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Fitbt is one of the best activity trackers that have been introduced to date. It has been reported that almost 21 million units of Fitbit had been sold the very year it was introduced, which is in 2016. The Fitbit is not a new product, yet a lot of marketing strategies are being adopted to make it much more popular among customers especially the youth. In this period of Pandemic, where immunity and a healthy lifestyle are considered to be important, and people are continuously trying to adapt to a much more healthy lifestyle, Fitbit has been one of the best devices that have helped them to keep a track of their physical activities (Edwards, 2021).

The 4p of the marketing mix that has been adopted by Fitbit for its marketing are:

Product- The product is no doubt good as it helps in keeping track of the physical activities that have been undertaken by the wearer and has targeted the fitness freaks with its exceptional features. The product has been quite useful in keeping a trap of the heartbeat of the wearer that can immediately notify them when there is an irregular movement in their heartbeat (Owens & Cribb, 2019).

Promotion- The product has been able to gain a lot of recognition in the market especially true word-of-mouth and references. Fitbit promotes its product with a positive approach towards a healthy life and tracks blood pressure, SpO2 as well. They also collaborated with several personalities to carry out social media campaigns and raise awareness towards a healthy life, which is also an excellent idea for attracting customers (Edney et al., 2018).

Place- Place or distribution channel is a process through which Fitbit wellness can make sure that its product can reach out to wider customers. Those who are interested in Fitbit will be able to get hold of the product not only on an online platform but also offline. 

Price-The price of the Fitbit product is neither too high nor too low. The price of the product is set in such a way that it helps cover up the overall cost of production and ensuring that it can gain a competitive strategy through its dynamic pricing policies and strategies (Malhotra, 2020). The value-based pricing strategy that has been adopted by the company is based on the value that is perceived by the customers of Fitbit.

REFERENCE

Malhotra, G. (2020). Consumers’insights To Purchase G-Shock Wristwatch. Academy of Marketing Studies Journal, 24(4), 1-13.

Owens, J., & Cribb, A. (2019). ‘My Fitbit Thinks I Can Do Better!’do health promoting wearable technologies support personal autonomy?. Philosophy & Technology, 32(1), 23-38.

Edwards, S. D. (2021). HeartMath, Fitbit and COVID-19-Tracking Movement in Stillness and Stillness in Movement.

Edney, S., Bogomolova, S., Ryan, J., Olds, T., Sanders, I., & Maher, C. (2018). Creating engaging health promotion campaigns on social media: observations and lessons from Fitbit and Garmin. Journal of medical Internet research, 20(12), e10911.2The marketing strategies in the health insurance plans are the same as those in other sectors with low marginal cost strategies, high profitability strategies, the use of cost centers, that is, specialist offices which take patients away from the primary care office but at no extra cost, cost containment strategies. However, the health insurance companies have different aims and are organized differently. They are profit-seeking entities, actively seeking growth through the provision of health insurance cover to their clients. Health insurers are also tightly constrained by the law regarding how they can provide insurance to their employees (Colón-Morales et al., 2021). They use market segmentation to identify the clients most likely to purchase the product and to set a target market price. The health insurance companies in most states regulate the marketing techniques employed by their members. Since the law requires that all employers provide health insurance to their employees, most employer-sponsored insurance is defined by federal law as offering group or individual policies with sharply defined benefit designs to encourage an employer pooling of resources, rather than a single pooling of individual workers (Grose et al., 2021).

The marketing strategies in the health insurance plans are the development of strategies to counter the development in the markets of new service products and to develop special marketing mixes for these products that appeal specifically to the consumers they most attract. The development of such strategies is a continuous process that has to do with the evolution of the market at some point in time. However, the intensity of the competition in certain markets will depend on the size and the complexity of the firms in the market and their capabilities (Grose et al., 2021). In order to react effectively to a certain development or event, which might happen regularly, the team must have some way to communicate its ideas to all its parts. However, this is not very productive. The idea is not communicated well, and ideas are sometimes not even circulated to all the team members or only some people. Thus, the communication process must focus upon those aspects that have the greatest influence on the company’s future success and are most likely to lead to the achievement of the goal (Colón-Morales et al., 2021).

References

Colón-Morales, C. M., Giang, W. C., & Alvarado, M. (2021). Informed Decision-making for Health Insurance Enrollment: Survey Study. JMIR Formative Research, 5(8), e27477.

Grose, E., Chiodo, S., Levin, M., Eskander, A., Lin, V., Hubbard, B., & Chiodo, A. (2021). Patient Perspectives on Removing Adult Tonsillectomy and Septoplasty from the Government Health Insurance Plan in a Publicly Funded Health Care System. INQUIRY: The Journal of Health Care Organization, Provision, and Financing, 58, 00469580211005193.