Transcript: Fitbit What is it ? What is it ? Fitbit is an American Company headquartered in San Francisco which the product is the same name as the company. It is a wireless-enabled wearable technology devices that measure data such as the number of steps walked, heart rate, quality of sleep, steps climbed, and other personal metrics. It tracks your diet, sleeping schedule, and fitness. Altogether, it helps you keep a healthy lifestyle everyone not just athletes. How is the Fitbit used in Marketing ? How is the Fitbit used in Marketing ? How is Fitbit increasing brand awareness a... It's increasing in brand awareness because they are targeting the growing segment of fitness trackers The key to the company is that they are help to better someone life for they can live and feel better about themselves to see the progress in approvement. How is Fitbit increasing brand awareness and staying in our generation ? In the U.S. we have a big problem in the over-weight column. Fitbit plays a big role in getting people in shape. So, two and two matches together to equal four. I think this is a well-thoughtout product that will be around for awhile. Who is Fitbit's target audience ? They increase their revenue (income) by upgrading the product to have less bugs and more fixes. Also, by increasing the product in fashion for you can wear it with anyone not just sport goods. How does Fitbit increase revenue ?
Transcript: CONTRIBUTION MARGIN: $99.95- $17.36 =$82.59cm/unit, which means 82.6% profit on each unit sold. Electronic Stores Best Buy The Source Staples Telus REFERENCES Direct PRODUCT Brand Orientated "find your fit" Emphasis on value of the brand PRICING STRATEGIES Fitness can also be fashionable Retailers Online Shop.ca Fitbit.com Athletes __________________________ -Lack of brand awareness -Small -Consumers need to be motivated Strengths Two Methods of Selling Functional Fashion Worn both at the gym or office __________________________ Packaging/ Labeling Use of narratives in commercials Lifestyle marketing encourages active lifestyle as a whole rather than one product Price Penetration Strategy: low entry price to gain wide market acceptance & discourage competition Target Markets Humanizing the Brand (2017, March 20). Fitbit ‘pretty happy’ with product strategy, ceo says. [Video file]. Retrieved from: https://www.bloomberg.com/live/us BREAK EVEN ANALYSIS: Break Even Point= $387,000 ÷ ($99.95-$17.36) = 4,685,798 units to break even Consumer PROMOTION Zhang, V. (2013, November 13). Prezi.com. Retrieved from https://prezi.com/oyzp9ord-53j/fitbit-marketing-plan-presentation/?webgl=0 Fitbit. (2007). Fitbit.com. Retrieved from https://www.fitbit.com/content/assets/legal-pages/FITBIT%20AUTHORIZED%20RETAILERS%20Q2%202016.pdf Health Conscious & on the go, Men & Women Distribution Center Athletic Stores Atmosphere National Sports Experts Sport Chek Sail Assembly Equipped with Pure Pulse heart rate, connected GPS, on screen workouts, and more Numerous customization options Innovates the workout experience -New trend -More options for customization Determining Price Execution PRICING OBJECTIVES Operates in an Oligopoly market: Manufacturer Innovators _________________________________________ Use a transparent easily recyclable box Product has simple labeling Advertises it as your own personal trainer Opportunities Consumer Campaign Theme Weaknesses Successful: 69% market share of fitness trackers Nike fuel band retreated Fitbit Online Store Fitbit Headquarters Utilizes: Competitive Pricing Position (below) Customary Price Strategy Optional-Feature Pricing Odd-Even Pricing Fitbit demolished a well established fitness industry giant!! Threats -Lightweight -Compatible with android and iPhone -Less expensive than an Apple Watch Miglani, J. (2015, July 15). How Fitbit makes money. Retrieved from Revenues and Profits: https://revenuesandprofits.com/how-fitbit-makes-money/ -Limited financial market -Apple watch is tight competition PRICE Burns, M. J. (2017, Feburary 09). Fitbit CMO Tim Rosa Dishes On The Future of Wearable Technology In Sports. Retrieved March 06, 2017, from http://www.sporttechie.com/2017/02/08/expert-series/fitbit-cmo-tim-rosa Multipurpose Stores Chapters Walmart London Drugs PLACEMENT Athletes chosen to become ambassadors (Face of the brand) Personal brand matches company morals Indirect Tuckwell, K., & Jaffey, M. (2016). Think marketing. Toronto: Pearson.
Transcript: Battery Let's take a closer look! What can my fitbit do? Best Buy It sounds so nice, but what's the price? Takes 1-2 hours to charge, so charge overnight! Fitbit Charge Walmart $130 Want to be more active? Target Dick's Sporting Goods Bed Bath and Beyond Thank You! http://www.bing.com/videos/search?q=fitbit+adertisement+ping+fit&&view=detail&mid=00D14E35A8B6605ACAE000D14E35A8B6605ACAE0&rvsmid=7B7678BE1B136E8B86587B7678BE1B136E8B8658&fsscr=0&FORM=VDFSRV Verizon Wireless where can i find the fitbit charge? What else can it do? Are you ready to feel fit again? Choose Fitbit! Become active and fit with the fitbit charge! What about the design? screen wireless sync dongle badges Calories burned Buckle (like a watch!) this... goes here! fitbit with friends You can even choose from many different colors! press this button to make the screen show the time and more! flights of stairs Steps charger Distance fitbit on a smartphone Works with mobile devices Time clasp Pattern
Transcript: Recommendations to Fit-bit for market development presented by Amy, Vivian, Mica, and Kassie Fit-bit was founded by Health Metrics Research Inc. It was known as a wearable fitness tracking device maker. Fit-bit: Basic Info It started with clip-on activity trackers that were able to record the number of steps taken and calories burned on a daily basis Is Fit- Bit feasible? Numbers Numbers Sales Activity from retailers intentions in buying wearable devices - A survey found that one-third of wearable users stopped using the device within six months of receiving it - Half of fitness-tracker owners quit using their trackers. Research shown that Data - Loose it - battery life starts dying - over a long period of time, it brakes - it's old and people wants the new verison What do people do when they stop using it (prediction) - There are a lot of compeditors - aim for the best - xiaomi, apple, samsung Problem Competitors - The Fitbit app was introduced for users to easily access the data recorded on their trackers in order to review their workout progress. - The app also connected all users to an online community, so they could create their fitness social network by sharing and comparing fitness goals and achievements with friends via the app. - For $49.99 per year, an upgrade option, Fitbit Premium, was offered to registered users to provide digital training and health consulting services. - The upgraded service explored fitness data and produced activity reports, which could be used to develop or modify fitness plans for its users. App App Fitbit Our suguesttion Add functions such as receiving calls to the watch Make long-term deals with sport teams/school so that they can have a larger and more durable market proposal -Manage calorie -Reminder for daily excersice -Send alert when needed (high blood sugar, low blood sugar) BUT might increase the price by a large amount - Create influence through out the world - lower the price, but have a good quality at the same time Goals
Transcript: Plan for Market Share Presented by Prince Azoro PAST FITBIT Sales Growth 2013 2014 2015 2016 +249% +174.98% +148.96% +16.35% PAST FOCUS TOPICS Market FOCUS #1 #2 #3 Wearables have seen intense growth since 2010 FITBIT has maintanied its lead in the sector with 19.2% share in Quarter 4 of 2016 Its market share has been taken over by Xiaomi, Samsung, and particulary, Apple. FINANCIAL PROJECTION 580m 2015 270.6m 2017 Q1 331m 2017 Q2 320m 2017 Q3 571m FINANCIAL PROJECTION Now 288m 359m 428m BRANDINGand MARKETING BRANDINGand MARKETING What will set FITBIT apart? What will set them apart? FITBIT and its competitors all contain features like GPS, bluetooth, and accelerometers I propose a marketing plan that would focus on FITBITs being used as companions to smartphones with cellular-enabled watches Next, the second proposal would to strike marketing deals with Sports Brands-Nike, UnderArmour-to gain familiarity with consumers Diversification Diversification US Markets US Markets -22.4% 7.2% in after-market trading Roughly 3/4 of FITBIT's revenue comes from the US. The company noted a loss of 60. 1 million compared to a profit of 11 million in 2016 FITBIT's revenue fell about 41 percent to 298.9 million in the last quarter Indian Market Indian Market FitBit's market share is low due to higher prices compared to the products in India India is an important market for wearable devices According to the IDC, the wearable market in India observed the total shipments of 2.5 million units in 2016 In terms of price, devices under $50 dominate the wearable category with 73 percent of shipments FitBit currently has 7.9% of Wearble shares in India Chinese Markets Chinese Markets Domestic shipments of wearables increased by 13.2% from last year 3 brands, Xiaomi, LifeSense, Okii, control 50.1% of market 48% of digital buyers own a wearable device Key areas of focus are health and fitness in China A network of domestic brands and strong consumer interest make this country important Most popular wearables in China Market Strategy Market Strategy Men or Women, 25-45 years old with an active lifestyle, and health conscious . These people are typically in the market for a device tracking their shape. Target Market Target Market
Transcript: How will it make money? Amazon's Top 10 in health monitors One small step for your lifestyle, one giant leap for your health. Fitbit Flex "Even for people who aren't hitting the gym every day, a tangible device which sits on your wrist and occasionally blinks and vibrates is a gentle nudge to stop sitting around." Why you should believe in this product Your expertise Our product We don't roll with the punches, we face them.
Transcript: Recapitalization The purpose of our analysis is to identify the areas of under performance within the Fitbit corporation and make recommendations to improve said areas. Fitbit resides in the health and fitness wearable device industry. Despite Fitbit's efforts to ensure rigorous ethical standards for their supply chain; on November 1st, 2018 a class action law suit was filed against them over allegedly failing to comply with securities law. Blackrock Fund Advisor's - 2.8 million shares The Vanguard Group, Inc. - 1.8 million share Balckrock Advisor's LLC - 1.8 million shares Fitbit utilizes official company announcements and press releases. Fitbit's investors tool page provides investor alerts and an RSS Feed regarding press releases, SEC filings, presentations, and end of stock quotes. Ease of Entry Restructuring Redevelop physical hardware Consolidate product offering Endorsements with professional athletes and college health programs Partnership with The American Heart Association Partnership with 24 Hour Fitness and Equinox Objectives : Fitbit is committed to being a responsible corporate citizen in how they manufacture their products and vow to only work with business partners who share their philosophy. Increase the database Product development New innovation Brand awareness Strategy Who is Fitbit and Who do they serve? Thank You For Your Attention. Navdeep Kuar Chloe Cho Yasmine Halouani Mckenzie Foley Key Performance Indicators Key Findings & Proposed Turnaround Plan Financial Analysis Utilizing Key Ratios Accountability Liquidity Ratio Corporate Citizenship Small companies = high bargaining power Corporate Governance Transparency Mousetrap Theory - "if you build it, they will come" Fitbit must adapt to a new customer who is looking for a customized advancement in their person health. Fitbit was founded by James Park and Eric Friedman Started in Delaware in March 2007 under "Health Metrics Research Inc.", became Fitbit in October 2007 First Fitness Tracker was launched in December 2009 Fitbit had 9% of market share in 2018. Rule of Law Main investor The Vanguard Group, Inc. with 11.70% stakes Reinvestment of 1,8 million of share - June 30st, 2019 This Presentation Was Presented By: The current threat of substitution for Fitbit is very high. Cost Structure Acquire timely and adequate supplies to satisfy the demand; particularly related to new product introductions Saturday, September 7th, 2019 Affected Factors Include Product Price Product Quality Substitute Availability Capital Investment is High Intense Competition Huge Industry Potential for Fitness Sector First-Mover Advantage Cost of Revenue (20%) Inbound Logistics (7%) Distribution Operations (5%) Outbound Logistics (6%) Payroll (2%) Operating Expenses (62%) Research & Development (10%) Sales & Marketing (15%) General & Administrative (19%) Contingent Operations (18%) Net Profit Return on investment Gross profitability Current ratio Customer satisfaction (net promoter score) Buyers purchase decisions : Independent Leadership On June 30th, 2019 Fitbit acquired new capital through the sale of shares to three major investment groups. Bargaining Power of Buyers Competitive Rivalry Long term investment Control expenses Meet financial obligations Cash inflow and outflow Customer retention Customers loyalty and referral Strengths Fitbit stands out from competitors based on product capabilities. User-Friendly Interface Weaknesses Competitors have less expensive alternatives and a larger global presence Shorter operational history and resources Stability of Operating Costs In relation to Fitbit's Code of Conduct, the firm has high expectations of all their directors and employees to foster a culture of fairness and accountability in the company. Stabilize and reduce operating costs as an accurate forecast of the customer demand. Fibit's corporate governance is rather poor due to the composition of the Board of Directors. Presence of Chief Executive Officer and Chief Technology Officer from top management The Board of Directors includes few members who specialize in growth, and some lack technology development experience based on their professional background. Majority have retail and operational experience Conflicts of Interests Shareholders 9.15% of individual stakeholders 39.66% of mutual fund holders 34.22% of other institutions shares Relationships Cash and equity based compensation plan The « say on pay » vote Approve major decisions Leverage/Capital Structure Ratio Background Preferences Perceptions Business impact Industry Statistics Stability of Profits The smartwatch market size was valued at $9,264.9 million in 2017 and is projected to reach $31,070.6 million by 2025. Concluding Notes Stability of Revenue Milestones Stakeholder Relations Fitbit's primary focus is on the research and development of their wearable fitness trackers and smart watches. Manufacturing is currently outsourced in Asia Fitbit utilizes 3 main channels of distribution:
Transcript: By: Avneet Athwal Audience Connection By a show of hands, how many of you wish you could track your fitness joruney? The Fitbit The Fitbit Tagline The need and the benefits of the Fitbit. The making of the Fitbit. How long it will take for the Fitbit to begin making a profit? What is our market? Are there any competing products/businesses? How is our's better? Tagline Tagline (our idea) The Fitbit is an activity tracker The Fitbit also offer features similar to smartphones, like receiving text, call, and calendar notifications. Although there are many differnet veriosn of the Fitbit to choose from, all versions have some of the same features . Some of the newer models can detect stress levels, give notifications if it detects an irregular heartbeat, as well as more features to give you an overall picture of your health. Other features include things like on-screen workouts and breathing meditations. The need and benefit What is the need and benefits of/for our product? The Fitbit includes many features to incrase and imporve the overall health and fitness habits of the user. For some, these imporvments are a requirment in their everyday life, although for others it's just some benefites. Some of these needs and benefits include things like: Activity tracking Heart-rate tracking Sleep tracking Exercise tracking: Other metrics: The making The making of the Fitbit In 2007..... Profit How long will it take for your product/business to begin making a profit? Our market What is our market? Help with your fitness journey. 13 and older. Competing products Competing Prducts: The most competetive product the Fitbit has is the Apple Watch. Her eare some differences and reason the Fitbit is the better option to choose: The battery life The Apple Watch only works with only Apple phones. Price range Purpose Goal Statement: Goal Statement To convince investors to fund development of my product. Fund in Fitbit today! Call to action Works Cited: Works Cited “Fitbit Revenue and Usage Statistics (2022).” Business of Apps, 6 Sept. 2022, https://www.businessofapps.com/data/fitbit-statistics/. Kortenber, Sayge. “The 10 Biggest Differences between Fitbit and the Apple Watch.” ScreenRant, 18 Jan. 2020, https://screenrant.com/differences-fitbit-apple-watch/. Walsh, Grace. “What Is a Fitbit and How Does It Work? plus, Everything You Need to Know about Setting up Your Fitbit.” Woman and Home Magazine, Woman & Home, 14 Oct. 2022, https://www.womanandhome.com/health-and-wellbeing/how-to-set-up-a-fitbit-a-guide-206915/.
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