Marketing Strategy of Fiton-Free-Samples for Students-Myassignment

Question: Analyse Marketing Strategy of Fiton. Answer: Introduction The report is based on the formulation of marketing strategy for the market entry of FitOn smartwatches in the Australian market. FitOn is worlds most affordable smartwatch which the technology of Blood Oxygen Saturation and it is the first product of its kind. The major function of the smartwatch is to track the wellness of the individual. The team that was responsible for the creation of FitOn smartwatch consists of professionals from different companies. The founder of the organization Roddy Bryan along with co-founder Chiri David. The manufacturing department was taken care by Andy Zhang and Mark Zheng (Ashley Tuten, 2015). The organization originates in New York City and the FitOn project is a part of the many projects that have been undertaken by a company known as Kickstarter. Kickstarter is an independent organization which is under the control of the founder consisting of more than 117 employees who work together in a small factory. The major roles played by the employees of the organization are, designers, developers, writers, musicians, support specialists, poets, painters, gamers and robot builders. The aim of the report is to suggest the marketing objectives of the firm when they enter the Australian market and the different strategies related to promotions (Kickstarter.com., 2018). Discussion related to the market entry of FitOn smartwatch The three objectives related to marketing of FitOn smartwatch The marketing objectives are related to the goals or targets that are set by an organization when a they enter a new market area or expand their business opportunities. The objectives are set in such a way so that a plan is devised to achieve those goals. Marketing is a major part of the policies that are set by an organization, which helps them in raising the awareness about the services or products that they offer. The most important goals that are related to the marketing activities of the organization are, mainly increasing the sales of the company (Solomon et al., 2014). Creating awareness regarding the brand of the organization and the products that they offer is another major function of the marketing activity. The marketing activities of the company help them to establish their brand in the market and get a competitive edge over the organizations. Managing the brand of a company is also related to the marketing activities and the efforts that are taken by the marketing manage rs help the company to get a unique position in the industry. The three major marketing objectives of FitOn smartwatch are, The first and major objective related to FitOn smartwatch is to track the activities of the individuals in such a way so that it can help them in managing their health and fitness related activities. The FitOn smartwatch has a tracker which is able to track the workout related records of a person and provide them the data related to the exercise that they have performed. The health impacts and benefits of the workout sessions are also detected the smartwatch. The design of the watch is made in such a manner so that it can track the accurately track the physical activities of its owner. The other features of the watch include, Bluetooth connectivity and GPS systems as well. The watch can act as a partner for the setting of health goals for an individual (Lee, Kozlenkova Palmatier, 2015). The third and major objective related to marketing that gives a huge competitive edge to the watch is that it is one of a kind with its unique feature of Blood Oxygen Saturation. This gives the company an edge over the other organization which manufacture the same kinds of products (Camilleri, 2018). The three major objectives of the company have been set for the entry of FitOn smartwatches in the Australian market. The marketing strategy that will be devised for the market entry of the company will be based on these marketing objectives and the ways by which these will be fulfilled. Segmentation of market Market segmentation can be defined as the process by which a large market area is divided into smaller segments according to the likes and desires of the customers who belong to that market. The market is segmented in such a way so that the segments consist of customers who have similar types of choices and are all like-minded. The market segments are different from each other and this requires for the organization to formulate different strategies to fulfil the different needs of the people (Effing Spil, 2016). The market segmentation for FitOn smartwatches is done based on the different factors like, gender, age group, marital status, income, occupation. Market segmentation can be of many types which are behaviouristic, psychographic, geographic. The segment of the market where the product can be marketed are the young individuals of Australia who are the most concerned about the health related implications of the workout sessions that has been conducted by them. The aged population who are suffering from any type of chronic diseases are also affected by the product as this will help them in maintaining their health (Baltes, 2015). Target customers Target market can be defined as the process by which the larger market is divided into smaller segments which are the most related to the product that is being marketed. Target customers are a major part of the process of market segmentation. The efforts related to marketing are related to the desires and needs of the customers which match the services or products offered by the company. The major objective of target marketing is to aim the effort related to the promotion of a product towards a specific group of customers. This makes the process of pricing, distribution and promotion much more effective (Cuadros Domnguez, 2014). The concept of target market is related to providing the focus to the marketing activities. The target customers of FitOn smartwatches are the young citizens of the country and the aged population as well. This implies that the product will be suitable for a vast range of customers in the new market area where they are planning to expand. Positioning of the brand The Australian market already has three major brands related to smartwatches which are, Apple, Samsung and Fitbit. These three organizations have been in the market for quite a long time and have created their positions in the industry (Doherty, Kearns ORourke, 2015). However, the major competitive advantage of FitOn in the Australian market is the unique feature that it holds related to Blood Oxygen Saturation. The fitness related features can face competition from the famous fitness watch brand named Fitbit. The organization can gain a unique position in the market with the help of feature that it comprises and which makes it better from the other companies (Davcik Sharma, 2015). Marketing strategy related to two Ps Placement of the product The FitOn smartwatch is planning to expand its operations from New York to Australia. The major reason behind this decision is the health conscious culture of the citizens of this country and the acceptance of these types of products. The expansion plan will start from Sydney which is the most welcoming city for any type of business in Australia (Kickstarter.com., 2018). Promotional strategy The promotional strategy that is undertaken by the organization will be mainly related to digital methods. Social media marketing can be used as an effective tool for the purpose of promoting the watch in Australia. The unique features of the watch will be highlighted in the promotional activities so that they are able create immense awareness regarding the brand in the minds of the prospective consumers. The process of marketing with the help of digital platforms has a wide reach so that they can reach more and more people within a small amount of time (Kasemsap, 2018). Action plan for six months after launch A marketing action plan mainly provides an outline of tasks that are required to accomplish any goal. This is the process which helps in breaking down the steps that are taken within a provided timeline. Step 1 - The major goal of the company is to successfully place the product in the Australian market so that they can establish a successful brand for themselves. Step 2 - The team that will be involved in the marketing plan are the marketing managers, the advertising managers and some other employees of the company. Step 3 - The first step would be to enter the market by opening franchised stores so that the investment is not high and they can get time to understand the market. This decision is to be taken by the management of the organization along with the financial advisors. Step 4 - The next step is related to the promotion of the products in the country with the help of digital tools and creating awareness (Cacciolatti Lee, 2016). Step 5 - The company needs to communicate the whole process with the concerned people so that the action plan can be made successful within six months. Conclusion The report can be concluded with the learning that the FitOn smartwatches can think of expanding their operations in the Australian market. The product will be able to gain a huge market share with the help of the unique feature that is possesses. The health benefits provided by the product is also a major attraction which will help them in gaining market. The Australian market will therefore prove to be beneficial for the sales and profitability of the company and the expansion related objectives will also be fulfilled References Ashley, C., Tuten, T. (2015). Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement.Psychology Marketing,32(1), 15-27. Baltes, L. P. (2015). 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