market's wrist accessories outlets for allowing it to fit the prescription of the product.
Coming to the pricing, the company must use a value-based strategy for the FitKit. As it is one of its kind product, then the people have an assessment of the product being a valuable item. The estimated price for the FitKit when it reaches the main retail market is around Australian $300-500. Therefore as per the value-based strategy, it should be around $350. However, most of the customers must be given a discount of $80-$100 on the product if it is purchased by the suggestion of the healthcare facilities or from the dispensary of the hospital tied up with the company. (Oppenberg, 2013)
Along with that, the company can take advantage of the places with low promotion to entice their customers and to offer the product at the home-town price of $250 within the two months release of the product. For advertising, the company must rely on word to mouth as well as social media.
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Wearable Tech: Leveraging Canadian Innovation to Improve Health. (2014) (1st ed.). Retrieved from https://www.marsdd.com/wp-content/uploads/2015/02/MaRSReport-WearableTech.pdf
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Goi, C. (2009). A Review of Marketing Mix: 4Ps or More?. IJMS, 1(1). http://dx.doi.org/10.5539/ijms.v1n1p2
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Oppenberg, A. (2013). Our patients' safety through our new vision, mission, and strategic plan. J Of Healthcare Risk Mgmt, 32(3), 1-1. http://dx.doi.org/10.1002/jhrm.21096
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