1. Write a market-oriented mission statement for Fitbit and explain your answer.
A market-oriented mission system would be, Helping fitness enthusiasts to track their progress and monitor their health through constructive innovation." The statement is powerful because it reflects the primary objectives of the company.
The company's core business is the selling of wearable fitness trackers.
The primary customer base of the company consists of fitness enthusiasts, athletes, and people who are keen on monitoring their body conditions.
Customers value the innovative technology and the compatibility of these trackers with other kinds of technology.
The direction of Fitbit should follow the market trends and customer expectations. Since the company is a market leader, they should strive to maintain this position by staying ahead of the competition and investing in exciting new designs.
2. What is Fitbits current business portfolio and how has it evolved since its creation?
The case shows that Fitbit sells a total of seven items, which are further condensed into three strategic business units based on functionality and smartness.'
Fitbit scale Aria
It is a smart device that tracks weight, percentage body fat, and BMI (Xu & Wang, 2016).
It covers the market for primary fitness enthusiasts.
They combined their trackers with trendy wristbands from another company. This move covers the market for fashion-conscious fitness enthusiasts.
It allowed the owner to access the stored data and track their progress efficiently.
Fitbit started out as a manufacturer of basic wearable trackers, but they decided to explore the niche of fashionable fitness. After some time, the trackers have become compatible with apps, which has opened a new revenue stream.
3. What macro-environmental factors have motivated Fitbit's plans for the future of the company? (Use PESTEL to structure your analysis and identify the key macro-environmental factors that have affected Fitbit's microenvironment).
Economic- there is a growing market for wearable technology with consumers spending over $200 billion in 2014 on device purchases.
Sociocultural forces- people have grown increasingly health-conscious.
There is a high demand for online shopping and mobile devices.
Technology- compatibility of hardware and software has led to the creation of better models. Advanced technology improved the existing devices to make them smarter.
Legal- Fitbit said they kept client data secure and confidential in compliance with the Health Insurance Portability and Accountability Act (Xu & Wang, 2016).
4. What micro-environmental factors have motivated Fitbit's plans for the future of the company? And How?
Fitbit was planning to come up with solutions for people who buy the devices and then stop using them after some months (Xu & Wang, 2016).
They were also looking at the corporate market as an area with high value.
Fitbit acquired Fitstar to kill the competition and broaden their range and quality of service to customers.
Xu, X. & Wang, X. S. (2016). FITBIT: The Business about Wrist. Ontario. Ivey Publishing.
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