The Business about Wrist: Market-Oriented Business Mission Statement (Case Study Sample)

Fitbit: The Business about Wrist
Name
Institution
Fitbit: The Business about Wrist
Market-Oriented Business Mission Statement
Market-Oriented Mission Statement: A possible market-oriented mission statement for Fitbit could be to design products and create integrated wellness platform that provides information and assist our clients in achieving their fitness and health goals.
The Company’s Business: Fitbit develops wearable fitness tracking devices that enable its clients to keep track of their fitness activities. Its fitness products in the market include two Clippable activity trackers, four wristband-style trackers, and a smart scale.
The Customers: Fitbit’s primary customers are individuals’ engaging in fitness activities and are conscious of their health and well-being. The company developed the Fitbit app to give its customers easy access to data recorded on their devices to review their workout progress; this forms part of the mission of helping clients achieve their fitness and health goals.
Customers Values: The consumers’ value products that meet their different levels of demand according to the needs. While Clippable activity trackers suited consumers with the need of tracking only the number of steps taken and calories burned on a daily basis, Wristband style trackers satisfied those with the demand for products with more integrated functions and features.
Vision: The Company should be a leader in continuous innovation and creativity by enhancing its core technology to sustain its competitive edge in the market and meet the ever-changing needs of its consumers. More companies are emerging in the wearable fitness devices such as an apple with smarter devices that are appealing to the market needs. Even though it controls a large market share, sustaining the competitive edge until the future will require more creativity and technological advancements.
Fitbit Business Portfolio and Evolution
Fitbit’s current business portfolio is composed of three strategic business units that operate independently and are focused on the target market. These include;
* Clippable activity trackers; Clip-on activity trackers are the first products Fitbit launched as a wearable fitness-tracking device maker. They were capable of recording the number of steps taken and calories burned on a daily basis before the company introduced the well-known wristband-style fitness tracker with more advanced features. As of August 2015, the company had two brands of these products in the wearable fitness tracking devices market.
* Wristband style trackers; unlike clippable fitness devices, these were the second generation of Fitbit fitness devices incorporating additional functions and features designed to serve consumers with different demand levels. Fitbit had four wristband style trackers on the market by August 2015. The basic model, Fitbit flex served those with simple needs of tracking only steps, calories and sleeping circles, while the high-end model Fitbit surge, covered a wide range of functions found on smartwatches which include music control and text notification. Wristbands retail prices range between $99.95 and $ 249.95.
* Smart scale: Fitbit scale, Aria, is a smart device that tracks, body mass index, weight and fat percentage of the body. Valued at $ 129.95, it synced wirelessly with Fitbit trackers and applications to record weight statistics that aid users in monitoring workout progress.
Indeed, Fitbit has evolved in its mission, technology, and market strategy. With the introduction of the Fitbit app, its mission has extended from just a hardware manufacturer to an integrated wellness platform that provides information and assists clients’ achieve their fitness targets. Its continuous technological advancement has seen the development of even smarter devices incorporating additional features and advanced capabilities; such is the new smart track system that enables its devices to identify a variety of fitness activities through continuous body movement. The company has also diversified its market strategy through partnership with Fashion designer, Tory Burch, to expand its product market and appeal to the fashion industry.
Macro Environmental Motivating Fitbit’s Future Plans (PESTEL)
Political forces

N/A

Economic forces

Foreign investment market potential - A researched indicated that only one-quarter of Fitbit’s total revenue in 2014 came from overseas market, implying a great potential for international expansion in the plans.

Socio-cultural forces

Changing Consumer behaviors - As more individuals became more concerned about health and fitness, sales increased and pushed the wearable device industry into the future.
Increased consumer taste and appetite for mobile devices and growing attention to personal well-being in the society also affected the company’s plans for the future

Technological forces

Technological advancement- enabled Fitbit to sustain its competitive edge into the future. New systems such as smart track introduced to charge HR and Surge users enhanced customer experience enabling it to survive competition from Apple, Motorola. Samsung etc.

Ecological forces

N/A

Legal forces

-The U.S. Health Insurance Portability and...