Garmin's Next Strategy
You are now the CEO of Garmin Incorporated. You've watched your industry and your business rise to prominence and you've watched as your competitors have slowly eaten away at your share of the market. At the same time, you've witnessed your bread and butter automotive opportunity erode before your very eyes.
Situation Background Garmin is a worldwide provider of navigation, communication, and information devices as well as their related applications which are all associated somehow to Global Positioning System (GPS) technology. The company offers products around the globe through subsidiary operations however the parent organization is located in Taiwan. There are four broad categories in which individual products within the company's product mix can be labeled; the automotive, outdoor/fitness, marine, and aviation represent the categories of products the company offers. In a span of 5 short years, GPS manufacturer Garmin has gone from a specialized producer of niche equipment to a Wall Street champion in 2007. Since that time, the company has diminished into a relative has-been according to many analysts. For example, in late 2007 the Garmin stock price reached a record high of over one hundred twenty dollars a share. However, in 2008, the stock price fell below twenty dollars a share and today the stock rests in the mid-forties after a mild recovery from the fifty two week low. The diminishing automotive GPS segment is