Value A Consumer Health Information Service -Myassignmenthelp.Com

Question: Discuss About The Value A Consumer Health Information Service? Answer: Introduction Fitbit International has operated in the local Australian market through the past one year. The company provides products that help in transforming the lives of people through enhancing fitness activities. The company aims to help the customers feel empowered and have fun as they engage in physical exercise to manage health. Fitbit dates its operation in the past one decade since its formation in Boston, U.S.A. The company has been expanding operations to Japan, Singapore, China, South Korea, Denmark, England, Ireland, Belarus, India and the latest country of is Australia just recently. The market has grown steadily and is expected expand up to five times in the next five years. Wireless technology and sensors technology have been greatly taken up in the development of health and fitness trackers and enjoy an enormous market. The entry into Australian market has been facilitated by the steadily growing local market. The Australian population has been labeled to have a high early adop tion of the wearable technology. This report analyzes the launch of Fitbits wearable fitness and health trackers in Australia. Situation analysis The wearable health and fitness tracking products that are available in the local market are priced at US$19, and the highest is at US$349. There are several sellers in the market including Samsung, Garmin, Misfit, Nike, Google, Microsoft Apple, and Jawbone. The products of Fitbit are mid-priced, and the other established markets have grown through massive advertising and promotion strategies. Television media has been the most influential approach followed by magazines and lowest effect being reported in digital advertising. The market of wearable health and fitness tracking devices spreads across all types of the population from the young to the old in with more users being the women although the male consumers have a nearly high number. Retailers of sporting goods and supermarkets form the majority of the distribution channels(Sivapalan, 2017). Opportunities and issue statement Strengths Fitbit has a specialized product line as compared to the competitors in the fitness and exercise monitoring industry who engage in a wide range of products like computers and phones. Fitbit has a broad awareness of its brand with wide utility capabilities and device portfolio. The company uses a strategy of partnering with health insurance providers as the industry is mainstreaming toward healthcare. Fitbit products do not have third-party applications(Irina, 2017). Weaknesses The single product line of Fitbit is also a drawback in diversity branding. The company has a less established credibility in health and fitness when compared to some of the competitors. Most competing firms in the industry have a long-term brand loyalty because of the long presence in the market. Opportunities Corporates are continuing to expand their employee wellness programs through partnerships with healthcare providers. A great opportunity stands in the future development of capabilities of the devices. Fitbit will also be able to sell data for research as long as the privacy of consumers is protected. Threats Start-ups in the industry pose a challenge to the growth and position of Fitbit because of low prices. Other competitors constitute a threat to the youth portion of the market which is image-conscious(Mayura, 2014). Other long-time established brands occupy the industry with a significantly high customer loyalty. Marketing objectives The Australian market is conscious of health, fitness and exercise tracking and this means that Fitbit has to stay at the brink of technology to be ahead of the competitive and fast-changing industry(Camilleri, 2017). The objective of marketing programs in the new market will be to position the company on top amid competition by reclaiming the taken market share. All the plans should propel the firm to create customer loyalty so that it will grow without many difficulties. Fitbit has divided its products into active and performance fitness according to price(Rosenthal, 2017). Marketing strategies The segmentation, targeting and positioning strategies Marketing mix will be aimed at targeting the appropriate market segment, promotion of value, positioning and branding to create a competitive advantage. The 7Ps tools of price, promotion, product, people, placement, physical environment, packaging, and the process will be used to develop an appropriate marketing strategy(Wood, 2016). Market segmentation will be based on capabilities which determine the needs of users and pricing. Target segmentation in the international market is centered on levels of fitness. The fitness levels are divided into casual exercisers and the consumers who are seriously focused on fitness. Fitness level, gender, education, age, and income will be used for targeting the market(Wattenhofer, 2016). A significant portion of frequently exercising consumers are not athletes aged between 25 years and 45 years, the women who are health-conscious, the educated and the middle class on the upper end. Price is the primary factor influencing the purchase of wearable fitness tracking devices. Some cheap end competitors have fewer features and will not shatter Fitbit in their financial packages. The strategies will help to create and increase awareness of products and the brand, become a market leader, add new product features and enhance personalization settings(Weber, 2017). Marketing mix The exclusive partnering with corporates, health clubs, and insurance companies will enable sharing of tracking data. The partnerships will offer discounts on co-pays, premiums, and deductibles. Classes apparel and membership fees may also be cut. Insurance firms will gain relevant information that will help in serving their clients(Rosenthal, 2017). Discounts will assist to develop loyalty and act as an incentive to increase sales for the price-sensitive consumers. Sharing of data will be voluntary through sign-ups, this way, privacy will not be infringed. Partnerships will give a shared promotion for Fitbits products and brand. Budget and profitability analysis Approximately 3,500,000 devices will be sold in the first year of launch costing the company $1.4 billion manufacturing costs and $5 million in advertising and promotions. The total revenue for sale is approximated at $3.5 billion. (Oelschlegel, et al. 2017) Monitoring and control The information for checking progress will be provided by the devices. Integration with computers will help in capturing and analysis of data. The industry trends have to be kept up to date, and the appliances kept in line with the needs of the consumers(Enama, 2017). Conclusion Forging partnerships with fitness clubs and insurance companies seeks to create a win-win situation for Fitbit, the companies, and the individual users. Fitbit will then increase sales and get an incentivized beneficiary sigh-ups and save money on costs of health and exercise. Another benefit is an increase in membership and an encouraged purchase of the apparel. Consumers will save money as well as get improved health and fitness. The promotion capacity created by insurers will help in the rolling out of the wearable products and brand awareness. Summary The report has analyzed the Fitbit company in its production of wearable exercise and fitness devices with an aim to create a marketing plan for the entry in Australia. The most appropriate strategy has been identified to be partnerships with corporates such as insurers, healthcare companies, and health clubs. Fitbit has several strengths over the competitors, and the local industry has a high potential for adoption and growth. The effective means of overcoming internal weaknesses and the industry threats will be to keep abreast in technology adoption to enhance functionalities. References Camilleri, A., 20171. Market segmentation, targeting, and positioning. Market Planning, 31(1), p. 27. Enama, A., 2017. Research on Market Development Strategy. Exercise and Fitness, 4(12), pp. 1-27. Irina, E., 2017. SWOT analysis, its implementation, and role for a foreign company. Marketing Planning, 2(1), pp. 128-136. Mayura, J., 2014. S.W.O.T analysis. Marketing Strategies, 2(31), p. 97. Oelschlegel Sandy, Doyle Donna, 2017. Collaboration, Visibility, and Relationship Marketing: Driving Use and Demonstrating Value of a Consumer Health Information Service. Journal of Healthy Living, 21(1), pp. 1-10. Rosenthal, B., 2017. The brand meaning co-creation process on Facebook. Marketing Intelligence Planning, 9(4), pp. 188-196. Sivapalan, A., 2017. An application of retailing service quality practices influencing customer loyalty toward retailers. Marketing Intelligence Planning, 17(9), pp. 1-53. Wattenhofer, R., 2016. Outdoor Sports Route Generation. Exercise Tracking, 9(4), pp. 76-101. Weber, N., 2017. Matching the business model with the unique customer journey. Customer Loyalty, 18(4), pp. 1-15. Wood, L., 2016. 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