Garmin's group of products

Running head: ASSESSMENT 3 1
Assessment 3
Name
Institution
Course
Date

ASSESSMENT 3 2
Table of Contents
1.1.Background Summary of Assessment 2...........................................................................................3
1.2.Market Mix strategies...............................................................................................................3
1.3.Recommendation.......................................................................................................................4
1.4.Conclusions with implications...................................................................................................4
1.5. Reference List...........................................................................................................................6

ASSESSMENT 3 3
Background Summary of Assessment 2
In Garmin's group of products, the smartwatches are hitting the prospective and potential
target clients what are most likely curious about this sort of item, some potential purchasers
previously utilizing some other Garmin gadgets, yet since there is no comparative item like Vivo
Fit and smartwatches. The items have to gain its one of a kind client (Ali & Talwar, 2013 p.45).
That is the reason why the company has created various segments in the market such as
geographical and behavioral. The target market for this company is various professionals who
have high earnings in the socioeconomic status. It has also enhanced market differentiation by
selling unique watch brands. The positioning statement states To Professionals, Garmin’s
expertise ensures that you have the best quality watch money can buy (Lee, 2015 p.114).
Marketing mix strategies in Garmin Company
3ps of marketing matrix
Products
There is an open market gap and opportunity for smartwatches products on the market,
and this may increase competition. In this case, the product life cycle theoretical perspective is
utilized to indicate the growth of a product (Armstrong, Adam, Denize & Kotler, 2014 p.7). It
enables the strategies to evolve along with the smart watches through the use of obsolescence.
This diversifies strategy of little differentiation among the competitors to enhance cooperation
objectives and incentives creation. It also boosts loyalty among the customers (Pinto, & Yagnik,
2017 p.49).
The smartwatches are exceptionally new and it is still in the early on the phase of the
item life cycle. It is significant for the organization to make familiarity with the item. Concerning