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Fitbit Presentation 2: Product & Pricing

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by

Alex Kareotes

on 8 October 2013

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Transcript of Fitbit Presentation 2: Product & Pricing

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

The Core Product
Promotes healthy living
Encourages an active lifestyle
Makes dieting easier

The Tangible Product
The Augmented Product
1 year warranty when the product is purchased through Fitbit.com
45 day money back guarantee
Free shipping on all devices purchased
Customer service
Online community


The Fitbit Brand:
Name and Symbol
Fitbit represents what our product embodies
Short catchy name
The symbol is simple and represents the idea that the customer needs to “get up and go"
An arrow that points towards Fitbit

Product Packaging
Allows the product to be seen clearly by the consumer before purchase
Easy to open package
Small and slender - similar to Apple
Gender neutral


Dedicated to helping people lead
healthier, more active lives.

Our Marketing
Strategy Recommendations
•Continue to serve current market
Females, 35-45
Healthcare + corporations

Tangible Product Modifications
Fitbit logo
LED display
Tighter clasp
Additional colors
One and Zip shells
Jewelry "accessories" to be worn with flex band tracker
Limited edition designer pieces
Signature collection items


New Product Development

Technology will have the biggest impact
As the base model becomes old technology the new model will be priced at the higher price
New technology is extremely important in increasing price

Environmental Impact on Pricing
Our Prognosis
for Pricing
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
Conclusion
Current Product
Product Recommendations align with the marketing strategy
Pricing Strategies

Young men and women
Monitor activity between ‘healthy’ times
Attractive device

Medical device
Armband
Serious weight loss
More capabilities

Young, athletic men
Leverage Nike brand

Nike Fuel Band
Jawbone Up
BodyMedia Fit
Misfit Shine
Emerging competitor
Luxurious
Seamless integration
Almost no brand awareness

–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
•Continue to work with corporate wellness programs
•Continue to target to current users
–Women, ages 35-45, above average income
–Looking to lose weight, monitor activity levels
•Begin to target a new segment with product modifications
–Young women, ages 25-34
–Fashionable accessory that they
will want to wear everyday
Our Strategy Recommendations
Continue strategic alliances with healthcare companies
Suggestion: more direct B2B efforts
Business conferences
Trade shows
Press releases to business related newspapers and magazines

Continue relationships with corporate wellness programs
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

Three models
Smartphone app

•Target new segment
Females, 25-34
Stronger branding initiatives


Augmented Product Change Recommendations
Continue to improve customer service
Offer a warranty though retailers other than Fitbit.com
Allow consumers to return product after an extended time period
Offer an option for an extended warranty

Diagnostic Pricing
Very competitive
Lowest price, best value
Pricing is logically positioned because Fitbit is competing with major brands and fighting for market share
Rarely offers discounts
Bulk pricing for corporations

Bands for Charitable Causes
40% believe cause related marketing is appropriate for clothing & apparel
70% women believe companies should support charities
Fitbit Advanced
New and improved product with increased functionality
Add heart rate monitor, skin temperature and hydration estimates from sweat, breathing
CURRENT CUSTOMERS COMMENT!
Full transcript