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Fitbit Final Presentation

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by

Alex Kareotes

on 10 October 2013

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Transcript of Fitbit Final Presentation

Presented By:
Alex Kareotes, Erica Fay,
Kevin Cioni, Miriam Gillan,
Ryan Gubricky

Key Elements:
External Environment
Demographics/Culture
Societal shift towards healthier products
Political
Government Initiatives
Affordable Care Act
Technology

Industry Overview
Customers
Customer Profiles in the Market
Early Adopters - Techies
Couch potatoes - need motivation
Overweight, want to lose weight
primarily females who have had children
Athletic/fit individuals who want to track data


Competitors
Fitbit's Current
Target Market Strategy
Strategic partnerships with United Healthcare and Virgin HealthMiles
Primarily females, 35-45, above average household income

Dedicated to helping people lead
healthier, more active lives.

Our Marketing
Strategy Recommendations
Continue to serve current market

Current Products
Our Pricing Recommendations
Fitbit will keep current products at competitive prices
Never discount
Introduce higher price points on the new products and accessories
Evolving Needs
Even more "seamless" integration into their lives
More stylish/fashionable options
Detailed activity tracking
More accurate data and effective delivery
–Internal and External Valuation
–Usage of Financing
–Social Focus

Fitbit's
Financing
Market Share and CURRENT Company Strategies

Strategies to extend their leadership:
Bolster online platform
Strategic partnerships with United Healthcare and Virgin Healthmiles
Focus on the end user

“We are never going to be an advertising- or marketing-driven company. That has earned us a lot of trust with our users. That is primary." James Park, CEO
Retaining Current Primary Customer Base
(Women 35-45)
•Current segments
–Commercials
–Mommy bloggers
–Media mentions
Attracting New Segment
(Women 25-35)

–Social media
–Magazines
–Event sponsorships
–Lifestyle Bloggers
-Celebrity Endorsement
Company Operational Improvements
Our Recommendations:
Increase customer service quality
Bolster logistics and increase inventory production
Allocate resources/staff to product marketing
Increase product offerings and customization options

Conclusion
External Environment
Market, Customers, Competitors
Fitbit current strategies
What we recommend to stay competitive

Early Growth
Fitbit is market leader
High cost of entry- few key players

•Target new segment
Females, 25-34
product modifications


Product Recommendations
Current
Pricing
Very competitive
Lowest price, best value
Rarely offers discounts
Bulk pricing for corporations

Stronger branding initiatives
Strategic Focus
And now...
THE 4 P'S
Tangible
•Flex wristband
•One clip on
•Zip clip on

Tracks:
•Steps
•Distance
•Calories burned
•Floors climbed
•Sleep monitoring
•Wireless sync
Augmented
•Online community
•365 day warranty
•45 day return policy
•Customer support

Core
•Motivation
•Empowerment
•Feedback
Modifications
--Additional colors
--Larger display with additional features
•Customer support
•Symbol on band
•Additional colors for replacement shells
•Additional patterns
•Tighter clasp
•Extended warranty
•Extended return policy
New Products
--Charitable wristband
--Charitable accessory band
•Jewelry Accessory bands
•Heart rate monitoring
•Body temperature analysis
•Hydration levels
Current Promotions & Advertising
Mainly relies on Social & Google Advertising
Focused on increasing awareness of the product and the brand
Push
Overall consistent branding with the theme of the website and packaging

Currently not many resources allocated to advertising

Our Promotion Recommendations
Expand online presence
Hire one social media person
Capitalize more on low cost platforms that emphasize user participation
Targeted TV spots
Dr. Oz
Use targeted magazine ads
HR trade magazines
Shape
Cosmo

Expand affiliates to popular blogs
Continue PR efforts
Product Reviews
Press Mentions - corporate & female focused
Attend Management/HR tradeshows (corporate wellness)
Deliverables
Increased shared content and participation
Search for fitbit

Current Distribution
Our Distribution Recommendations
–Continue selling through current upscale retailers
–Partner with nationwide gym chains
–Begin selling through female focused retailers
-Macy's, Bergners, Bloomingdales, Gap (Athleta)
Conclusion
Remain market leader
Focusing on positioning and implementation
Full transcript