The Fitbit is an accessory health device which is quite popular with respect to the fact that, health and fitness has become a premium industry. The Fitbit business started back in 2009 and gained utmost popularity in those days. The business model of the firm aims to provide a differentiated product to the different customers with various health data in return which can be useful in measuring the overall health and fitness an individual is maintaining (Fitbit.com, 2019). Although the model had been performing considerably well back in the year 2013-2014 but at present the business model has not been functioning adequately with considerable improvements in the product. In addition to this, the firm is faced by competition from the different brands like Xiaomi, Apple and others.
The strategy used by the brand can be defined as the strategy of product differentiation whereby even though the company had placed the pricing of the product at a considerably high level, it could be understood that, the customers were ready to pay for the product as it was very different and unique (Arthur, Strickland III & Gamble, 2008). However, as competition took over, the strategy of the firm has not been doing well and this can be backed by the poor performance of the firm whereby the firm faced a net loss of $60.1 million in the first quarter of 2017. Moreover, where in 2016, the firm had sold 4842 devices, the firm sold 2956 devices in 2017.
The marketing mix forms an essential part of the organization and with respect to this the four important Ps are the Product which is the Fitbit watches. The pricing is around $20 which can be stated to be on the higher side. The firm makes use of social media in its promotional strategies and uses the medium of single distribution channel to sell the same.
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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