Garmin: Marketing Research Paper

Garmin selling Research PaperRic strong Kelly1. Executive heavysetSummaryAirspace regulations across the globe atomic number 18 becoming more sumptuary with requirements for improved navigation solutions, more efficient communications, and robust traffic and clash advisory ashess (Federal air Administration, 2016). Garmin is strong positioned with several products already in merchandise and innovations on the drawing board to catch and exceed these changes. Target segments to be concentrated on be command atmosphere and duty aviation. Marketing go forth focus on brand imaging and using up of our business partners for more direct contact lens with our intended customers.Positioning StatementTo aircraft operators who compulsion the latest in NextGen equipment to assure changing airspace requirements, Garmin is the source for in entirely your equipment needs with innovative and reliable devices ready to lead the way.3. Overview of Companya. bang StatementTo be an e nduring company by creating superior products for automotive, aviation, marine, outdoor, and sports that are an essential part of our customers lives.b. Product DescriptionGarmin makes a complete path of universal aviation and moneymaking(prenominal) aviation avionics, from basic instrumentality to advance(a) Electronic escape Information Systems (EFIS). Specializing in NextGen avionics fires designed to meet coming(prenominal) airspace requirements such as automatic dependent surveillance (ADS-B) out, GPS/GNSS RNAV, ADS-C, and controller-pilot datalink communications (CPDLC). High end displays integrate navigation data with moving defend and traffic data, as well as, navaid and escapism plan data.CompetitorsThe avionics market is before long highly private-enterprise(a). Potential market expansion is attracting many small start-ups as well as study players like Boeing and Lockheed. There is enough cash to be made in our primary segments that they may decide to augmen t their product lines. Biggest expected competitors in our intention segment are Aspen Avionics, Avidyne Corporation, Chelton Flight Systems, CMC Electronics, Free Flight Systems, Genesys Aerosystems, Honeywell, Inc., Innovative Solutions and Support Inc., L-3 Avionics Systems, Rockwell Collins, Inc., Sagem SA and Universal Avionics Systems Corporation (Garmin Ltd., 2015, p. 14). distributively of these competitors has a strong presence in the market already and loafer drug abuse their established systems to effectively exploit any opportunities.SWOT compendStrengthFor expansion in both the commercial aviation and general aviation markets we have several strengths on which we can capitalize. One of our biggest is human body recognition. enchantment several of our competitors are well known in approximately aviation circles, we are better known for our direct to consumer products as well as our aviation products. We can capitalize on our existing manufacturing, distribution, and merchandise channels by expanding and improving each.Weakness slice regulatory agencies testify to give long lead times before making major changes to the requirements of the technology, on occasion they will come down with short account changes to meet some in the buff performance capability. As with near technology, on that point is a lengthy lead time to incorporate a new change into our existing product lines. We will need to look in the lead to anticipate possible emerging technologies and build in upgradability in as many products as possible to keep ahead of the competition. Rapid consolidation of new requirements can be difficult.OpportunityWith the updated regulatory requirements coming to most airspace around the existence, we have opportunity to expand our general aviation market. Most general aviation aircraft are not equipped to meet the new requirements. To meet this opportunity, we need to create affordable solutions that still meet performance requiremen ts and can easily be used by general aviation operators. Products for general aviation should be universal enough for use in a wide range of aircraft with minimal modification to the aircraft. bare-ass requirements will also provide opportunities to grow our commercial aviation market. scourgeCurrently, one of our biggest threats is litigation based on product malfunction and unvarnished infringement. Lesser threats to the bottom line come from fluctuations in currency reciprocation rates and political unrest in various parts of the world (Garmin Ltd., 2015, pp. 19, 21).3. Market Segmenta. PrimaryWe will primarily continue to target business class commercial aircraft.b. SecondaryOur secondary segment will be general aviation aircraft but we will be targeting them at close to the same level as our primary segment.c. RationaleWhile the general aviation market has a larger number of aircraft, the number, type, and bell structure for the equipment has a lower rate of return than the commercial market. It is hard to expect consumers to pay $20,000 or more on a level(p) that cost $40,000. We expect they will opt for smaller, more affordable upgrade. The commercial equipment market has a wider range of upgrade opportunities many of our sure products already meet. In addition, the higher-grade equipment has some built in options and upgradability. Business operators will be looking to lead turn these requirements, some of which have already been enforced in foreign markets. Last, commercial aircraft often are provisioned for two pilots. With the flop marketing, there is opportunity to provide a more robust flight deck upgrade.4. 4 Ps, Branding Strategya. ProductOur product is a complete line of aircraft avionics includingGPS-enabled navigation, VHF communications transmitters/receivers, multi-function displays, electronic flight instrumentation systems (EFIS), automatic flight control systems, traffic advisory systems and traffic encounter avoidance systems, terrain awareness and warning systems, instrument landing system (ILS) receivers, last radar, surveillance products, audio panels, cockpit datalink systems and more (Garmin Ltd., 2015, p.10).b. PriceWe will continue with our current pricing structure with affordable upgrades, standalone equipment, and contracted rates for larger customers. While we have strong competition, we will adjust our price structure, as required, to tolerate competitive. The target segments we are working with are captive, they are required to upgrade or will no longer be able to lock their aircraft. With that, they are generally willing to pay a reasonable and competitive price.c. Place (Distribution) PlanWe currently have an established distribution systemGarmins retrofit avionics and aviation portable products are sold through choose aviation dealers around the world and, in the case of aviation portable products, also through catalogs and pilot shops. Garmins largest aviation dealers include Aircraft Spruce metier Co., Elliott Aviation, Gulf Coast Avionics Corp., Sarasota Avionics, and Sportsmans Market. Avionics dealers have the training, equipment and certified staff required for at-airport episode of Garmins avionics equipment. (Garmin Ltd., 2015, p. 13)It is intimateed that we partner also with AP license holders by providing incentives and training to encourage them to suggest our products to aviation customers that are having periodic precaution accomplished on their aircraft.d. advertise and Sales Promotion PlanWe have an established marketing schema and a dedicated marketing department which will continue to use existing marketing campaigns. In addition, we suggest that online presence be increase on aviation related websites highlighting our ability to meet NextGen requirements specialized to each market area. Advertising in lot magazines is highly effective, as well as, partnering with our distributors, which we believe will be the most effective. We would ex pect that the recommendations of our maintenance partners will also be effective. Use of social media expands our customer contact through our Facebook, Twitter, and Instagram venues. We need to position our value proposition so that when they view of upgrading, they think of us first. Additional opportunities exist using sponsorships and displays at trade shows. We should leverage these by use of product demonstrations and contest giveaways to generate leads for our gross revenue force (Garmin Ltd., 2015, p.42).Branding StrategyThe Garmin name is synonymous with navigation technology. Our dodge is to paint in the consumers mind the image Garmin Leading The Way. We believe we are uniquely positioned to provide the values of quality, safety, and innovation to lead the way. Our name says it all with our North compass indicator, Leading The Way.(Garmin Ltd., n.d.)ReferencesFederal Aviation Administration. (2016). Performance ground Navigation. Retrieved from https//www.faa.gov/nextg en/update/operator_investments_and_airports/operator_investments/pbn/Garmin Ltd. (2015). 2015 10-K form. Retrieved from http//www.garmin.com/en-US/company/investorsGarmin Ltd. (n.d.). Logo Graphic. Retrieved from http//www8.garmin.com/company/newsroom/mediagallery/items.jsp?product=999-99999-11agree=ongetImages=GetThurber, M. (2015, January) Avionics for NextGen. Aviation International News. Retrieved from http//www.ainonline.com/sites/default/pdf/2015-01-avionics-for-nextgen.pdf