Essay on GARMIN

2755 Words Dec 23rd, 2013 12 Pages
CONTENT

1. Introduction
2. Garmin Forerunner 610
3. Marketing Objectives
4. Target Market
5. Psychographic Segmentation / Behavioral Segmentation
6. Positioning the Product
7. Differentiation Approach
8. Marketing Strategy
9. SWOT Analysis
…show more content…
The estimated market size in Sg is small & it’s expected to grow eventually when the product is launched. Garmin hopes to achieve 80% of the market share in Sg for the upcoming 2 yrs & targets to dominate in the market for the next following yrs as the Forerunner 610 is 1 of the watches in the sports technology market that consists on the most advanced Global Positioning System (GPS) & has the newest features compared to its competitors.

TARGET MARKET
At around 5 million people which are made up with different racial groups like Chinese, Malays, Indians, Eurasians, Caucasians & etc in Sg. Garmin need to target a very specific group of cycling & other outdoors sports.

Age
Purpose
Group Y
16 – 24
1. Running for health benefits / Meet new people through running
2. Racing / Trail running
Group X
25 – 41
1. Running for health benefits / weight loss / social benefits
2. Meet new people through running
3. Treadmill running / Trail running
Baby Boomers
42 – 60
1. Running for health benefits
2. Casual running
Group Y represents younger consumers that have a faster ability of learning & adapting to such advance technology. At the same time, this is the group that is the most pricing conscious yet most curious to own a latest technology. Group X represents working adults who are normally keener on owning a product relating to their health & lifestyle. The subject matter of product

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