Fitbit Guardian

Fitbit Guardian, as introduced by Fitbit Inc. like any other new product will have to go through a normal product life cycle. Since the company has already launched the new product, it will have to go through the subsequent stages of that include; the introduction stage, the Growth stage, the mature stage and finally the Decline stage (Stark, 2015).

The introduction stage means that Fitbit Guardian will make a first appearance in the market. The product is likely to experience low sales since consumers are not familiar with it. The marketing mix strategy here will be to focus on establishing a market and creating a demand for Fitbit Guardian and the activities will generally include personal selling and advertising that aim at describing the product’s features and qualities to the potential buyers.

After a market has been identified for Fitbit Guardian, the company will start seeing an increase in sales that is identifiable with the Growth stage of the product lifecycle. The marketing strategy during the growth stage will mainly focus on how to brand Fitbit Guardian so that it is differentiated from other products in the market such as XiaomiMi Band 2 and Jawbone Up2 who are the closest substitutes to Fitbits technology.

The product will then enter the Maturity stage which is characterized with stable sales and revenues with a relatively stable customer base. The marketing mix strategy at this stage will involve efforts aimed at building customer loyalty. This can be achieved by providing incentives such as discounts and price cuts to customers so that they can switch from a competing brand to Fitbit Guardian.

Finally, Fitbit Guardian will enter the Decline stage since the market for the product will have saturated. Successful strategies during the maturity stage will mean that the product now has loyal customers which the company should strive to maintain since it is less likely to attract new sales from new customers. The marketing strategy here will be focused on reinforcing the brand image of the product so that it remains favorable in the eyes of its customers market (Anderson & Zeithaml, 1984).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Anderson, C. R., & Zeithaml, C. P. (1984). Stage of the product life cycle, business strategy, and business performance. Academy of Management journal, 27(1), 5-24.

Stark, J. (2015). Product lifecycle management. In Product Lifecycle Management (pp. 1-29). Springer International Publishing.

 

 

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Status NEW Posted 07 Aug 2017 08:08 AM My Price 10.00

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