Briefly describe the new productchosen, outliningitsfeatures and benefits plus any optional extras (if applicable). Secondly, you are to describethe current market conditions in Australia by examining relevant business trends, customer needs and other factors in the marketing environment that may affect consumer purchasing,including the main competitors,so as to determine market attractiveness.
FitOn is a watch that combines the features of three, which are Fitness Tracker, Smart watch and Personal health guide. The watch is the world`s 1st Blood Oxygen Saturation Smart watch. It tracks the vital conditions of the body along with other complex features in brief (Best, 2012). The watch comes along with an application, which helps to track the progress made along the period (Refer to Appendix 1). The product is priced at $49.
The market analysis of the product will be done with the help of PESTLE Analysis. PESTLE analysis can be described as a strategic management tool, which helps to analyze the market. For FitOn, the given factors will be analyzed.
Australia has a strong economy with a high per capita income. The country is abundant in natural resources and therefore the country attracts good foreign investments. It also includes extensive reserves of iron ore, copper, gold and renewable energy resources. Trade and other factors are also good in the country. The standard of living of the people is high and therefore, they will be able to afford the given product (FitOn: World's 1st Blood Oxygen Saturation Smartwatch. ,2017).
The people in the country are health conscious and tend to worry about their well-being. Hence, it can be stated that this product is perfect for them. By using this product, the people will be able to keep a track of their daily activities and will be able to look after weight and other relevant issues. The design of the watch is very stylish which will be suitable for the people of Australia who are fashion oriented and classy.
There are millions of active Internet subscribers present in the country of Australia. The country is extremely advanced in terms of technology and therefore the country will be good at adapting to the FitOn watch (FitOn: World's first Blood Oxygen Saturation Smart watch.2017). The watch is a hi-technology product, which can be linked to the phone and will be preferred by the nationals of the country.
The internal environment analysis is conducted in order to understand the players within the particular domain of business that will have an impact on one`s business. The internal analysis will be done using Michael Porter`s five forces model (Kotler, 2012). The model throws light on five main components of the internal environment analysis and they are competitors, suppliers, customers, substitutes and entry barriers. The forces, which are relevant in the given scenario, are:
Swot Analysis can be described as the study f the internal mechanism of the business whereby, the strengths and weaknesses of the working of the business is identified. The opportunities and threats of the company that lie within its external environment are also identified thereby helping the company by providing it with an opportunity to flourish in the external market. (Refer to Appendix 6)
In the given section the SWOT Analysis of Fit bit will be done:
Strengths- strength can be described as an internal opportunity whereby a company makes use of its capacity to achieve the goal (Hutt & Speh, 2012). The strengths of Fit On are:
Weaknesses- A weakness can be described as an internal inability whereby the company cannot perform well in the market. The weakness of FitOn has been described as follows:
Opportunity- An opportunity can be described as a situation in the external environment of the business whereby the company can gain an exceptional advantage and succeed (Sheth & Sisodia, 2015). The opportunities for FitOn are provided below:
Threats-A threat can be described as the presence of a factor in the external factor in the business, which has the potential of providing harm to the business.
The threat to Fit On is given below:
Marketing has evolved greatly during the last few decades. It began with the simple concept of trading and selling the goods to the consumers and has now reached a phase whereby it involves long lasting and sustainable relationship with the consumers. (Refer to Appendix 4).
The key activities involved in marketing are given below: If we break up this definition, we can say the marketing management involves following activities:
The duty of development of the product idea also lies in the hands of the marketer (Economides & Tåg, 2012). He must research the market properly, then understand the retirement, and thereby give his input.
The activities in marketing also involve choosing a target market and understanding how to satisfy the chosen market for the particular service or a product.
The next task involves increasing the consumers in the chosen target market. The target market has a variety of customers and not all can be pleased. Therefore, it is important for the firm to extend their consumer base.
Another relevant activity involves Creating Superior value. It involves adding extra value to the given product and thereby making the customer happy.
Marketing can be defined as an activity, which involves the creation of new ideas for the firm and finding the right target market (Silina & Haddadi, 2015). Once this is developed, it involves, convincing that target market to purchase the given product to increase the sales and developing long-term relationships with the customers.
There are mainly two techniques involved in the marketing research. These are primary methods and secondary methods of research. The secondary method is taking another person`s work and referring whereas the primary research is the first hand research and can be of the following types:
The research technique is important as it helps to understand the various patterns in which the consumer buys the product. It helps to understand their demands and their buying behaviour.
The marketing mix can be referred to as the techniques whereby the right product is given to the right customers at the right time. It involves understanding the various aspects one one`s product and also how these must be utilized by forming the product and delivering it to the consumer (van Wijngaarden, Scholten & van Wijk, 2012). The traditional marketing mix consisted of the 4Ps with product, place, and promotion and pricing strategies, however, the new marketing mix consists of 7ps where Physical evidence, People and promotion have been added.
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Best, R. (2012). Market-based management. Pearson Higher Ed.
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FitOn: World's 1st Blood Oxygen Saturation Smartwatch. (2017). Kickstarter. Retrieved 17 December 2017, from https://www.kickstarter.com/projects/567949755/fiton-worlds-1st-blood-oxygen-saturation-smartwatc
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Silina, Y., & Haddadi, H. (2015, September). New directions in jewelry: a close look at emerging trends & developments in jewelry-like wearable devices. In Proceedings of the 2015 ACM International Symposium on Wearable Computers (pp. 49-56). ACM.
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