Garmin. Marketing Strategy

1.

Garmin
Marketing
Strategy
Lagutin Artyom
B1903024

2.

OUR COMPANY
Was founded on October 1989
Products: smart watches, navigators, echo
sounders and chartplotters. Used in different
fields such as nautical, aviation, car systems.
Garmins profit for 2021 was 4,98 billion USD.
Most known product prodused by company
smart sport watches.
Cost of 1 share today is 95.03 $.

3.

Competitors
Suunto
Apple
Company was opened in 1936
in Finland. Today is the only one
big company which produses
same product and services.
Suunto is direct competitor of
our company on market. They
have earned 104 million euro in
2012.
Apple is not an a direct
competitor, but in September
2022 it presented new smart
watches «apple watch ultra»
which also got peoples
attention.

4.

PRODUCTS COMPARING
suunto
garmin
COST
Lower prices
current strategy
Mass market for all people
Initial years
Normal quality with small
amout of goods
COST
Higher prices
current strategy
Specified field of people using
product (for sporty humans)
Initial years
High quality with huge amount
of products

5.

Apple competitive positioning
1.
2.
3.
4.
Cheaper cost
New product with new functions
Already known brand
Amount of customers of main brand

6.

THE EXTERNAL ENVIRONMENT
The external environment is divided into: i. Macroenvironment and ii.
Microenvironment
● Effects of the PESTLE factors on IKEA:
-
Political: The war resulting in inflation, decline in demand
-
Economic: Inflation affecting disposable power. Prices of raw
materials, GARMIN possibly charging more.
-
Socio-cultural: More segmentation needs due to demographic
changes; store closures due to Covid19; response to minimise
Covid19 threats for customers, employees and communities.
-
Technological: Digital/electronic/online technology advancements:
more use of digital/online shopping technologies by Garmin.
-
Legal: Changes in legislations giving IKEA opportunities; legal
issues posing challenges.

7.

EXTERNAL
ENVIRONMENT
1Microenvironment: Can be better understood using Porter’s
5 Forces model.
The bargaining power of buyers: Is generally high in the clock
but garmin is different it offers more productive product.
The bargaining power of suppliers: Is generally low either for
other companys as for garmin isnot a large company with high
trade leverage.
Threats of new competitors: Is always very high. However,
garmin is protected via its exclusive products.
Competitive Rivalry: Overall, furniture market faces intense
competition as competitive rivalry is high.

8.

SWOT ANALYSIS
High quality
Long work time
automatisation
Fill all market sport devices
Increase quality of product
Make one total system of
contolling results of other
S
0
W
Small amunt of services
Oponenst that can
opear
T
High cost
Edvertisment
marketing

9.

Future challenges
Key Challenge 1: Predicting how customers would
change post-Covid.
Key Challenge 2: Balancing in-store and online
shopping decisions.
Key Challenge 3: Setting prices within the range of
feasible prices.
Key Challenge 4: Responding to inflation and
managing supply chain issues.
Key Challenge 5: Delivering on its green alliance
and climate footprint promises

10.

TARGET AND OVERALL
STRATIGYS
GENDER
40%
60%
AGE
60%
40%
20-30
30-40
SPEND PER CUSTOMER
NATIONALITY
$1000,00
international

11.

CASE STUDY
Brand Identity
Brand Personality
Positioning
Brand Image
Uzbekistan-friendly
identity. Our
government reward
all who do sport.
Urban, stylish and
exciting
Focus on the
personality traits
and rewards
sought.
Accurate
perception of brand
identity

12.

OUR PLANS
Pricing strategy
Mistake to set lower
than competitors such
as Blackwood
company
Franchise
arrangement: As it
has been practicing
expansion
Physical stores:
-
Selective with a few
outlets
Must be within what
customers are able
and willing to pay
-
On the outskirts
Online: Website and
Mobile app
-
Medium but higher
than local companies
-
-
Distribution strategy

13.

Proposals for a future marketing strategy
Social media: Facebook, Instagram mostly as these are
frequently used.
Exhibitions: TechnoExpo Uzbekistan 2023.
Billboards: Prime locations, roads and highways.
Influencer marketing: Use of celebrities to endorse.

14.

THANKS!
reference:
Apple.com
Sunto.com
Garmin.com
Wikipedia.org
Moex.com
Amazon.com
Stat.uz
eastcham.fi
Forex.com
Forbs.com