FitOn is the World’s first blood oxygen saturation smart watch. The FitOn team members Huawei and Garman, along with other professionals from different industries have created this marvellous gadget. It tracks the important body signals and wellness. It is a timepiece that is equipped with a fitness tracker. It is lightweight, supreme affordable and user friendly. It possesses most of the super features of other different gadgets. The watch allows the person to monitor his health status by providing him with valuable data on his health with accurate duration and intensity. The tracker tracks the workouts and gives all the stats regarding the exercise and the health impacts as well as the notable improvements in the overall performance. When wearing the device at the time of running, a person is notified about his activities and the total counting of his paces. In addition, this smart watch is connected to GPS and has blue tooth system enabled in it. The system stops automatically when it detects that the body is at slow pace. It also has in-built alarm and timer setting feature. It is waterproof and one can take it up to 50 metres underwater without any risk of damage. With the same, it also helps in managing the stress levels and improving the working efficiency of a person by controlling his gathered stress due to heavy work.
Australia is one of the greatest trading nations in the world (Bhagwati, 2014). It has competitive, resilient and diverse economy. The Australians are highly health conscious. They are increasingly aware of the food intolerance, gaining weight, allergies and importance of consuming healthy. The markets in Australia sells most of the products on health and wellness, benefiting from the view point of lower prices in comparison to other retailers (O’Mahony & Lobo, 2017). Australians are more likely to fall for the products with the organic labels on them than others are. The customers, while making the purchasing decisions, is noticed to have shrieked their consideration set when considering the opinions of the people who are around. Various unforeseen situations might be considered as valuable in this stage. It is also observed that the customers prefer to purchase such products that they feel like is important to them and while considering their esteem needs, they prefer to buy certain products that underscores their status as well (Niemela and Kim 2014). It has been observed that the purchase decisions of the customers are often influenced by the attitudes, beliefs and opinions that are supplied by the reference groups (Ladhari and Michaud 2015). There are many other brands in the Australian market, which no one could resist to try. The major competitors for the FitOn watch brand are Bausele, Bunda, Rebelde, Adina and High & Hastings.
The macro environmental factors that are affecting the Australian market are the socio-cultural factors, economic factors and other social trends (Neace, 2015). One of the major social trends is the growing consciousness regarding well-being and health in the Australians. They are more attracted towards healthy alternatives and organic products. This trend has provided a positive opportunity for the FitOn to increase its sales as the smart watch is all about health tracking of the users. The economic factors include attraction of the customers towards private label brands in order to save their money. The markets are well acquainted with private label products. This enables the company to compete in terms of price and with the same, by realizing higher margins as well. Other social trends are increasing number of people in Australia who are time-poor. Hence, there is a high demand for convenience in time.
The micro environmental factors that have an influence in the Australian market in current days are customers, public, competitors, suppliers and intermediaries (Meissner & Wetzel, 2016). However, among them the customers have a direct impact on the business, as without attracting customers, one cannot operate his business for a long period in the market. Knowing the ideal customers and developing effective marketing programs and campaigns are an integral part in order to build good revenue streams and customer base. The rise in competition also influence the economic livelihood, as more number of competitions means the share of money that the customer spends get diminishes. However, if the business or company lacks competition, it might not get enough customer demands to b successful in the long run. The distribution channels and the suppliers also has a great impact on a business. The manufacturers depend on the product suppliers and the resale companies depend on the manufactures to transport the goods. Hence, in order to operate the business profitably, one need to get nice values on products and their supplies and in return, also offer good value to his customers as well.
SWOT analysis is a way of determining the strengths, weaknesses, opportunities and threats that can affect a particular thing (Li & Hopfgartner, 2016).
Strength: Speaking about the strength of the FitOn smart watches, It has a high accuracy built-in sensor that tracks oxygen saturation of the body with fitness and health tracking system enabled. Also, it has in-built alarm and timer setting feature. It is waterproof. One can take it up to 50 metres underwater. It is lightweight and user-friendly with great outlook and appearance. With the same, it includes Bluetooth system and GPS navigation that helps a person to track roads as well and with such a huge range of features, it is very affordable.
Weaknesses: The weaknesses of this watches are that FitOn is a weak brand and it has weak brand awareness. Also, it has low profit margin. The battery life is inefficient and weak.
Opportunities: There are various opportunities for the FitOn watches in the market. They include availability of online selling option and rapidly increasing health consciousness among the people of Australia that enables them to fall more for such health trackers. In addition, there is a connected ecosystem, which is also an opportunity for this brand to make people aware of it. It has richer tracking system than many other smart watches present in the market.
Threats: Like any other products and services, the smart watches too undergoes from several threats. The various threats for the FitOn smart watches are that there is a sense of loyalty in the customers for classic and branded watches. There are numerous competitors of the brand in the market. The major includes Apple, Samsung and Nike. People tend to opt for these brands first while purchasing any electronic gadgets. In addition, it is rumoured that the Apple smart watches are the best in every sense. Hence, there is a high expectation for apple smart watches in the market.
The concept of marketing has changed a lot over time and is still changing to the recent days. It was emerged in the 1950s and is focused on creating, communicating and delivering superior customer value (Tedlow, 2014). The evolution of marketing has given rise to the business development concept and it has takes a new shape after passing through different stages since its emergence in the end of 19th century. The various stages of evolution are the production orientation period, product orientation span, sales orientation plan, marketing orientation plan and relationship marketing orientation plan.
Markets are constantly changing and therefore, FitOn must analyse different aspects of market in order to make certain changes to its marketing strategies, which allows it remain on its top position. The key elements of marketing analysis are market size, various market trends, distribution channels, market growth rate, market demand, business strategies, profit potential and business environment. These are some of the important elements, which will help this business to grow further with much more efficiency. For example, the market trend gives business the opportunities to make a heavy profit by creating such products that have the potential to fulfil customer desires. However, there may be its side effects too when it comes to alternatives of the services that the business normally delivers. The market growth rate enables the company to control the growth rate of the market. While starting businesses in new markets, FitOn must accomplish a detail analysis of the various demands of its specific service or product.
There are various kinds of market techniques, such as primary and secondary market research; qualitative and quantitative market research. The main qualitative marketing research techniques include gathering data in the forms of explanation, understanding or interpretation of the explored scenarios (Flick, 2015). However, Quantitative research method is a systematic way of exploring strategies by collecting numerical data that allows the researchers transforming what is observed within the numerical data. Market research helps in investigating various factors such as market trends, segmentation and effectiveness of the market, and SWOT analysis. It enables a businessperson to discover various opportunities available in the market so that they can grab them more effectively. It helps in encouraging communication with the customers and let them know their customer’s nature, likes and dislikes, and their personalities as well, which is equally important in the growth of a business (Babin & Zikmund, 2015). It helps in minimizing the risks in the business by taking proper actions on different subjects. It also helps in establishing trends and formulates plans for market standing.
Marketing mix is the set of actions that the companies all over the world use in order to promote their brands and products in the market. It refers to four wide levels of marketing decisions- place, price, product and promotion. The placement strategy helps the businesspersons to assess which channel or area will better suit his product. The price section covers the real amount that the end users are expected to spend for a product. The products are either tangible goods or intangible services that are likely to meet the customer needs and demands. The promotion section covers the marketing communication techniques including advertisements, sales promotions and special offers.
Marketing mix will help the FitOn brand in differentiation, the development of new products, increasing the portfolio of the product, improving the business and helps the company to be dynamic in the market.
The traditional marketing mix consists of these four levels of marketing (Khan, 2014) while the extended marketing mix refers to the addition of three more elements (Baker, 2014) in this hierarchy and they are people, physical evidence and process.
References
Babin, B. J., & Zikmund, W. G. (2015). Essentials of marketing research. Nelson Education.
Baker, M. J. (2014). Marketing strategy and management. Palgrave Macmillan.
Bhagwati, J. N. (2014). The world trading system at risk. Princeton University Press.
Flick, U. (2015). Introducing research methodology: A beginner’s guide to doing a research project. Sage.
Khan, M. T. (2014). The concept of’marketing mix’and its elements (a conceptual review paper). International journal of information, business and management, 6(2), 95.
Ladhari, R. & Michaud, M., 2015. eWOM effects on hotel booking intentions, attitudes, trust, and website perceptions. International Journal of Hospitality Management, 46, pp.36-45.
Li, N., & Hopfgartner, F. (2016). To log or not to log? SWOT analysis of self-tracking. In Lifelogging (pp. 305-325). Springer Fachmedien Wiesbaden.
Meissner, B., & Wetzel, M. (2016). U.S. Patent Application No. 15/041,440.
Neace, M. B. (2015). 13.2 Macro/Environmental/Ethics/Quality of Life Marketing: Marketing and the Environment. In Proceedings of the 1995 World Marketing Congress (pp. 85-91). Springer, Cham.
Niemela, P. & Kim, S., 2014. Maslow’s Hierarchy of Needs. In Encyclopedia of Quality of Life and Well-Being Research(pp. 3843-3846). Springer Netherlands.
O’Mahony, B., & Lobo, A. (2017). The organic industry in Australia: Current and future trends. Land Use Policy, 66, 331-339.
Tedlow, R. S. (2014). The Rise and Fall of Mass Marketing (RLE Marketing) (Vol. 25). Routledge.
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