The business model on which Fitbit functions on, can be stated to be a model whereby they offer portable accessories to the target audience which not only helps them to track their health activities but also goes a long way in assisting the different individuals to reflect their social status. The business model simply offers the goods to the consumer in return of their cost and so far their model has been working well, however, the company faces competition from the different local suppliers in China which are cheap (Arthur, Strickland III & Gamble, 2008). The strategy which has been followed by Fitbit can be classified as a Product differentiation strategy where this hand accessory is very different from the other products which were present in the market at the time of it launch. It has prominent features which promises complete data to the different customers.
However, currently, the strategy has not been working well as there are other players as present in the market like Xiaomi and other premium brands like Apple and Samsung. However, recently as per the analysis of the financial data it can be mentioned that, the market share of the firm has been falling whereby from a 38% market share in 2014, the company got down to 22% in 2016. The revenue of the company has also been going down consistently and has reduced by a margin of 30%.
The marketing mix of the firm can be stated to be quite comprehensive the Product which is the Fitbit product which has various versions. The pricing can be stated to be considerably high and the promotional strategy can be stated to be the use of social media platforms (Fitbit.com, 2019). However, a unique aspect was that the company followed a single distribution channel. Over the years, there have been various issues which have led to the downfall of the firm like allergic reactions, information, increased costing and others.
Arthur, A. T., Strickland III, A. J., & Gamble, J. E. (2008). Crafting and Executing Strategy: The Quest for competitive advantage, concepts and cases.
Fitbit.com (2019). Fitbit Official Site for Activity Trackers & More [online]. Available at: https://www.fitbit.com/ (Accessed on: 29 Jan. 2019).
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