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MLA
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Business & Marketing
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Research Paper
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FitBIT Smartwatch Marketing Research Business Research Paper

Research Paper Instructions:

III.1.Company Background (about 3/4 page): Provide relevant background information on the client. Identify your sources of secondary data. Discuss relevant issues regarding the brand, the company, and the industry (i.e., discuss competitors)

III.2.Decision Situation (about 3/4 page): Describe the decision situation. What is the issue facing the company that justifies conducting the Marketing Research project? Why is it important? What are the threats and opportunities that arise out of customers and competitors?
III.3.Exploratory Research (about 2 pages): Summarize any exploratory research that was conducted. At every stage of your review of secondary data and exploratory research (e.g., focus groups, experience surveys), try to identify decision and research problems and hypotheses that can then be summarized in the problem definition section.

 

  1. Problem Definition 

            Decision Problem 1:   Should we change our target price?

            Research Problem 1:   Determine whether smartwatch consumers are price conscious.     

            Hypothesis 1:             The average smartwatch consumer is price conscious.

 

 

Decision Problem 2:   What features should Fitbit introduce into its product line of

watches?

Research Problem 2:  Determine buyer preferences for features in a smartwatch.

Hypothesis 2:             Smartwatch users want features to reduce cell phone screen time.

 

 

Decision Problem 3:   What changes should be made to the brand’s image of Fitbit?

Research Problem 3:  Investigate the target market’s opinion on the brand.

Hypothesis 3:                         The average consumer of smartwatches sees Fitbit as outdated and

less innovative.

 

 

            Decision Problem 4:   Should the existing, although limited, advertising campaign be

changed?

            Research Problem 4:   Determine the effectiveness of the current advertising campaign.

            Hypothesis 4:             Fitbit has an advertising campaign that is not appealing to the

average consumer.

 

 

            Decision Problem 5:   Should the product line be changed to compete with Apple users.

            Research Problem 5:   Investigate the opinion on Apple smartwatch products versus Fitbit

smartwatch products.

            Hypothesis 5:             Apple has the upper hand over Fitbit on the smartwatch market.

 

Participant Info

Age:

Gender:

 

  1. Do you own a smartwatch?

 

 

 

  1. (For the people who do not own a smartwatch) Have you ever intended to purchase a smartwatch?

 

 

 

  1. What brand/kind of smart watch do you own? / what brand/kind of smartwatch you thought about  purchasing? ( Why didn’t you purchase it ?)

 

 

 

  1. What are the main functions you look for in a smartwatch? ( Fitness, time management, fashion accessory, complement to mobile device, etc)

 

 

 

  1. What is the acceptable price point for a smartwatch?

 

 

 

  1. How often do you workout?

 

 

 

  1. Why do you workout?

 

 

 

  1. Does having a smartwatch help with monitoring your fitness status? Does it help you with achieving your fitness goals ?

 

 

 

  1. Are you familiar with Fitbit’s products?

 

 

 

10.  What do you like about Fitbit? What do you dislike about Fitbit?

 

 

11.  What do you like/dislike about smartwatches in general?

 

 

 

 

Research Paper Sample Content Preview:
Your Name
Subject and Section
Professor's Name
April 24, 2020
Fitbit Smartwatch Marketing Research
* Company Background
Fitbit is an international creator and dealer of fitness watches that are primarily focused on health applications. It was founded by James Park and Eric Friedman in San Francisco back in 2007 and has been consistently increasing its consumer base until today. As of 2019, the company's main products are trackers and smartwatches, with its current market share amounting to 28 million users around the world and "45% of the health and fitness wearable market" CITATION Sta20 \l 1033 (Statista Research Department, 2020). Its only strong competitor was Apple, which specializes in the development of Apple Watches.
However, one of the looming problems that the company has to face in the past few years is its capacity to maintain its profitability. Specifically, recent reports show that from 2016 to 2018, Fitbit's revenue has decreased by about 660 million USD CITATION Hud18 \l 1033 (Hudson, 2018). In line with this, the company has decided to increase its marketing strategies, improve customer connection, and to cut its prices CITATION Mai19 \l 1033 (Mainwaring, 2019).
* Decision Situation
Generally, the decision situation in this article is based on the issue of declining customer sales in the past few years. As stated earlier, the company has experienced a decline in its market share as well as its revenue production capabilities, which is gradually being taken by its main competitor Apple Watches. If this continues to happen, then it is possible that the company would experience severe business losses, which necessitated this marketing research.
Aside from the looming danger on the company's survivability, another important situation that prompted this marketing research was the result of studies that shows a discrepancy between the company's marketing and the realities and perception of the market. For example, some of the participants in the study have noted that they are either "not aware" of the brand or have a misconception that "Fitbit is only for active people." These questions make it interesting for the researchers to conduct strategies to address the root of the problem.
* Exploratory Research
Based on the results of the exploratory research, it seems that some of the most effective strategies for dealing with the reduced revenue generation and decreasing market share are (1) improving awareness towards the product, and (2) using innovative marketing strategies. Accordingly, these conclusions were derived from a review of secondary sources together with the utilization of Focus Group Discussion (FGD) that is comprised of six random consumers (3 males and 3 females). A discussion of the following is as follows.
First, the results suggest that the general market suffers from a 'lack of awareness' about the product, which includes its benefits, features, and intended usage. During the Focus Group Discussion, the participants were asked to determine whether they are using a smartwatch and whether they woul...
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