Garmin Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Garmin analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Garmin marketing mix, help the brand succeed in the market. Let us start the Garmin Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Garmin Product Strategy:
The product strategy and mix in Garmin marketing strategy can be explained as follows:
Garmin is a US based technology manufacturer specialising in GPS tech. It has a wide offering in its marketing mix product portfolio. Garmin offers premium product range and specialises in GPS technology, i.e., Global Positioning System for:
1) Automotive
2) Aviation
3) Marine
4) Outdoor
5) Sport Activity
6) Wearable Technology like Fitbit and Apple wrist-watches
7) Maps
It makes products ranging from basic instrumentation to advanced Electronic Flight Information System (EFIS).The primary target market segment of Garmin is business class commercial aircraft and secondary is general aviation aircraft. Garmin wrist wear for outdoor activities include brands like Vivofit, Fenix, Quatix etc.
The avionics market of Garmin is highly competitive because of the potential it has and is therefore attracting major players like Boeing and Lockheed and start-ups. Some similar companies are Aspen Avionics, Free Flight Systems, Avidyne Corporation, Honeywell Inc., etc.
Image: Wikimedia
Garmin Price/Pricing Strategy:
Below is the pricing strategy in Garmin marketing strategy:
Garmin currently has affordable pricing strategy in place with upgrades at affordable price. This makes its customers pay willingly an amount which is reasonable to upgrade their aircrafts in order to remain competitive.
The industry leaders like Apple keep coming up with new products regularly which makes it easier for Garmin to charge a little higher for the loyalty its customer has towards the company. But due to strong competition, Garmin adjusts its price structure as required to remain competitive.
Read more about Garmin
Garmin Place & Distribution Strategy:
Following is the distribution strategy in the Garmin marketing mix:
Garmin operates in only a few selected countries besides the UK, USA and Taiwan. It operates under different names in different countries. It also has a well-established distribution system especially in the avionics segment.
Due to growing presence of ecommerce platforms worldwide, Garmin products especially watches are available for consumers to buy at competitive prices.
Garmin Promotion & Advertising Strategy:
The promotional and advertising strategy in the Garmin marketing strategy is as follows:
Garmin has well established marketing strategy and does sales promotion and advertising to promote its product. It maintains Public Relations by say sponsoring worldwide event for Wings for Life World Run who support spinal cord research and Commando Steve, Garmin ambassador with the Garmin shirt on completed the 2016 Breast Cancer. The brand also promotes its products through ads online and product placements on ecommerce portals. Hence this completes the marketing mix of Garmin.
About Garmin:
Garmin is an American multinational tech company founded by Gary Burrell and Min Kao in 1989. It is headquartered in Olathe, Kansas.
It deals in GPS receivers, avionics and wearable technology. It has subsidiaries Garmin International Inc., Garmin (Asia) Corporation, Navigon, DeLorme etc.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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