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Competitive Intelligence Analysis Strategy

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Question:

Discuss About The Competitive Intelligence Analysis Strategy?

 

Answer:

Introduction

This study deals with launching of a new product, the product is wearable accessory that looks same like wrist watch (Wright 2014). The new product will be launched in the Australian market where the fitness band incorporates computer as well as advanced electronic technologies that will be helpful to maintain fitness level. The Australian market had been selected for launching purpose as it Australian consumers are early adopters of wearable technology as well as this market is already in steady growth level. The name of the product is Healthy Fitness band that will be targeting customers who has the inclination to look after their health and improve it as well.

Situation Analysis

In Australia, Wearable tech is still finding its feet in current marketplace. There is some clear use in major cases especially when individuals are using these watches for checking over their health and exercise (Shankar et al. 2016). It can be even used for security purpose. According to forecast, it is noted that number of wearable tech devices in the current market will almost become double by the end of 2021

Industry

The industry that this fitness wrist watches will be operating in technology sector where there is intense competition because of frequent changes in tastes, preferences and fashion of consumers. In order to launch any new product, it is important to understand about the industry that the product will be operating in and then come up with strategies to compete with the nearest competitors (Pinto and Yagnik 2017).

 

Competitors

The international IT Company will be facing stiff competition from existing competitors who are already present in the market such as Apple and Samsung. These multinational IT companies have already launched fitness wrist watches in the market. However, the main aim of the new product will be to meet the needs of the customers and work upon the drawbacks that these companies could not find out. Healthy Fitness band will be competing with price with the Chinese competitors such as Xiaomi where it becomes difficult to convince the facts that the products retail are kept at a proper discount as compared to Healthy Fitness band products. It is noted that competitors of Healthy Fitness band provides limited features and this is the point that Healthy Fitness band should keep into consideration and make it an Unique Selling Proposition.

Customers

The new fitness watch will be targeting customers who are fitness freak and health cautious. The main target will be for the employees and individuals who are sitting long hours in front of laptops and conducting meetings. These people have no time to walk and therefore these people are facing lot of health related issues. This fitness band will be targeting teenagers who are working and giving no time for health.

Opportunities and issues statement

SWOT Analysis of Healthy Fitness band

Strengths

Weakness

Healthy Fitness band is established as well as credible band

First mover benefits

The product will have strong marketing and sales engine

Broad device portfolio

The fitness band will have large as well as strong user community

Platform Openness

The company will get indulge into strong partnerships

Enhanced technology and value

Large company atmosphere

Lack of Fitness or Health credibility

Limited tracking facilities

Brand awareness 

Not a technology company

Complex

Semi-closed architecture

Opportunities

Threats

Connected Ecosystem

Building on dietary expertise

Training or coaching advice

Enhanced tracking or data

Big Data Analytics

Simplicity maintenance becomes difficult

New Tech Start-up

Brand confusion

Rumored Apple iWatch

 

Marketing objectives

  • To increase awareness of the Healthy Fitness band and the brand at the same time
  • To make strategies to compete with the market leader of the same segment
  • To target new segment such as women who belong to the age groups 33 to 44 years 30 to 44 years
  • To customize new features on the fitness band such as camera as well as social network direct link
  • To take into account more personalizing options for increasing the awareness among the community as a whole
  • To add more color options for bands as well as customized options

Marketing strategies

The current target segmentation of Healthy Fitness band is purely based on fitness level that is used by casual exercisers as well as serious fitness-centered consumers. Healthy Fitness band will be targeting in accordance to fitness level, age and gender, income and education (Peñaloza, Toulouse and Visconti 2013).

It is found from the survey results that a potential consumer who shows interest in buying wearable fitness tracker is those people who either play or watch sports. Consumers who show shows interest in purchasing Healthy Fitness band are those who frequently consume organic foods for taking care of their health. Healthy Fitness band need to compete on certain activities such as features that takes into account bundled benefits, product design as well as corporate partnerships. The Unique Selling Proposition of Healthy Fitness band is providing customers with wide range of features that the competitors lack. Healthy Fitness band will be keeping their price lower and features their design as heart rate monitoring, integration with smart phone as well as sleep cycle monitoring at the same time (Meffert 2013)

Marketing Mix

Product- The product that is proposed in the study is Healthy Fitness band as it is developed of exclusive strategic partnerships with many other known health insurance companies as well as health clubs in Australia. These contracts will help Healthy Fitness band to sign up for participating as an insurer or health club for sharing health tracking of data. Healthy Fitness band will help companies for developing proper technology for receiving as well as tracking information for each ofPlace- The place used to market or sell Healthy Fitness band will be health companies in Australia and reputed health clubs in Australia where people will show special interest to purchase watches that can bring improvement in their health.

Price- In order to compete in the Australian market, Healthy Fitness band will be sold at economy pricing so that the new product can give tough competition to the already established companies (Armstrong et al. 2015).

Promotion- Healthy Fitness band will be using wide variety of promotional tactics that will aware the customers of these brands in the market. The promotional techniques or medium used for awareness will be Television, radio as well as print advertisements. It will be clearly mentioned about the partnership with the insurance companies and gyms where the business entities are helping with these promotional campaigns. It is the insurance companies who will advertising about Healthy Fitness band collaboration on their websites as well as mailed brochures. In addition, the physicians as well as healthcare providers will explain the patients about the perks as well as encourage them to use fitness tracker as it is one of the easy way to improve health outcomes. Using these fitness bands will help patients to get wide range of benefits. Furthermore, the gyms as well as fitness clubs will even advertise about Healthy Fitness band at the time when any new member will join these clubs (Hollensen 2015).

 

Brief budget or profitability analysis

Income statement for the year 2017 to 2019

Healthy Fitness Band

 

2017

2018

2019

Revenue

1256780

3245680

5565490

Cost of Revenue

110980

156450

65490

Gross Profit

1145800

3089230

5500000

Operating expenses

     

Research and Development

88000

56000

43000

Sales and marketing

180780

54000

4400

General and administrative

50000

45000

23000

Change in contingent consideration

-5400

-

-

Total operating expenses

313380

155000

70400

Operating income

832420

2934230

5429600

Interest expense (net)

-990

-1650

-1760

Other expense (net)

-50790

-7780

-5490

Income before income taxes

884200

2943660

5436850

Income tax expenses (benefits)_

67900

-16590

-17690

Net Income

816300

2960250

5454540

Monitoring and control

Regular monitoring will help in keeping track of progress on the new product launch. The set objectives can be easily achieved if the research and development team comes with data on whether there is a need for these types of fitness band among the consumers (Athanasopoulou and Giovanis 2015). This market research results will give information about the current trends as well as preferences about the consumers whether they need these types of watches for usage purpose. After that, the results had shown that people are interested in using this type of watches and however healthy fitness band will meet the needs as well as expectations of the customers.

 

Conclusion

At the end of the study, it is concluded that healthy fitness band can easily compete with other competitors as they will provide customers with unique features. Healthy fitness band will be getting indulge into strategic partnerships with the insurers as well as fitness clubs where both will have win-win situation. It will help Healthy fitness band for increasing their sales. The insurers will be getting benefits by saving money on health costs and getting more beneficiary sign-ups. The gym will be increased membership as well as encourages in increased use of classes and buy the apparel where consumers has the intention to save money as well as engage in activities that can improve their fitness and health,

 

Reference List

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015.Marketing: an introduction. Pearson Education.

Athanasopoulou, P. and Giovanis, A.N., 2015, September. The role of social media in the marketing strategy of fitness centres. In 8th Annual Conference of the EuroMed Academy of Business (p. 163).

Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.

Kotler, P., Keller, K.L., Brady, M., Goodman, M. and Hansen, T., 2016. Marketing management. Pearson Education Ltd..

Meffert, H., 2013. Marketing-Management: Analyse—Strategie—Implementierung. Springer-Verlag.

Peñaloza, L., Toulouse, N. and Visconti, L.M. eds., 2013.Marketing management: A cultural perspective. Routledge.

Pinto, M.B. and Yagnik, A., 2017. Fit for life: A content analysis of fitness tracker brands use of Facebook in social media marketing. Journal of Brand Management, 24(1), pp.49-67.

Shankar, V., Kleijnen, M., Ramanathan, S., Rizley, R., Holland, S. and Morrissey, S., 2016. Mobile shopper marketing: Key issues, current insights, and future research avenues. Journal of Interactive Marketing, 34, pp.37-48.

Weinstein, A. and Pohlman, R.A., 2015. Customer value: a new paradigm for marketing management. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 132-133). Springer, Cham.

Wright, S. ed., 2014. Competitive intelligence, analysis and strategy: Creating organisational agility. Routledge.

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