Market Analysis of a New Tracker Line of Garmin - Term Paper Example

MARKET-PRODUCT FOCUS Marketing and Product objectives Following the new entry to the fitness devices and wearable’s it is important to have both marketing and product objectives. Firstly, Garmin tends to develop easy and compelling to use devices. The devices should be simple and also intuitive in terms of usage. It is because, for people to use and wear them daily, they require working and being hassle-free. Additionally, they should be unobtrusive, fashionable and attractive such that individuals can be willing to wear. Finally, the products are to be reliable and stand up in each day conditions. Secondly, the products should be able to generate high-quality data. Developing high-quality data in the devices with measurements can give the company an improved accuracy, intelligence and position as a leading expert in terms of fitness and health. The data should comprise both burn and intake to give the ability to track maximizing accurate quality assessment. Thirdly, there is also the aim to appeal and identify unique user segments. As the firm’s market matures, it needs to have value propositions and focused customer agents. The credibility of being a trusted advisor can get achieved by rich connection and understanding with the company’s user base (Kotler & Kevin 54). Fourthly, Garmin will aim at building loyal customers. Creating a great users base community will be the major metric for the company in globalization space. The user base scale will develop more significant data and give great customer sharing that may only expand bolster user trust and loyalty. Fifthly, the company will use a platform technique. To develop a loyal user base and a lasting experience, Garmin will have to create a full end-to-end system that is functionally integrated. It should base on a uniting platform of the customers community and easily allow digital services, apps, accessories, and devices series are working together. Thus, this path can get achieved through organically developing full ecosystem part or rich partnerships. Lastly, following the above objective, Garmin will aim at building strategic partnerships. Being more intimate with customers’ needs meeting them and understanding where they are in fitness and health life. It means developing partnerships and affiliations with trainers, fitness programs, gyms, professional athletes, diet programs, corporate wellness programs, and insurance providers. It will provide an opportunity to broaden and scale user base at a low-cost marketing/sales model (Kotler & Kevin 36). Target Markets Garmin’s primary target market will comprise, original equipment manufacturers channel sales, family consumer, business tracking vehicles or shipments, political arena and the military. In future as the market expands, there will more opportunity for greater segmentation that base on individuals goals and expertise level sought. Currently, the two major categories will be sports performance enhancement and fitness/wellness. Points of Difference Unlike other competitors, Garmin will have a military-inspired proprietary technology that permits most of the company’s system to work without or with the cellular towers presence or anywhere adventurous travelers will find themselves. Another distinction is that the products will be fully programmed and small. Additionally, the devices can get customized by the users for their individual, unique applications. For instance, the maritime applications will comprise water-activated signals. Positioning To keep an ongoing use and maintain the user base engagement, Garmin will evolve beyond achievements and awards to give the motivation for producing quality products (Kotler & Kevin 23). The evolving process will comprise a trusted coach and advisor through the demonstrated experience combination in the “fitness cause-effect”, personalized recommendations and predictive analytics. The advisors will communicate to the consumers about the devices perception and make people trust them more than those of the other competitors. MARKETING AND MEDIA PROGRAM Product The devices will be in two categories. The first category is called the personal tracking fitness device. The device will be cellular-tower-reliant to give the lowest price for the product for the end-user. They will be appropriate in areas with cellular towers such as in the city with accurate real-time. The second category of the device will utilize the military technology instead of cellular towers, but instead links directly to the orbit’s GPS satellite network. They will be very effective any place worldwide like mountains, oceans, deserts, lakes and other remote cities. The second category unit will get designed for the sportsman, campers, military, boaters along with other adventurers. Price The greater initial cost to the customers (end users) will be between $200 and $2000, with fewer capabilities and features. We anticipate that the customers will spend at least 33 cents every day for a year basing on the $120 price point per unit. Garmin will be recurring monthly fees to the customers with many systems. The most important distinction between Garmin systems with other competitors will be the use of unassisted GSM/GPS technology. The company will also eliminate the requirement for “tracker” to hone into a call center and downloading the firm’s website to find a missing individual. It also helps reducing the time lost that may mean the distinction between death and life. The process will save a monthly fee that ranges from $15-$40. The Garmin devices will permit the chasing unit to follow the other remote unit even when they are all in transit. Promotion The company will stage abduction and invite respected popular talk shows and television news crew to document and broadcast the devices success on the life-saving activity. Garmin expects that the wide national publicity will break down many existing entry barriers into other targeted markets. We will launch great publications of articles on blogs and social media, radio, television and print, towards parenting and healthy fitness to influence customers upon buying the products. Place The smart locks, wearable’s and fitness devices will get sold through the traditional and offline and online channels for the devices and electronics; clothing retailers, home hardware, and sports stores. The channels will require enough stock to supply every retails. The stock should be at least over a million devices. Additionally, the distribution channels fit the price and product as they do not easily get spoiled. Transportation within the country will get done through the main transport means such as roads and rails, but exportation will require shipment and airlines. Work Cited Kotler P & Kevin K. A Framework for Marketing Management (4th ed.). United States: Person Prentice Hall. 2009. Read More