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Building an Effective Marketing Plan

Joseph Palermo

Choosing a Brand

Garmin designs, develops, manufactures, and markets a variety of navigation, communication, and information products.

The company operates in multiple industry sectors. Primarily, Aviation, Automobile (Mobile), Marine, Outdoor, and Fitness.

The Situation

Currently, Garmin has a strong presence in the business, institutional, and government marketplaces, but faces a challenge in the consumer GPS market.

Stiff competition from new market entrants, and incumbents pose a treat to Garmin’s market share in all areas. However, mostly the consumer GPS market.

Opportunity Assessment

WEAKNESSES

Federal agencies monitor GPS satellites sometimes limiting potential clients. Especially the U.S. DOD.

3/4 of revenue comes from Position Navigation Devise (PND). Making it challenging to enter into markets where GPS is irrelevant.

Superior competition within the had-held, telephone/mobile, and fitness markets

STRENGTHS

Products are certified for use in aviation by the FAA, ISO, etc…

Brand Recognition

Dominates OEM market share amongst GPS competitors like TomTom, etc..

Strong internal Research and development

BRAND AWARENESS

Overall yes.

Brand Essence

At their core, Garmin’s creates best-in-class (superior quality and durability) products at an affordable price, guaranteeing customers the best value amongst GPS competitors.

Always know where you are and where you’re going

Target Audience

Gov.--- Military

OEM’s--- Automakers, Airplane and Boat Manufactures.

Consumers--- (via large retailers) Walmart, Amazon, etc…

Sports, and Outdoor

Define Target Audience

Main Target Audience: OEM’s (in-dash Navigation) in the automobile, marine, and aviation industries.

Military: important to maintain strategic business relationship.

Consumer: hand-held navigation devices- target individuals into fitness and outdoor activities.

United States 47% market share Vs. Europe 26% market share

Target Audience Size

Total Companies: over 1.8 million

US Federal Government: 16,857 people

Navigational & Guidance Manufacturing: 40,727 people

Manufactures: boats, auto, aviation: 55,973 people

It goes on…

Industry

How many of these people in each sector are decision makers?

In other words, WHO HAS THE AUTHORITY TO PURCHASE MY PRODUCT?

One solution may be phone research

Individual Consumer

I want to target the fitness/outdoor enthusiast and build value among these influencers.

General demographics is not my concern.

Who are these influencers and how do we speak directly to them?

Target Commercial Retailers: 4.8 Million Companies… and counting.

Does my product solve their problem?

In short, yes.

Backed by strong R&D Garmin is trusted and solves the customers navigation and guidance concerns.

Brand Awareness

OEM’s are aware of the Garmin brand, and place trust in associating their reputations with Garmin’s GPS solutions

The individual consumer is aware of the Garmin brand, however, the fitness category may be weakened by competitors.

Competition

TomTom

SWOT: There are two main players in GPS Garmin and TomTom. Currently, Garmin has a dominating presence in the US marketplace.

However, the service/product is very similar. TomTom may be able to gain a competitive advantage by providing an almost identical product at a lower price… winning over more B2B customers.

Invest in brand recognition, and focus in on business customers.

Counter-Punch

Keep price competitive, and invest in establish brand superiority by emphasizing better R&D

Pricing Strategy

Position Garmin as premium product through superior research, development, and innovation

However, pricing for business customers must remain competitive among the competition

Products for B2B are far to similar and should be competitively priced

Target Market

Focus efforts on targeting business customers, or OEM’s

They want proven, reliable, and innovative products/services

Message Strategy

Providing a superior product/service through superior R&D at a competitive price

(Don’t mention the competition)

Personality

Educate the prospective customer on why Garmin is, and will continue to the marketplace leader (superior R&D)

Channels Utilized to Communicate Message

B2B- Invest more in PR, event marketing (conferences & tradeshows), SEO, and SEM

B2C- Invest more resources in Social Media channels. Education, engagement, conversation, and content sharing.