logo

Introduction to Marketing Fundamentals FitOn

   

Added on  2020-05-16

11 Pages2250 Words131 Views
Marketing
 | 
 | 
 | 
Running Head: Marketing FundamentalsFITONMarketing Fundamentals
Introduction to Marketing Fundamentals FitOn_1

Marketing Fundamentals 1Table of ContentsIntroduction......................................................................................................................................2Marketing Objectives.......................................................................................................................2Market Segmentation, Targeting and Positioning...........................................................................3Market Segmentation...................................................................................................................3Targeting......................................................................................................................................3Positioning...................................................................................................................................4Marketing Strategy..........................................................................................................................4Product.........................................................................................................................................4Promotion.....................................................................................................................................4Conclusion.......................................................................................................................................5References........................................................................................................................................6
Introduction to Marketing Fundamentals FitOn_2

Marketing Fundamentals 2Introduction FitOn is a world’s first smartwatch which is affordable for all types of market segments as wellas it helps in blood oxygen saturation to its users. With the help of this, users could identify thetracks of their wellness. This product was introduced in the market with the objective of upliftingits performance in the international market along with providing the affordable smartwatch to theconsumers. This device is made up of various trending technologies, through which users couldtrack their fitness and along with this, the smartwatch will help the consumers in personal healthguide (Kickstarter, 2018). Marketing ObjectivesThe product has been launched in the international markets and now company has planned toexpand their market share. To make this into reality, organizational management has chosen theAustralian market to gain their desired targets. Management has designed following objectivesaccordance with the launching of the product in Australian market within the first six months:Sales Targets: In Australia, there are lot of brands which provides smartwatch, fitnessdevices and other crucial devices which are helpful for the people to analyse their healthconditions. These brands are quite expensive, thus, these are not affordable for allsegments of users. Reviewing the demand of the smartwatch along with the fitnesstracker and health guide option, FitOn watch is introduced at affordable prices. Forsetting the affordable rates for the product, organization has adopted unique pricingstrategy. Assuming all these points, organizational objective is to increase their revenuesby at least 20% from the Australian market only. To fulfil this objective, organization
Introduction to Marketing Fundamentals FitOn_3

Marketing Fundamentals 3has planned to implement the trending promotional techniques in relation with increasingthe demand of their advanced smartwatch (Armstrong, et. al., 2015).Customer retention and satisfaction: This objective is developed with the view toattain the success in the future market conditions also. This objective could be fulfilledwith the help of providing qualitative product along with the appropriate and usefulfeatures. These features will help the organization to develop a positive image throughwhich the customer retention objective would easily be fulfilled. Along with this,organization has adopted the product differentiation strategy through which theirsmartwatch FitOn contains unique and advanced features which are not yet availablewith other brands’ products. With the help of this, organization is being able todifferentiate its smartwatch from its competitors’ through which the customersatisfaction and retention related objectives would easily be fulfilled (Madill & O'Reilly,2010).Brand Management: This objective says that organization is required to develop aneffective image in order to compete with its competitors. For establishing the effectivebrand image in the target market, it is required to provide unique features and productsfrom its competitors’. Along with this, it is required to provide the same sort of featuresand services through which the same level of brand image could be maintained. In orderto improve the customer satisfaction and to attain the sustainable growth anddevelopment in the long run, organization is required to invent certain new features andadd those elements into the product for increasing its effectiveness. This will help theorganization to develop its positive image in the current market conditions along with
Introduction to Marketing Fundamentals FitOn_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Marketing Fundamentals for Kickstarter's FitOn Smartwatch
|12
|2388
|228

Marketing Plan for Kickstarter's FitOn Smartwatch
|9
|711
|233

Analysis of Marketing Strategy of FitOn
|9
|2518
|79

Marketing Plan for Michael Kors Smartwatch: Product, Price, Place, Promotion
|17
|3850
|147

Marketing Fundamentals: STP Strategy, Marketing Mix and Objectives
|8
|2094
|225

Principles of Marketing: Apple Watch vs Fitbit Versa
|9
|2006
|202