Table of Contents

Introduction................................................................................................................................................3
About.........................................................................................................................................................3
Mission......................................................................................................................................................3
Vision.........................................................................................................................................................4
Brand identity and image........................................................................................................................4
Markets served.........................................................................................................................................4
Target customers......................................................................................................................................4
Offer portfolio..........................................................................................................................................4
Main competitors.....................................................................................................................................5
Swot Analysis.............................................................................................................................................6
Strengths of Garmin Ltd.........................................................................................................................6
Supply and Scope:.............................................................................................................................6
Weaknesses of Garmin Ltd.....................................................................................................................6
Opportunities of Garmin Ltd.................................................................................................................7
Threats of Garmin Ltd............................................................................................................................7
PESTE Analysis.........................................................................................................................................7
Political factors.........................................................................................................................................7
Economic...................................................................................................................................................8
Social factors.............................................................................................................................................9
Technological factors that influence Garmin Ltd.................................................................................9
Environmental Factors..........................................................................................................................10
Tangible Resources................................................................................................................................11
Intangible................................................................................................................................................11
Capability and Competitive Advantage...............................................................................................12
Strategy Canvas.....................................................................................................................................12
Conclusion................................................................................................................................................13
Market Segments.....................................................................................................................................13
Target Market........................................................................................................................................13
Positioning..............................................................................................................................................13
Positioning statement.............................................................................................................................14
Positioning Strategy...............................................................................................................................14
Job to be done.........................................................................................................................................14
Buyer Persona........................................................................................................................................14
 Positioning Map.....................................................................................................................................15
Marketing Mix.........................................................................................................................................15
Product....................................................................................................................................................15
Price.........................................................................................................................................................16
Place........................................................................................................................................................16
Promotion...............................................................................................................................................16
References................................................................................................................................................17
Introduction
This marketing plan is written at the behest of Nyenrode Business University. The report is
focused on the company Garmin Ltd. (Garmin, About, 2022) tell us that Garmin is known
worldwide for its GPS devices, for most people mainly well-known in the form of wearables and
smartwatches. This report is mainly focused on the lifestyle and sports smartwatches from
Garmin. The first part of this report provides a good overview of the company itself, describing
its mission, vision, and key competitors in detail.

About
Garmin Ltd. is an American multinational, which develops, manufactures, and sells devices and
applications that are enabled by global positioning technology. Garmin operates the five
segments: Automotive, Aviation, Marine, Outdoor, and Fitness markets. Garmin was founded in
1989 (then under the name ProNav) by Gary Burrel and Min Kao. (Garmin, Pressroom, 2022)
suggests that the name Garmin is an acronym of both the founders' first names. Although Garmin
is headquartered in Kansas, USA, it is legally based in Switzerland. Within Garmin, 19,000
employees, from 80 different offices work towards the goals of Garmin. Garmin strives to be a
valuable addition to consumers' daily lives with its innovative solutions. This is mainly focused
on navigation systems and tracking data around sports and lifestyle. In this part of the market,
Garmin is best known for its innovative smartwatches and heart rate monitors. This marketing
plan will mainly focus on the wearables and Fitness part of the Garmin business.

Mission
To be an enduring company by creating superior products for automotive, aviation, marine,
outdoor, and sports that are an essential part of their customers’ lives.

Vision
They want to be the global leader in every market they serve, and their products will be sought
after for their compelling design, superior quality, and best value.
Brand identity and image
(Garmin, Annual Report, 2021) reports that Garmin has a professional and sustainable brand
identity and image towards both the market and its own employees. Garmin profiles itself as the
company with the best smartwatches, which are also suitable for consumers who use GPS
equipment for professional purposes (marine and aviation). The house style including the
Garmin logo visualizes the company's professionalism.

Markets served
As indicated earlier, Garmin serves 5 different markets. Each market has its own characteristics
and corresponding products and devices. The five markets are Automotive, Aviation, Marine,
Outdoor, and Fitness. This report will focus on the wearables and Fitness market(s). Within this
market, Garmin focuses on B2C as well as B2B channels. Through its own web shop, Garmin
sells directly to consumers and the B2B channels are conducted through resellers.

Target customers
The Target audience of Garmin is centred on devices for consumers who want to measure and
enhance their active lifestyle pursuits, whether it’s running, cycling, swimming, golfing,
walking, or simply being more active. Garmin focuses on both men and women, within the age
groups of 16 and 70 years old.

Offer portfolio
As mentioned before, Garmin engages in the provision of navigation, communications, and
information devices, most of which are enabled by Global Positioning System (GPS) technology.
The devices that Garmin offers for the Aviation and Marine markets are specifically developed
for navigating airplanes and boats. The product portfolio of wearables and fitness side of the
market, where this marketing plan is about, consists most of all.

- Smartwatches and wearables

- Heart rate monitors
 - Scales
- Blood pressure monitor
- Indoor training accessories

All told, when it comes to sports and fitness, Garmin offers a wide range of devices that allow
sports performance and daily exercise to be measured and analyzed via its smartwatches. Garmin
offers 23 different types of smartwatches. The smartwatches, some suitable for women and some
for men, are each suited for a different (sports) activity. For example, one smartwatch is more
focused on tracking running data and the other on diving.

Main competitors
(Garmin, Annual Report, 2021) shows that Garmin considers Apple, Samsung, Huawei, and Fitbit
(Google) among its biggest competitors. The reason Garmin sees a threat in these competitors is
the size of the parent company behind them. firms like Apple, Samsung and Google are many
sizes bigger than Garmin in size, including financially. Garmin is also keeping a close eye on
some 'new' smartwatch companies. Companies like Sagunto, Whoop and Xiaomi still have a low
share of the market at the moment, but these players are expected to capture market share soon

According to the Counterpoint Research report, the market around smartwatches is divided as
shown in Table 1. Counterpoint research is an independent organization that analyses the market
around smartwatches and devices every quarter. The report shows that Apple is becoming quite
dominant in the market of smartwatches. Garmin manages to compete well with large
competitors like Samsung. Garmin managed to gain +0.5% in market share between 2019 and
2020.

Garmin Apple Huawei Samsung Imoo Amazfit Fitbit Fossil Others

(Watch)
2020 9.4% 51.4% 8.3% 7.2% 5.1% 2.4% 2.4% 2.1% 11.8%
2019 8.9% 43.2% 5.5% 9.3% 5.3% 2.0% 3.4% 2.6% 19.8%
Table 1: Market shares global smartwatch sales 2019/2020. (Source Counterpoint)
Swot Analysis
Strengths of Garmin Ltd

Supply and Scope: Garmin Limited has made their channels in almost every state that is
maintained by a robust distribution system that makes sure the products are easily accessible to a
large quantity of audience within the required time.

Social Media Platforms: (Edney, 2018) suggests that they have a wide and strong presence on
social platforms having more than millions of followers on Facebook, twitter, and Instagram that
are known to be the most famous ones. The customer engagement on these platforms is usually
high with low consumer response time.

Location: The geography and setting of Garmin provides it with a cost benefit in serving its
consumers in comparison to its competitors. They also have a well-established IT system that
makes sure there is efficiency in their internal and external procedures.

Weaknesses of Garmin Ltd

New Research and Development: Garmin Ltd spends more than the average budget on research
and development within the sector but they are still spending way less than other top players in
the competition that have vital advantage over Garmin due to their innovative products.

Property on Rent: most of the property owned by Garmin is rented rather than purchased. They
have to pay large sums of rent that adds to the costs.

Performance Appraisal System: The performance evaluation is not in a systematic way. (Gu,
2020) tells us that Staff is not often assessed for their performances that leads to lower work
motivation and lack of promotion chances for them.
Opportunities of Garmin Ltd
Internet: Since few years the percentage of internet users has increased globally. This provides
Garmin Ltd with an opportunity to increase their presence on social platforms, by using the
internet to cooperate with their consumers.

E-commerce: New trends and a sudden rise in deals of e-commerce industry was seen. This
showed that a lot of consumers are making online procurements Garmin ltd can grab this
opportunity and earn profits by initiating online stores and make sales.

Developments in terms of Technology: Technology can help reduce human efforts and errors
as well. Operations throughout the firm can be automated to minimize costs. This also allows
better collection of data and improves marketing efforts.

Threats of Garmin Ltd

Advanced technology by rivals: (Frenzel, 2020) explains that the technological developments
proposed by few rivals in the industry are a possible threat to Garmin Ltd as consumer gets
attracted to latest technology. This can decrease the overall market share of Garmin ltd.

New entrants in the market: there are various players that have entered or are planning to enter
in the market and try to gain market share by dissolving existing firm’s market share. This is a
threat to Garmin ltd as they might lose their customers to these new players.

Consumer Tastes: Consumer tastes are dynamic in nature, and this puts companies under
extreme pressure to constantly construct products that are according to the requirements of the
consumers.

PESTE Analysis
Political factors
Political steadiness

High political steadiness ensures a constant and welcoming business atmosphere with expectable
market development tendencies. However, political turmoil disheartens depositors and
undermines stakeholder confidence in the economy and related corporate activities. (Chernev,
2019) wrote that Garmin is currently located in different countries, each of which has its own
political stiffnesses. Increased tension and volatility in the global political atmosphere could
disturb the growth of the gold forex industry and limit the growth chances available to Garmin
Ltd.

Altering rules

Regular fluctuations in administration guidelines upsurges environmental ambiguity and weaken

business performance. For Garmin Ltd, it is significant to study the current tendencies in the
state's political scenario, as fluctuations in the administration may change their priorities in the
development of various sectors.

Economic
Economic cycle

The economic growth of a state unswervingly affects the efficiency of a firm. A rising economy
provides many chances for Garmin LLC to grow. In addition, (Chernev, 2019) proved that it is
significant to comprehend the phases of the manufacturing life cycle. Entering established
industries can be more problematic than emerging industries due to market saturation. It is also
affected by the amount of money consumed by the host administration on developing basic set-
up.

Inflation

The growth in GDP specifies the ability of Garmin Ltd to follow long term strategic approaches
for growth. A high GDP also specifies the aptitude of customers to pay more for the products
offered. A high unemployment rate specifies a excess labor force with comparatively low
salaries. Functioning in such markets may incur Garmin Ltd manufacturing costs. (Frenzel,
2020) said that organizations must also prudently contemplate interest rates and their influence
on the capability to borrow. Higher interest rates will boost investment sentiment and upsurge
growth chances for Garmin Ltd. Finally, exchange rate fluctuations can also affect success and
global trade. High volatility in local currencies can be a reason of serious apprehension for
Garmin Ltd.

Labor marketplace circumstances

The demand and supply of labor determines the wage rate and the supply of skilled labor.
Garmin Ltd understanding how to entice qualified workers and use their skills to advance
performance requires research and forecasting labor market conditions. A flexible labor market
allows Garmin Ltd to benefit from increased workforce productivity. Working in a tight labor
market can lead to wage problems and other matters elevated by influential unions (Gu, 2020)
wrote that Garmin Ltd also sensibly assesses the obtainability of skilled human capital, as a
shortage of skilled workers can impact performance and make it more problematic to appeal and
retain top talent.

Social factors
Demographic movements

Changing demographic outlines such as population aging, migration tendencies and socio-
economic variables are of great reputation to global business administrations such as Garmin
Ltd. Study of demographic characteristics to Garmin Ltd helps to select the right market
segments with high progress capability. (Hanlon, 2022) explains how business and marketing
approaches are also affected by this transition. Understanding public attitudes towards
immigration is very important to Garmin Ltd because it can affect the company's aptitude to
entice foreign executives to the host state.

Equality and power distance

In any culture, power distance means acceptance of hierarchy and revenue inequality. Garmin
Ltd. must regulate its business administration practices when entering marketplaces with short or
long power distances. Increasing inequality in many nations is changing power structures and has
serious insinuations for international business administrations such as Garmin Ltd.

Idea of purchasing online

The emergence of social networks and e-commerce has fueled online shopping conduct. Garmin
Ltd. It should comprehend online shopping behavior across generations, as younger customers
are more likely to shop online than older customers. When emerging advertising and
communication approaches, the increasing use of mobile phones and social networks should be
considered.

Technological factors that influence Garmin Ltd.

Marketing through social channels
The growth of information and communication skill has directed to the acceptance of advanced
marketing methods to improve collaboration with clients. In today's business atmosphere, the use
of social media has become normal. Garmin Ltd. can use the power of social media marketing to
progress business performance as explained by (Kreutzer, 2022). Use technology trends to
inaugurate creative social media movements and grow your online brand community.

Technological inventions and growth level

Garmin Ltd must pay attention to current innovations to stay ahead of its competitors. Analysis
of 5G and its capacity for constructive business consequences through improved user knowledge,
improved speed and access should be carefully considered. Such innovations can revolutionize
the industry and reorganize the guidelines of accomplishment for market players. In addition, it
is significant to consider the growth and ripeness of the technology in the relevant market.
Entering a market where technological developments are still immature means that Garmin Ltd
can upsurge its market share by concentrating on new inventions.

Investigate and growth on technology and influence on cost building

According to (Chernev, 2019) Garmin Ltd should consider competitors' investments at the micro
and macro level to comprehend how new technologies affect the business's value chain and
overall cost structure. Research actions are very significant in an atmosphere characterized by
imaginative disorder. In this atmosphere, Garmin Ltd. should capitalize in breakthrough
technologies to exploit revenues and reinvest the profits in future breakthrough technologies.

Environmental Factors
Reprocessing and waste managing

Growing environmental contamination along with technological advancements forces business

administrations to accept innovative approaches of recycling and waste supervision. According
to (Edney, 2018) in some countries, reprocessing has become business as usual. In addition, it is
significant for Garmin to accept operative waste management practices in organizational units
located in or near urban areas. Many countries have established stern rules to guard urban areas
through operative waste supervision.
Renewable skills

Some states offer grants to encourage investments in renewable technologies. Garmin Ltd can
take advantage of this and capitalize in renewable technologies to safeguard long-term
sustainability. This speculation also increases stakeholder gratification and expands the customer
base through improved brand image.

Attitude about eco-responsive products

There is a rising tendency to use environmentally friendly products. Garmin Ltd can use this
opportunity to adopt environmentally friendly business practices and gain the trust of its
shareholders. As regulators focus on environmental compliance, priorities for innovative
products are changing. This requires that Garmin Ltd must prioritize and emphasize on
marketing the environmental properties of your products over traditional values.

Tangible Resources
Land

Land is a tangible resource for Garmin Ltd and includes all space owned and leased by the
corporation to house manufacturing units and warehouse space. In addition, physical
underground resources include all facilities owned or leased by packaging companies.

Equipment

(Gu, 2020) explains that for Garmin Ltd, equipment is also a touchable resource. This includes all
equipment possessed by the company for manufacture and wrapping purposes and other
operative purposes. Therefore, all technological advances and technological integrations to
recover procedures and actions can be considered as equipment development that companies use
to expand their production lines and achieve economies of scale.

Intangible
Intellectual stuff

Garmin Ltd. manufacturing processes and the exclusivity of its products is protected by
intellectual property rights so that other participants may not copy or access its proprietary
product compositions or product ingredients. This brings freshness to Garmin Ltd and makes
their products unique to their competitors.
Patents and Copyright

Garmin Ltd holds patents and copyrights not only on its product manufacturing and composition
processes, but also on the research and development activities it undertakes to improve its
products. (Gu, 2020) also said that this patent and copyright protects Garmin Ltd from
infringement or counterfeiting.

Capability and Competitive Advantage

Excellence in technology development and commitment to research and development are areas
in which the company has a sustainable competitive advantage. This is a valuable ability that is
rare and expensive to imitate. The management has made the most of this opportunity to gain a
competitive advantage in the market. A company's financial strength is another area of
competitive advantage. Imitation of this resource is valuable and costly, but not uncommon as
long as competing firms can achieve revenue growth as wrote by (Williams, 2011). Effective
networking and solid strategic partnerships are valuable skills that are neither rare nor expensive
to replicate. If companies continue to take advantage of these opportunities, they will gain a
temporary competitive advantage. Garmin Ltd.’s competitive disadvantage is that it has
resources that are generally worthless and may make the company perform better or reduce the
company's efficiency at a competitive disadvantage.

Customer loyalty is a valuable resource that is rare but cheap to imitate. The company is taking
full advantage of it, providing a potential competitive advantage. (Rothaermel, 2016) suggested
that a company's ability to build teams of highly skilled workers is a valuable ability that can
often be imitated, but it is costly because it requires constant training and high wages.
Companies use this to gain a temporary competitive advantage.
Strategy Canvas

Conclusion
The horizontal axis describes the factors on which Garmin pods is competing with the industry whereas
the vertical axis is dictating the offering level of each factor. This shows how Garmin pods is relatively
cheaper with good quality and easiness to use as compared to industry.

Market Segments
S1: Athletes want advance technology equipment. Athletes can be distributed into professional
athletes, unprofessional athletes who are worried about their lifestyle and like to work out.

S2: Students are very busy and roam around freely. They look for things to improve their
lifestyle.

S3: Professionals who are busy with their work routine and are unable to attend calls while
driving or attending meeting.
Target Market
New Year's resolutions that focus on fitness, health, or weight loss have become virtually
symbolic of American society and are major drivers of consumer trends and behavior. The
pioneers have achieved many successes.
The fitness enthusiast demographic is a broader and more inclusive category than highly
competitive athletes and college sports stars. Includes people who regularly participate in fitness,
exercise, or recreational sports. This creates a very diverse and broad demographic with different
motivations behind product purchases and desired features. However, according to gender, age,
income, etc., the willingness to buy has decreased.
Positioning
The positioning of Garmin pods is luxury, sporty and improved lifestyle. This positioning of the
product strengthens two main benefits of the product. The quality and look of the product suits
this market segment.
Positioning statement
The following positioning statement states the unique value which Garmin pods offers. Garmin
pods supports the good lifestyle, sporty look, and easy to use so that people can socialize with
their friends more easily while working.
Positioning Strategy
Garmin maintains its position as a leader and innovator in sports technology by staying true to its
mission to create great products that people need in their lives. Garmin will continue to strive for
global leadership in all the markets they serve with in-demand products of attractive design,
superior quality and the highest value, and a culture of respect for our employees, customers, and
business partners. Garmin should strive for excellence in triathlon and collegiate sports by
helping the community by supporting and supporting sports activities.

The primary market for Garmin Pods is athletes and young professionals, but that can be
expanded with outreach campaigns designed to attract and retain active Generation X and
millennials.
Job to be done
 The core job that needs to be done by Garmin marketing team is to show how Garmin Airpods
are better than rivals in terms of product quality and price. Gains are sporty and luxury image,
long life, affordable, and many points of access. Pains are high competition; masses believe in
buying local and cheap products.

Buyer Persona
Name: Heige Mores Life Motto: Dream big to achieve results
Keywords: Ambitious, Sporty, High Lifestyle
Demographics Goals
Age: 26 years old A sustainable world
Nationality: Dutch easy access to phone
Location: Rotterdam work and talk at the same time
Education: MBA
Job: Accountant
Family: Married

Positioning Map

High Cost

High Quality
Low Quality

Unknown

Low Cost
Marketing Mix
Product
A completely wireless world by introducing the Garmin pods, headset that connects to the
smartphone through Bluetooth.

Features

This device comes with many features such as making instant calls and listening songs while
working out.

Advantages

There is no problem for users. Whether connecting to a device or from a smartphone to a laptop,
everything is very easy. (Garmin, Annual Report, 2021) showed that the battery life is very good,
Garmin pods give you 4 hours of continuous use and another 3 hours after only 30 minutes of
charging. Not to mention, the Garmin Pods box is loaded, and you can use the headphones for
over 24 hours out of the case.

Price
When pricing its products, Garmin uses one of the price discount methods due to the current
market conditions and the product's inability to maintain technological superiority for a sufficient
period of time (this fitness tracker is particularly notable in the market). In this way, Garmin
initially raises the price of its newly launched products and then lowers their prices as
competition increases and new technological advances enter the market.

Place
Garmin only works in certain countries, excluding the UK, US, and Taiwan. It operates in
different countries under different names. It also has a well-established sales system, especially
in the avionics segment. With the increasing presence of e-commerce platforms worldwide,
Garmin pods will be available to consumers at competitive prices.
Promotion

Garmin has a great marketing strategy and works on advertisements and promotions to promote
their products. Sponsored by Wings for Life World Run, which supports spinal cord research,
and Garmin Ambassador Commando Steve finished the 2016 Breast Cancer Race wearing a
Garmin shirt. The brand also endorses its products through online advertising. Placing products
on e-commerce gateways.
References
 Chernev, A. (2019). Marketing Strategy and Tactics.
 Edney, S. (2018). Creating Engaging Health Promotion Campaigns on Social Media:
Observations and Lessons From Fitbit and Garmin. Journal of medical internet research,
20(12).
 Frenzel, a. (2020). A Strategic Audit of Garmin LTD. Retrieved from Nebraska.
 Garmin. (2021). Annual Report.
 Garmin. (2022). About. Retrieved from Garmin:
https://www.garmin.com/en-US/company/about-garmin/
 Garmin. (2022). Pressroom. Retrieved from Garmin:
https://www.garmin.com.my/news/pressroom/news2016-garmin/
 Gu, S. (2020). Corporate Strategies in the Smartphone Era - The Case of Garmin Ltd.
Journal of information and corporate management, 30.
 Hanlon, A. (2022). Digital Marketing: Strategic Planning & Integration.
 Kreutzer, R. T. (2022). Toolbox Digital Business.
 Rothaermel. (2016). Strategic Management. Mc-Graw Hill Education.
 Williams, M. (2011). Creating and capturing value: strategic corporate social
responsibility, resource based theory, and sustainable competitive advantage. Journal of
management, 37(5).