Friday, December 27, 2019

Marketing Plan Garmin - 1132 Words

Garmin will position itself as the premier Global Positioning System (GPS) Company. Garmin will achieve this position by incorporating new technology 3.5 Positioning that its competition does not possess. The GPS device will be marketed to Businesses, insurance companies, and for personal use. Garmin will be delivering a superior product which will benefit their customers in their daily activities. Garmin is the best source for selection and price of GPS technology equipment and services. Customers will be impressed with, and return for, the great existing and new technology being incorporated into the devices, value-oriented pricing, quality, ease of use, and excellent customer service. With the unstable economy and†¦show more content†¦It s a large strategic move for us at this point. One of the founding principles at Garmin is to service multiple markets and benefit from the synergy of staying in different markets with common technologies. Pricing of the new Garmin will be based on a per-product retail price. Since, Garmin will be the only GPS Company with this new technology Garmin’s goal price will be slightly higher But not more than 5% above its competitor’s price without this technology. This will ensure competitive pricing with technology advantage. This pricing strategy is based on the value to the customers compared to other closely related products. Looking at current pricing, of the Garmin nuvi 3597LMTHD at $349.99, then the new product line will start around $379.99. Distribution will include direct to customers from on line sales and retailers. Garmin deals with a number of distributors to sell its products. Much of Garmin’s sales come from networking with retailers such as Best Buy, Target, Wal-Mart, Sears, and Costco. Garmin also has a wide range of strategic alliances with on line distributors such as Amazon.com. Advertising and promotions will be driven through their in house advertising agency. 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