GARMIN Essay Example | Topics and Well Written Essays - 1500 words

GARMIN - Essay Example Sales volume and high levels of customer demand point toward Garmin’s strengths in the GPS marketplace. In 2007, Garmin company announced that 75 cents per share dividends would be included for investors as a reward for the company’s sales performance (Hough, 2008). Garmin has only recently paid dividends after being in business for 20 years, which indicates sizeable growth in sales which can likely be attributed to consumer satisfaction regarding the product. One of the main strengths of a company is its ability to lure investors and use stock equities to boost capital. Garmin’s ability to pay handsome dividends and the company’s commitment to investor relations represent the firm’s largest strengths. Additionally, Garmin has recently signed a six-year agreement with NAVTEQ, the digital map supplier responsible for the majority of Garmin’s electronic GPS routes (Annual Report). NAVTEQ will continue to provide map assistance and upgrades, allowing the company to maintain focus on its brand and remain a leader in effective and accurate GPS technologies. The company’s main weakness is an external issue involving the current economic climate across the United States. Consumer wealth is diminishing and it is relatively common knowledge that customers are scaling back on purchases in order to sustain a quality lifestyle. This change is most noticeable with Garmin’s stock price shift from nearly $100 to $19 in 2008 (Hough). The majority of Garmin’s products are designed for the consumer rather than on a B2B model (business-to-business) which creates a situation in which the company must understand its consumer and create products which will be in high demand in difficult economic climates. Garmin’s main opportunity lies in marketing and its ability to create effective sales and marketing promotions to build brand loyalty. With such a high volume of competition in the GPS market, Garmin

Global Marketing Assignment Example | Topics and Well Written Essays - 2500 words

Global Marketing - Assignment Example As such, this memorandum will outline specific key tactics that shall be used in order to create a robust marketing strategy. Making 100 percent increase in sales revenue is no mean feat meaning various facets of the marketing mix will require to be addressed in order to achieve this goal. The marketing research exercise will seek to gather information on economic and demographic data, cultural and sociological data, overview of market conditions, level of awareness of the Mayo Clinic, reputation of Mayo Clinic and attractiveness of Mayo clinic internationally. Economic and demographic data shows data on growth and statistics in the health industry, analysis of stability of economies and how it influences the health decisions of the target markets and population trends. Cultural and sociological data provide insight into the ecological, climate history of common diseases, eating habits and their potential impact on insurance coverage and clinic choice. Finally, overview of market conditions involves analysis of the level of technology including internet knowledge in the target market, level of proficiency in resident clinics, level of health mindfulness and insurance coverage inclinations. Mayo clinic, as a brand should be in a position to exude exceptional qualities that will attract people around the world. Since its humble beginnings, nearly a hundred years, the founders of Mayo clinic sought to create an international legacy by traveling around the globe. In their expeditions, they compared notes and surgical methods with other physicians around the world in order to increase or change expertise. Mayo clinic continues in these traditions as in so many other areas of medical practice. Mayo clinic is focused on delivering exceptional care that recognizes no limits. Mayo clinic currently seeks to establish and position itself as the best service provider based in knowledge and superior care. Mayo clinic also prides itself on being multi-lingual,