Nike Fuel Band Essay Example | Topics and Well Written Essays - 1750 words

Nike Fuel Band - Essay Example That is why some people call it activity tracker and wear them on their wrist. This will help the wearers monitor their physical activity, their daily activities in line with physical fitness like for example tracking the amount of calories they are burning. With a sheer understanding of the product’s features, advantages and benefits, one can say that it is especially formulated for athletic and health-conscious people who are looking forward to keep their body in shape and boost their athletic performance. Now generally one can say that there is a potential market for this product offering, but performing market segment analysis and identifying the segment’s market characteristics, and target marketing analysis is necessary to be employed in order to possibly define a new market segment that will help increase the demand for a certain product. Definition of the market segment In this section, the work at hand presents the actual market segments that the Nike fuel band exists in. A pie chart is shown to present with ease the relevant market share and potential market relationship. According to the case that Digital Ad Blog (2013) presented concerning the Nike fuel band and its target market, athletic individuals from 24 to 35 years old with medium-high disposable income are the potential targets of the product. The blog mentioned that these are individuals with high social usage, as 18% of them appreciate the idea of social media websites as their ultimate way out to compete with friends and family concerning their exercise goals and achievements while they want to combine altogether the quality and image, and efficiency and fashion to work out. This is supported by an article that tries to establish the fact that Nike fuel band would make sense among people who are sports minded and want to compete with other friends alike (Amsden, 2012). While athletic individuals may be the ultimate targets of the Nike fuel band, the other potential market bel ongs to the individuals who may not necessarily sports minded, but are just after of achieving a significant health gain linked to their healthy decisions in life (Reid, 2013). In knowing the above information, below is an approximate division of the market segments linked to the Nike fuel band, which are also the potential source of market share for the said product offering. Illustration 1. The potential market segments for Nike fuel brand with their approximate market percentage. It is in the above market segments where Nike fuel brand generate its market share. In particular and as already stated, the primary market of the product is the athletic industry. Considering this point, the target segment, which includes the athletic individuals, should make sense. However, there is also another market segment that tries to interact with the prevailing market of the athletic individuals, and generally would include people who are becoming conscious in their health. By critically assess ing these segments, one can therefore formulate the idea that the market for athletic individuals and people who are conscious of their health cannot be too far, but complementary. In other words, a significant market share for Nike fuel band generally comes from the health industry, but in a little portion of it because it particularly focuses on the gadget. As to what percentage it takes generally from the health i