Project Research

Company Overview

Fitbit Inc. is an American company known for its products of the same name, which are activity trackers, wireless-enabled wearable technology devices that measure data such as the number of steps walked, heart rate, quality of sleep, steps climbed, and other personal metrics. The first of these was the Fitbit Tracker.

Business Description

Fitbit Inc. engages in the manufacture and sale of health and fitness products. The Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile apps, data analytics, motivational and social tools, personalized insights, and virtual coaching through customized fitness plans and interactive workouts.

Company History

The company was founded by and is managed by James Park and Eric Friedman in 2007 as they saw that technology could tap into the health of people. It’s headquartered in San Francisco, California and multiple branches around the world. The company has over 9 million users and revenue of over 700 million dollars in 2014. On May 7, 2015, Fitbit announced it had filed for IPO with a NYSE listing. The IPO was filed for $358 million. The company's stock began trading with the symbol "FIT" on June 18, 2015. After Fitbit's stocks fell more than 50% in 2016, the company's CEO, James Park, announced in October that the company was undergoing a major transformation from what he called a "consumer electronics company" to a "digital healthcare company”.

Location

Headquarter

• San Francisco

Branch

• Boston 

• Seoul

• New Delhi

• Tokyo

• Minsk

• Hong Kong

• Dublin

Major Product and Services

• Fitbit Flex

• Fitbit Charge

• Fitbit Surge

• Fitbit Blaze

Corporate Vision and Mission

CEO James Park has stated that their mission is focused on making wearable devices that motivate people to reach their health and fitness goals, and that also make their lives easier with the smart features they need most.

Company Current Promotional Strategy

Using iconic individual to give a boost in promoting. Use a star NBA Basketball player, Stephen Curry as Brand Ambassador in television and magazine advertisement will assist in portraying the brand image as “The Best” just like the player which wearing it. 

Besides that, they also use some humor in some of their television ads. Stephen Curry has been known to have quite a sense of humor and making the audience laugh will create a good tone to the brand as well.

Current Marketing Objective

Fitbit has progressed from San Francisco startup to fundamentally changing the way people monitor exercise. Now, with a shift towards emotive marketing, and new fashion led products, the brand is confident wearable can hit ”half the UK population” according to Fitbit’s UK marketing director Lucy Sheehan.

Consumers 

Demographic

Age : 18 and above

Gender: Male & Female

Occupation: Student & Workers

Race and Ethnicity: All Races

Geographic Location: Sub-urban & Urban

Psychographics

Perception: People who enjoy exercise and who care about their health

Motivations & Needs: Demand for good quality and durable 

Attitudes & Personality: Prefer outdoors activity and accessories 

Lifestyle: Active, Stunning

Product Profile

Product Name: Fitbit Blaze

Type: Sport Watch/ Smart watch

Packaging: Hard Box, Secure box 

Pricing Range: RM 700 – RM 900

In January 2016, Fitbit has announced a fitness watch called Fitbit Blaze. It is similar to a modern smart-watch, such as Apple Watch, Pebble Smart-watch, and Android Wear watches. The Blaze focused on fitness first, then smart features inside the watch. The Fitbit Blaze comes with a colored touchscreen, and exchangeable strap and frame. Some functionality from previous product has been retained, such as auto-tracking exercise and heart-rate monitor. Blaze has connected GPS, meaning it can track movements by using the connected smartphone's GPS. The user can also receive notifications, including incoming calls, texts and calendar appointments on the Blaze just like other smart-watch.

The Fitbit Blaze also integrates with Fitstar, Fitbit's website for customized workouts. These workouts can be displayed on the Blaze's screen.

Strength and Weakness

Strength

• Measure heart rate

• GPS

• On-Screen Workout

• Sport Tracker

Weakness

• Plain design

• Short battery life

Unique Selling Proposition

Fitbit Blaze offers an all-in-one package for those who want the additional functionality of a smart watch, while not giving up their fitness tracking capabilities

Competitive Situation

Misfit

Misfit Wearables also known as Misfit, is an American consumer electronics company founded in 14 October 2011, specializing in wearable technology that utilizes sensors and home automation products. Misfit's wearable activity trackers are unique in design, and count sleep, calories, and basic steps that can be synced to a mobile app on a compatible smartphone.

Product: Misfit Shine

Indirect Competitors

Garmin

The company is known for its specialization in GPS technology development for its use in automotive, aviation, marine, outdoor, and sport activities and utilities. Due to their development in wearable technology, they have also been competing with activity tracker and smartwatch consumer developers.

Product: Garmin Forerunner 735 XT

Apple

Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services. It’s hardware products include the iPhone smartphone, the iPad tablet computer, the Mac personal computer, the iPod portable media player and the Apple Watch smartwatch.

Product: Apple Watch

Samsung Electronics

Samsung Electronics is a South Korean multinational electronics company headquartered in Suwon, South Korea. Samsung Electronics has long been a major manufacturer of electronic components. In recent years, the company has diversified into consumer electronics. It is the world's largest manufacturer of mobile phones and smartphones  line of devices. The company is also a major vendor of tablet computers and smart-watch.

Product: Samsung Gear S2

Microsoft

Microsoft Corporation is an American multinational technology company headquartered in Redmond, Washington, that develops, manufactures, supports and sells computer software, consumer electronics and personal computers and services.

Product: Microsoft Band 2