ICON Health and Fitness is a successful company in Logan, Utah. The marketing theory in this article of how Nordic Track’s Parent ICON is reinventing itself in the fitness tech war is the marketing orientation theory. The theory holds that for a business to be successful, one should identify customer needs and wants and satisfy them effectively than their competitors. This article has been able to show how the theory has been used for the success of this business (Asqarova, 2021).
The use of this theory has been shown when the company was able to come up with an innovation of a streaming platform that links equipment like treadmills, indoor bikes, rowing machines, and elliptical to the internet for access to streaming and remote coaching. This idea was able to identify the needs of the customers and satisfy them effectively. Due to the pandemic, this innovation has been able to allow remote yet connected workouts.
The company has also been able to come up with a firepower that will help to expand the field of players mixing hardware with technology to serve the interactive market, which will allow people to participate in races remotely, attend group classes in distant places, or be coached by someone across the country remotely. It has also decided to do direct marketing of its products to the consumers.
The company also has a plan to close a major deal to buy supplier of commercial fitness equipment to address order backlogs and incorporate inroads into hotels and gyms to prepare for post-pandemic life. The ICON company has also been able to incorporate other things like Google maps in their services in order to be able to engage all customers, for example, those who want to simulate running in major events like Boston Marathon.
To defeat direct competition, ICON has also decided to offer additional services in various disciplines and nutrition and mental health. This has helped develop the ideal customer profile that has enabled it to thrive in the sea of competition.
All these instances have shown how the ICON Company has been able to use the theory of marketing orientation to succeed in business. It has identified the gaps in the consumer environment of fitness and has been able to fill them and satisfy consumer needs and wants. Through this theory, the company has expanded its business by satisfying all the customers in different areas of fitness and still thrive in the ocean of competition and penetrate the targeted market.
Asqarova, A. M., Xonkeldiyeva, K. R., Abdukarimova, R. A., Xudoyberdiyeva, X. B., & Egamberdiyeva, N. B. (2021). Theories Of Marketing Strategies To Increase The Competitiveness Of Light Industry Enterprises. The American Journal of Management and Economics Innovations, 3(01), 40-42.
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