What are the characteristics of the wearable device market?

The market of the company is consist of the people who are very conscious about the wearing style and fashion.  The customers of the company like to be innovative and they are also likely to adopt the new technology. The market of the Fitbit Company normally consists of young people. The products of the company various from the expensive to low-cost products so that it can be affordable by all people. There is a huge demand in the market for Fitbit Company products. The market of the Fitbit Company is growing. There is a lot of other competitors are also there that is causing a lot of challenges for the company (Sun, 2018).

The market characteristics of the fitness tracking wearable’s market are that it is very flexible and change rapidly. The market share of the Fitbit Company is also changing every year.  The market of the Fitbit Company also caters the health-related services because the technology that is used in the fitness tracking wearable devices can help the people in dealing with hypertension, diabetes, obesity, asthma, sleep apnea and also the various mental health conditions of the customers.

2. What competitive advantages does Fitbit possess?

The technology that Fitbit Company is currently using in its overall operations and process is something that is a completive advantage for the company. The Fitbit Company have almost 140 patents that are issued to them that are according to the management of the company one of the major competitive advantage for the company. The customers of the Fitbit Company are loyal towards it because the products that it is proving is healing the customers and are also of high quality. Although the competitors in the market are also providing devices like smartphones and wearable wristbands still the customers preferred to buy from them because of the use of advanced technology and the innovation of the company. The company is going its business in the market for a long time and now the Fitbit Company has a strong brand image that is also an indicator if the competitive advantage of the company (Mainwaring, 2019).

3. What advantages do the competitors, named in the case, have in the wearable device market? What other brands have similar advantages that could give them the potential to enter the market?

Apple is one of the major competitors of the Fitbit Company because most of the products of Apple like the wristwatch is very much similar to the Fitbit Company with the almost same features in it. Apple is one of the most dominant players in the hardware and software market in the US with a strong image of a brand that is a potential competitive advantage of the company over Fitbit Company. The other competitive advantage of Apple is that it is associated with many of the big names like Google etc that increase the overall credibility of Apple in the market.  The Apple watch is a big hit in the market and the user of the iPhone are most preferred to have the Apple watch because if it's the brand influence.

The Fitbit Company is working in the marketing of smart technology and hardware devices and for the new brands, it is not very easy to enter into the market because it is hard for the customers to trust any new players with it comes to the expensive technologies. The new brand sin the market can start with a niche market and once they get the trust of the customers they can properly get a stand in the market.

4. Comparing the positioning strategies adopted by each competitor, which one do you think will be the most effective? Is there room for more than one player in the market?

I think one of the most effective strategies that the other competitors in the market are using is the association of their devices with the medical field, such as the wristwatch of the Apple is recommended by most of the dietitian to their client while talking to calculate their calories and also the distances that they cover while walking. This strategy can also work for the Fitbit Company because their device is also designed to directly or indirectly provide the medical and health-related benefits to the users. The Fitbit Company should try to associate their devices with the health care field to increase its credibility in the market and get more customers attracted towards their products.

The market always has a lot of competitors and it would be hard for any new player to get into the market because of the high competition. But skill if someone comes with a more innovative gadget than there is definitely space for him in the market with a lot of profit.

References of Fitbit Case

Mainwaring, S. (2019, February 12). Purpose At Work: How Fitbit's Giveback Is Strengthening Its Business. Retrieved from https://www.forbes.com/sites/simonmainwaring/2019/02/12/purpose-at-work-how-fitbits-giveback-is-strengthening-its-business/#1285700858d2

Sun, L. (2018, September 8). Fitbit Loses More Market Share to Apple and Xiaomi. Retrieved from https://www.fool.com/investing/2018/09/08/fitbit-loses-more-market-share-to-apple-and-xiaomi.aspx