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Garmin: Marketing Research Paper

Richard Kelly

1. Professional Summary

  1. Summary

Airspace regulations across the globe have become more restrictive with requirements for much better navigation solutions, better communications, and solid traffic and collision advisory systems (Government Aviation Supervision, 2016). Garmin is well placed with several products already in creation and enhancements on the attracting mother board to meet and exceed these changes. Aim for sections to be focused on are standard aviation and business aviation. Marketing will concentrate on brand imaging and use of our own business partners for additional direct connection with our planned customers.

  1. Positioning Statement

To aircraft providers who need the latest in NextGen equipment to meet changing airspace requirements, Garmin is the source for all of your equipment needs with progressive and reliable devices prepared to lead the way.

3. Overview of Company

a. Quest Statement

To be an long lasting company by creating superior products for motor vehicle, aviation, sea, outdoor, and sports activities that are an important part of our customers' lives.

b. Product Description

Garmin makes a complete line of basic aviation and commercial aviation avionics, from basic instrumentation to advanced Electronic Airline flight Information Systems (EFIS). Focusing on NextGen avionics enhancements made to meet future airspace requirements such as automatic dependent security (ADS-B) out, GPS/GNSS RNAV, ADS-C, and controller-pilot datalink communications (CPDLC). Top quality displays integrate navigation data with moving map and traffic data, as well as, navaid and flight plan data.

  1. Competitors

The avionics market is currently highly competitive. Potential market enlargement is bringing in many small start-ups as well as major players like Boeing and Lockheed. There will do money to be produced in our principal segments that they may decide to extend their products. Biggest expected competition in our aim for segment are "Aspen Avionics, Avidyne Company, Chelton Flight Systems, CMC Consumer electronics, Free Airfare Systems, Genesys Aerosystems, Honeywell, Inc. , Innovative Solutions and Support Inc. , L-3 Avionics Systems, Rockwell Collins, Inc. , Sagem SA and Common Avionics Systems Company" (Garmin Ltd. , 2015, p. 14). Each one of these competitors has a solid presence on the market already and can use their set up systems to effectively exploit any opportunities.

  1. SWOT Analysis
  1. Strength

For development in both commercial aviation and general aviation markets we've several strengths on which we can capitalize. One of our biggest is name acceptance. While many of our opponents are well known in a few aviation circles, we are better known for our direct to consumer products as well as our aviation products. We are able to capitalize on our existing production, circulation, and marketing channels by growing and improving each.

  1. Weakness

While regulatory companies try to give long business lead times prior to making major changes to the requirements of the technology, on occasion they will come down with short notice changes to meet some new performance functionality. Much like most technology, there is a lengthy business lead time to include a new change into our existing products. We will need to look ahead to anticipate possible rising technology and build in upgradability in as much products as you possibly can to keep prior to the competition. Swift integration of new requirements can be difficult.

  1. Opportunity

With the updated regulatory requirements approaching to most airspace throughout the world, we have opportunity to increase our standard aviation market. Most general aviation aircraft aren't equipped to meet the new requirements. To meet this opportunity, we need to create affordable solutions that still meet performance requirements and can simply be employed by general aviation providers. Products for standard aviation should be widespread enough for use in an array of aircraft with minimal changes to the plane. New requirements will also provide opportunities to develop our commercial aviation market.

  1. Threat

Currently, one of our biggest risks is litigation based on product malfunction and patent infringement. Lesser threats to underneath line come from fluctuations in currency exchange rates and political unrest in a variety of parts of the globe (Garmin Ltd. , 2015, pp. 19, 21).

3. Market Segment

a. Primary

We will mainly continue to focus on business school commercial aircraft.

b. Secondary

Our secondary segment will be basic aviation airplane but we will be concentrating on them at close to the same level as our major segment.

c. Rationale

While the general aviation market has a more substantial number of aeroplanes, the number, type, and price composition for the gear has less rate of go back than the commercial market. It really is hard to anticipate consumers to pay $20, 000 or more on a planes that cost $40, 000. We expect they'll choose for smaller, less expensive update. The commercial equipment market has a wider range of upgrade opportunities many of our current products already meet. Furthermore, the higher-grade equipment has some built in options and upgradability. Business operators will be looking to lead change these requirements, a few of which have already been implemented in international markets. Last, commercial airplane often are provisioned for two pilots. With the right marketing, you can find opportunity to produce a more robust air travel deck upgrade.

4. 4 P's, Branding Strategy

a. Product

Our product is a total line of plane avionics including:

GPS-enabled navigation, VHF communications transmitters/receivers, multi-function exhibits, electronic air travel instrumentation systems (EFIS), programmed air travel control systems, traffic advisory systems and traffic collision avoidance systems, landscape awareness and warning systems, instrument getting system (ILS) receivers, weather radar, security products, audio sections, cockpit datalink systems plus more (Garmin Ltd. , 2015, p. 10).

b. Price

We will continue with this current pricing composition with affordable improvements, standalone equipment, and contracted rates for larger customers. While we've strong competition, we will change our price framework, as required, to remain competitive. The target segments we will work with are captive, they are required to upgrade or won't be able to operate their aircraft. Get back, they are usually ready to pay a reasonable and competitive price.

c. Place (Syndication) Plan

We currently have an established syndication system:

Garmin's retrofit avionics and aviation lightweight products are sold through select aviation dealers around the world and, regarding aviation lightweight products, also through catalogs and pilot shops. Garmin's greatest aviation retailers include Aeroplanes Spruce & Specialty Co. , Elliott Aviation, Gulf Shoreline Avionics Corp. , Sarasota Avionics, and Sportsman's Market. Avionics dealers have the training, equipment and accredited staff required for at-airport installation of Garmin's avionics equipment. (Garmin Ltd. , 2015, p. 13)

It is recommended that we partner also with A&P permit holders by providing bonuses and training to cause them to become suggest our products to aviation customers that are having periodic maintenance completed on their aircraft.

d. Advertising and Sales Advertising Plan

We have an established online marketing strategy and a passionate marketing department which will continue steadily to use existing marketing campaigns. Furthermore, we suggest that online occurrence be increased on aviation related websites highlighting our capacity to meet NextGen requirements specific to each market area. Advertising in trade journals is highly effective, as well as, partnering with our vendors, which we consider would be the most effective. We would expect that the tips of the maintenance partners may also be effective. Usage of social mass media expands our customer contact through our Facebook, Twitter, and Instagram venues. We need to position our value proposition so that when they think of replacing, they think of us first. Additional opportunities exist using sponsorships and displays at trade shows. We should leverage these by use of product presentations and contest giveaways to generate leads for our sales force (Garmin Ltd. , 2015, p. 42).

  1. Branding Strategy

The Garmin name is synonymous with navigation technology. Our strategy is to color in the consumer's head the image: Garmin - Leading The Way. We believe our company is uniquely located to supply the worth of quality, security, and innovation to lead just how. Our name says everything with this North compass indicator, AT THE FOREFRONT.

(Garmin Ltd. , n. d. )

References

Federal Aviation Supervision. (2016). Performance Centered Navigation. Retrieved from https://www. faa. gov/nextgen/update/operator_investments_and_airports/operator_investments/pbn/

Garmin Ltd. (2015). 2015 10-K form. Retrieved from http://www. garmin. com/en-US/company/investors

Garmin Ltd. (n. d. ). Logo design [Image]. Retrieved from http://www8. garmin. com/company/newsroom/mediagallery/items. jsp?product=999-99999-11&agree=on&getImages=Get

Thurber, M. (2015, January) Avionics for NextGen. Aviation International Media. Retrieved from http://www. ainonline. com/sites/default/pdf/2015-01-avionics-for-nextgen. pdf

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