Analysis Of Garmin's First True Smartwatch, The Garmin Vivoactive

Wearable technology mainly identifies the incorporation of technology in regular accessories that will impart greater easiness in boring activities. In the past days, the Wearable technology has been centered at the wrist, but just lately conversation has broadened to your clothes (Yahoo/Levi's Project Jacquard) and footwear like the Nike E.A.R.L. The near future is enjoyable and filled up with possibilities. There were considerable advances in neuroscientific wearable technology. Many breakthroughs have been made that have made our day-to-day life easier. Anyone who's acquainted with the fashion tech knows the new smartwatches which were released. This technology is designed to provide us faster usage of our technology, in that way saving commitment.

Price is defined as “The value that will purchase a finite quality, weight or other measure of a good or service” (Business Dictonary). When growing up your parents always said, this is too much money so you wouldn’t be able to get that candy bar or video game because the price of the product was too high. Whether this be because of high price the person that made this product had to out some research into the idea of how much they should sell this product for, how much profitability am I making at the end of the day after all deductions are taken out. The price is what set’s your product apart but a high price mean’s that you need to market the product very well to get people to buy it and build a quality product to get raving reviews. At Starbuck’s they always advertise giving you incentives and low prices. Summer time they do Ice Blended hour, which from 3 pm to 5 pm they offer their ice blended

Competition within the industry as well as market supply and demand conditions set the price of products sold.

Demand-based pricing strategy is important for a company like Fitbit because the fitness tracker market is still a relatively new market and is evolving quickly. Demand-based pricing has several subcategories in order to find the correct value of a product based on customer demand. Two of these subcategories would be beneficial to Fitbit’s marketing plan. The first is psychological pricing (Boundless, 2015). Fitbit could do surveys by explaining the capabilities of the product and then asking the customers what they would pay for the product. The second part of the strategy would be to implement penetration pricing (Boundless, 2015). This would initially allow Fitbit to attract customers to the product be able to receive feedback from the customers as well as analyze the sales of the product. After gaining a customer base and a better value of the asset, Fitbit could move the price point as needed.

The objective of this paper is to introduce an extensive review of the Fitbit product evolution and marketing strategy as it relates to consumer demand and gained revenue. The Fitbit Tracker, released in December 2009, was the first of many Fitbit products. The latest models include the Fitbit Blaze, Fitbit Aria smart scale, Fitbit Alta, Fitbit Surge, Fitbit Charge, and the Fitbit Flex. The Fitbit is a wireless enabled wearable fitness tracking device with an intuitive user interface. The Fitbit competes with other brand models such

This research proposal explores scholarly journals, internet articles, and my personal thoughts and ideas on the smartwatch, fitness band, and wearable market segment. I am proposing to obtain research on whether or not the Microsoft Band among other smart wrist wearables are currently and, if so, will continue to be desirable technological advancements in the market.

Pricing your products is actually one of the hardest decisions for a new business owner to make. Make the prices too high and no one will want to buy. Make the prices too low and you can't make a profit. Not knowing how to price products properly is a common challenge for new business owner. And it is one that can make or break a company.

Since the wearable market is not fully matured and new, this is not an end for Fitbit. It should continuously innovate its product features since Apple recent innovation is directly centered on fitness and it is capable enough to challenge Fitbit. Irrespective advanced analytics, will Fitbit be able to provide a full user experience is still a

Potential or existing customers can consider product prices high, low or fair, thereby regulating the active demand for the products of the company.

Product line options. Fitbit products are continuously evolving as they are finding new ways to offer what consumers desire from an individual product. By continuously adding new products with additional features, Fitbit is expanding their market demand from those who desire this product to track activity during specified periods, such as the gym, to a product that is used daily due to its fashionable look and appeal. This new effort has attracted consumers who prefer a more unique and modern look. Due to new designs, many consumers also feel comfortable using the product at various occasions outside of their physical activity.

Customers should get an Apple Watch because it is more than just a watch on your wrist. When you understand what you can do with the Apple Watch, it becomes a helpful tool throughout your day to be more productive, get into shape, and keep your motivation going. The Apple Watch series one price starts at $269 for the sport edition. The Apple Watch series two is $369 and $399 for the sport version with a thirty-eight millimeter and forty-two millimeter face, respectively. The Nike Plus Apple Watch starts at $369. For those with more money and desire for exclusivity, the Apple Watch Hermes starts at $1,249 for the Ceramic Apple Watch Edition.

Competition within the industry as well as market supply and demand conditions set the price of products sold.

Competition-based pricing refers to a method in which an organization considers the prices of competitors’ products to set the prices of its own products. The organization may charge higher, lower, or equal prices as compared to the prices of its competitors.

Quite often, consumers purchase goods and services based on their perceived need. Upon making the decision that a need is present and a solution is available consumers are more equipped to react to that need. Although previously perceived that consumers will normally accept prices as presented by suppliers that remains to not be the case. Consumers assess and process prices based on past purchases and other psychological process they went through previously such as persuasive marketing strategies, accessibility of the goods or services and possibly information gathered from prior purchasers of a product. There are countless options that are available to consumers. Consumers are then faced with the choice of choosing the product that best fulfills their need at that given point. Consumers who are knowledgeable regarding prices will be aware of the approximated price for products (Zhao, Zhao & Deng, 2015).

a) In the year 2017 Fitbit had two important competitors in the market of wearables. These competitors were Xiaomi and Apple. Fitbit had the biggest market share in the wearable industry since 2014, Xiaomi overtook them in the first quartal of 2017 with a market share of 14.7 % and Apple with a market share of 14.6 % and so had a bigger market share than Fitbit which 12.3 % market share. In the third quartal Fitbit increased its market share again and so achieved a statistical tie with Xiaomi with both 13.7 % market share and even a bigger market share than Apple which had a market share of 10.3 %.1 With the ‘’Xiaomi Mi Band 2” Xiaomi also produces a fitness wearable which is a direct competitor to the wearables of Fitbit. Apples Smartwatch “Apple Watch” has also Fitness