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SWOT of Fitbit - Coggle Diagram
SWOT of Fitbit
Strengths
Proprietary technology. Fitbit has the advantage of many different technological tracking watches to suit the style of any consumer. From entry level to high end tracking watches, Fitbit provides a wide range of products and also subscriptions such as Fitbit premium which provides a catalog of thousands of workouts at the fingertips of consumers (Fitbit Official Site et al,. 2024, p.1).
Strong brand name/image
Fitbit has been around a long time when it comes to there fitness monitoring technology that is trusted by over 120 active users.
Fitbits Partnerships with popular brands.
Fitbit has partnered with the technological company Google to partner with there new feature Google Health. Goggle health is "Helps people manage their health and well being with high quality information and tools" (Fitbit Partnerships et al., 2024, p.1).
Product innovation capabilities
Fitbit has been a tycoon when it comes to fitness trackers and its innovation. Fitbit is always coming up with new watches and striving to make better and newer products.
Fitbits strong financials
Fitbit has been profitable for many years and shows a strong financial report. In 2020, fit bit saw a 50% net profit on there products (Fitbit Financials et al., 2020, p.1).
Weaknesses
Products only tracking fitness data. Fitbit compared to its competitors has some take backs such as only tracking fitness data and not as advanced such as Apple watches which provides much more features than Fitbit.
Pricing looking at Fitbit's pricing, some of there products can be on the pricier side which could deter consumers from purchasing there products due to pricing.
Data and privacy concerns. Fitbit has come onto controversy and same with other technological companies who collect personal data from users. Fitbits response to this is "We collect this type of data if you grant us access to your location. You can always remove our access using your Fitbit's device" (Fitbit et al., 2024, p.2)
No clear strategic direction. Looking at Fitbit, there competitors who make products just like Fitbit. With this, Fitbit has yet to come put with a new product to compete with its competitors and make them standout to consumers.
One product, Fitbit is solely reliant on its only product which is its wearable watches. This can create a weakness due to just one product being the only thing Fitbit can offer.
Opportunities
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Expansions into health care system. Fitbit has the unique opportunity to help healthcare professionals and use the technology to help patients and the health care system.
Devices without the need of a smartphone. Currently, Fitbit watches need a smart phone to uses its full features and capabilities. Without a smart phone, Fitbit can only track simple things such as steps and small data. Fitbit would benefit if there products can be solely reliant on all its features without the need to connect to a device such as a smart phone.
Connection to other devices. Fitbit has made it easy for there products to connect to other devices that are not there own.
Growing market for fitness tracking. Fitbit has the unique opportunity to capitalize on the growing movement of fitness and the need to track vital data for peoples personal fitness journey. There will always be a need for these devices especially if the trend of fitness continues.
International expansion, is something that Fitbit has a unique opportunity to expand its market and product globally. Fitbit has started slowly expanding into the global market and has seen success in it.
Supply chain disruptions can harm the health of Fitbit and affect overall sales of Fitbits products.
Technological advancement's that can lead to the outdating of Fitbit. As technology advances, new ways to track may arise.
Rising costs in materials can be a threat for Fitbit. When costs in materials increase significantly, they can cause products to raise in price and detour consumers from future purchases of Fitbit products.
Threats
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Competitors, Fitbit has many competitors that are threats to the company. Competitors such as Apple, Samsung, and many more who offer the same services.
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Slow down in market growth. This can occur in any market and a decline in the market can hurt Fitbit. If a decline happened, Fitbit would have to make adjustment to accommodate the decline.
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