We would like to present to you Team Blue’s innovative product, which we call the Wearable Health Tracker. It is a wearable device that will track the health status of the person wearing it. It uses sensors to collect and analyze data from the body and provides health information such as stress levels, sleep patterns, average water intake, and vitamin deficiencies. In addition, it will include special features, such as the capability of connecting the device to a cell phone via Bluetooth in order to make emergency calls; GPS; the capability to play music; and extended battery life. It also automatically syncs to smart phones and computers, facilitating the downloading of data. With this device, we aim to target health-conscious consumers, particularly male and female consumers between the ages of 35 and 64. According to the International Markets Bureau (2012), consumers within this age range have a more disposable income and are more willing to spend for products that suit their needs. This supports the findings of Robinson and Smith (2003), which indicate that health consumers are likely to be older, more educated and have a higher income.
We believe that there is a market for our Wearable Health Tracker because of the rise in health consciousness among consumers. Today, being healthy is the trend, as is promoted on television shows, the magazines, and other forms of media. Moreover, people are now more conscious of their health because of the rising healthcare costs (Packaged Facts, 2010). They would rather make an extra effort to stay healthy through exercise, a healthy diet, the consumption of organic food, and the intake of nutritional supplements rather than spend for healthcare, which can be much more expensive. As such, having a Wearable Health Tracker can be a “supplement” in their healthy lifestyle in that it will help them keep track of their progress in their health-related activities or will give them the assurance that they’re on the right path with regards to caring for their health.
In the same regard, the markets for products that cater to health conscious consumers are continuing to grow. Examples include the nutritional supplements industry, which is sustained by both the health conscious consumers and the baby boomers (Packaged Facts, 2010). Even the organic food market is being driven by the growing number of health conscious consumers (De Angelis, 2013).
As well, Vong (2012) cites that there has been an increase in the demand for convenient and portable fitness alternatives, such as fitness games (e.g. Wii and Nintendo games); furniture that also function as fitness contraptions; and wearable sports and fitness gadgets. According to an ABI research (Vong, 2012), there will be nearly 170 million wearable devices in the market by 2017. Similarly, Juniper forecasts that the shipments of wearable gadgets will increase to 150 million by 2018 and that more than half of these will be from the fitness and health industries (Maisto, 2013).
Although the industry of wearable devices is not new, we can differentiate our product through the special features we mentioned earlier and through the development of more unique features, depending on the consumers’ response. It’s important to keep in mind, though, that with the growth being experienced by this industry, launching our own product will be too good an opportunity to pass up, and for this we hope that you can bestow on us your confidence and trust that we can make this initiative a success.
References
De Angelis, A. (2013, July 22). US organic food market driven by the increasing number of
health conscious consumers. Retrieved from
http://www.companiesandmarkets.com/News/Food-and-Drink/US-organic-food-market-
driven-by-the-increasing-number-of-health-conscious-consumers/NI7625.
International Markets Bureau. (2012, August). Global consumer trends: Age demographics.
Market Indicator Report. Retrieved from http://www.ats-sea.agr.gc.ca/inter/6217-
Maisto, M. (2013, July 31). Wearable smart devices to grow tenfold by 2018: Juniper. Retrieved
juniper/.
Packaged Facts. (2010, August 30). Boomers and health conscious consumers sustain U.S.
market for nutritional supplements. Retrieved from http://www.marketwire.com/press-
release/boomers-and-health-conscious-consumers-sustain-us-market-for-nutritional-
supplements-1311345.htm.
Robinson, R. & Smith, S. (2003, June). Associations between self-reported health conscious
consumerism, body-mass index, and attitudes about sustainably produced foods.
Agriculture and Human Values, 20(2), 177-187.
Vong, K. (2012, August 3). The business of fitness: Marketing to health-conscious consumers.
Retrieved from http://www.trendreports.com/article/marketing-to-health-conscious-
consumers.
