An analysis of the macro-environment

 

Table of Contents

 

 

Question 1: Macro environment

Produce an analysis of the macro-environment for the core brand “Garmin Ltd.” and the new product “Garmin Forerunner 945.”

Political Factors

Within the context of Pestle analysis research, political considerations have a significant impact upon Garmin Ltd.’s long term success and growth, as well as the newly introduced Garmin Forerunner 945 ” (Channa et al. 2020). A country’s political climate is made up of several different components. As during the strategic management process, Garmin Ltd. must take into account the following political factors:

Strong political stability ensures a permanent and welcoming corporate environment featuring predictable market performance and increased sales of new items such as Garmin Forerunner 945, which is trending. Whenever there is political uncertainty meanwhile, it prevents investment and affects stakeholders’ belief in the economy and, as a consequence, organizational efficiency.

Changes in government policy have a negative impact on corporate effectiveness by raising environmental uncertainty. Garmin Ltd. must research present political developments throughout the country because alterations in administration may shift the government’s objectives toward the advancement of certain businesses.

Natural factors

Distinct marketplaces have various environmental norms, rules, and restrictions. Garmin Ltd.’s global reputation, as well as the newly introduced “Garmin Forerunner 945,” necessitates that the corporation carefully analyzes such variances in order to avoid unfavorable conditions (Channa et al. 2020). The following are some instances of environmental concerns that Garmin Ltd. must address:

Increasing environmental degradation, along with technology innovation, has driven businesses to implement novel recycling and disposal strategies. Recycling has practically become a business necessity in several nations (Perera, 2017).

Subsidies are offered by several governments to stimulate investment in renewable energy technologies. Garmin Ltd. can take advantage of it by investing in renewable techniques to enhance long-term stability. Because of the improved brand image, this investment will help improve stakeholder satisfaction as well as extend the client base for newer products such as the Garmin Forerunner 945 (Channa et al. 2020).

Climate and weather conditions could have an impact on company performance. Adverse weather conditions, for example, can increase the price of manufacturing and force Garmin Ltd. to create the value chain increasingly adaptable. Such modifications may also have an impact on clients’ spending habits, as well as the recently announced Garmin Forerunner 945, leading the organisation to adjust its sales and technology plans.

Technological factors

The fast growth and dissemination of technology around the world has raised the relevance of comprehending technological aspects during strategic judgement processes (Perera, 2017). A thorough study of the technological landscape can assist Garmin Ltd., as well as the newly introduced Garmin Forerunner 945, in capturing technology developments in order to achieve specific economic benefits, including such maximizing revenue, boosting the innovation activities, and improving operational efficiency (Mullakhmetov, 2018). These following technological elements may have an impact on Garmin Ltd.’s commercial performance:

The advancement of communication and information technologies has resulted in the adoption of novel marketing methods to improve consumer engagement. In today’s business world, the use of social media is commonplace. Garmin Ltd. can use social media marketing to boost business sales and profitability by capitalising on possibilities and spreading its innovative products, the Garmin Forerunner 945 (Channa et al. 2020).

To keep ahead of its competition, Garmin Ltd. must thoroughly examine ongoing technical developments. Studying new technologies in the market and assessing its ability to generate beneficial business objectives through greater customer experience, fast productivity, and extended accessibility should indeed be prioritised.

Garmin Ltd. must analyse rivals’ investment on even a micro and macro level to comprehend how technological advances affect the company’s value chain as well as current pricing structure. Inside an environment defined by innovative disruption, development and research efforts are critical (Perera, 2017).

References

Channa, A. and Popescu, N., 2020, October. Managing COVID-19 Global Pandemic with High-Tech Consumer Wearables: A Comprehensive Review. In 2020 12th International Congress on Ultra Modern Telecommunications and Control Systems and Workshops (ICUMT) (pp. 222-228). IEEE.

Perera, R., 2017. The PESTLE analysis. Nerdynaut.

Mullakhmetov, K.S., 2018. Technological factors and management transformation in social and economic systems.

( Mullakhmetov, 2018)

 

 

Question 2. The Target Customer

The importance of marketing target cannot be ignored from an organizational presentation as it helps to provide a detailed understanding of the customers that will be targeted by the organization in order to attain a better understanding of the ways in which the attainment of a better company strategy can be created.

Identify One Customer Profile Of The Core Brand

The customer profile in the case of Garmin Forerunner is to create a focus on the different areas of the customer segmentation, and by creating a focus on these areas, the attainment of a better market result is possible to attain too (Ascarza et al. 2017). According to the case of Garmin Forerunner, customer profiling is creating a focus in the areas of demographics of the customers along with their journey mapping; moreover, the contextual details and feedbacks need to be considered too while creating a customer profiling aspect for Garmin Forerunner.

Who The Target Market Is for This New Product?

The customers who are into technology and are fitness enthusiasts are the main target of the organization.

Behavioural, Demographic, Geographic And Lifestyle Segmentation

The behavioral segmentation of the product is related to the fact that the customers who are interests towards technology this factor create a main impact on the buying decision, moreover the demographic aspect regarding age and income have been considered for both male and female genders, on the other hand, the global geographic customers are considered here as a party of product segmentation (Javed and Cheema, 2017). At the same time, the lifestyle of people who are likely more into fitness is segmented by Garmin Forerunner and its new product range of 945.

The Target Audience For This New Product Would Be The Same Or Different From The Current Customer Profile

As stated by Han, Lee and Kim (2021), learning about the relationship between the customer profile and target customer segment plays a significant role as based on this understanding, attainment of the ways in which customer segmentation can be managed is well learned. Moreover, depending on the knowledge of the report, it can be stated that the current target customer is the same as the existing customer profile as based on this concept the organization like Garmin Forerunner and its new product range of 945 is trying to achieve a market profit margin.

References

Ascarza, E., Ebbes, P., Netzer, O. and Danielson, M., 2017. Beyond the target customer: Social effects of customer relationship management campaigns.Journal of Marketing Research,54(3), pp.347-363.

Javed, F. and Cheema, S., 2017. Customer satisfaction and customer perceived value and its impact on customer loyalty: the mediational role of customer relationship management.Journal of Internet Banking and Commerce,22(S8).

Han, M., Lee, S. and Kim, J., 2021. A hybrid approach to discern customer experience for facilitating the adoption of smartwatches.Technology Analysis & Strategic Management, pp.1-15.

Question 3. Perceptual maps

At first, it is important to note that perceptual mapping is a diagrammatic method that mainly applied by advantage dealers that tries to visually show the insights of clients or potential customers. It actually helps to develops the entire business process of the garmin forerunner 945 by reflecting a large number of related features that linked with the market perceptions. The positioning of a product is mainly impacted by client observations that actually helps to increase the wholesome business of the garmin forerunner 945 accordingly. It also represents the modern ways of business- and business-related features of the garmin forerunner 945.

The following section is associates with two business companys perceptual mapping. It reflects initial conceptual map along with four key competitors of each of the company. both of the conceptual mapping helps to establish some relevant and connected mapping (Das, 2018).

Perceptual Mapping one: Morrisons

 

 

 

 

 

 

 

 

 

In case of Morrisons perceptual mapping, it has been important to highlight that its based on two major axis price and quality. That helps to reflects the high and low rage of four major market competitors of the company.

Sainsburys, Walmart, Boots and Tesco are the four major competitors of the Morrison that elaborates in this perceptual mapping by its range of quality and price (Sarfraz and Stiefelhagen, 2017).

Perceptual mapping two: Amazon Prime

 

 

 

 

 

 

 

 

 

Apart from Morrison, there is another perceptual mapping which is based on the Amazon Prime. Youtube, Netflix, Hulu and Alibaba are the major competitors of amazon prime. That reflects on the perceptual mapping in the context of two major axis choice and demand (Sarfraz, and Stiefelhagen, 2015).

References

Das, J., 2018. Consumer perception towards online food ordering and delivery services: an empirical study.Journal of Management (JOM),5(5), pp.155-163.

Sarfraz, M.S. and Stiefelhagen, R., 2015. Deep perceptual mapping for thermal to visible face recognition.arXiv preprint arXiv:1507.02879.

Sarfraz, M.S. and Stiefelhagen, R., 2017. Deep perceptual mapping for cross-modal face recognition.International Journal of Computer Vision,122(3), pp.426-438.

 

 

Question 4. Growth strategies

Ansoff Matrix:

At first, it is essential to note that the Ansoff Matrix is a calculated preparation instrument that offers a background to support administrators, senior administrators, and dealers devise approaches for upcoming development. The entire framework of the Ansoff matrix is associates with four major factors such as market penetration, diversification, market development as well as product expansion. Each of these aspects are equally significant and effective for the initial growth of the garmin forerunner 945 in an effective and accurate manner. In addition, the Ansoff matrix framework also helps to increase the effectiveness of the garmin forerunner 945s business environment (Prasetyo and Rahman, 2018).

Market penetration: Market presentation is one of the most significant part that helps to set a specific market for the garmin forerunner 945. The main purpose of the market presentation strategyis to upsurge sales of current goods or services on current marketplaces, to rise the entire market share of the garmin forerunner 945.

Market development: market development mainly helps to increase the market growth of the garmin forerunner 945 by offering several effective and related strategic approaches. Marker development approaches are also helping to increase the customer base by providing several key promotional measures in a positive and effective way to upholds the business (Nassery, A STUDY OF REFLECTIONS ON BLUE OCEAN STRATEGY).

Diversification: entire process of diversification is associates with the dealing with capital in a very accurate and arranged manner that decreases the revelation to any one specific asset or danger that linked with the market. A mutual route in the direction of diversification is mainly used to decrease risk or instability by capitalizing in a diversity of possessions or resources.

Product expansion: product expansion is another important part that requires to several factors to increase the initial market expansion for the garmin forerunner 945. Product expansion also reflects a large number of strategies that linked with the marketing present goods in a newmarketwhen development peaks in the garmin forerunner 945s current sales stations (Schawel and Billing, 2018).

Marketing mix: 4ps analysis

Themarketingmix mainly supports the garmin forerunner 945 to describe themarketingessentials for positively aligning the market proposal. One of the best-known replicas is the4Ps of Advertising, that supports the garmin forerunner 945 to describe themarketingselections in the context of four elements such as, product, place, price, and promotion.

Product:

garmin forerunner 945s offers its potential customers a large number of products. That mainly needs to flourishes by modern apparatuses. Company has a global reputation to maintain, so it is essential for the company to grow its internal as well as external features in a positive and effective way to increase its products value.

Price:

The company requires to offers a reasonable price tag for each and every area of the world. It needs to uplifts the marketing methods to improve consumer engagement by offering an effective and eye catchy price range. To catch the global market garmin forerunner 945 needs to take care of the price rate.

Place:

Place is another important part of the marketing mix or 4ps analysis of the garmin forerunner 945 as it helps to build the market reputation along with the market demand of the garmin forerunner 945. Most importantly, the place also helps the company to decide the market value and customer satisfaction rate.

Promotion:

Promotion or advertisement is very much important aspect of the modern days business arena. It helps to spreads the business of the garmin forerunner 945 over the entire world. It also requires to be apt and contemporary to match the taste of the modern customers. It helps to connects target audiences of the comparative qualities of a product.

References

Nassery, S.M., A STUDY OF REFLECTIONS ON BLUE OCEAN STRATEGY.

Prasetyo, P.E. and Rahman, Y.A., 2018. Effectiveness of new product development on mat creative industry.KnE Social Sciences, pp.633-653.

Schawel, C. and Billing, F., 2018. Ansoff-Matrix. InTop 100 management tools(pp. 31-33). Springer Gabler, Wiesbaden.

 

 

Question 5. Buyer behaviour

In term of the new product that launched by the garmin forerunner 945, it can be highlighted that buyer behaviour model has been used to get more effective and relevant outcome as well as market responses. Buyer behaviour is the learning of entities, groups, or administrations and all the actions connected with the acquisition, application and removal of properties as well as services, and how the purchaser’s feelings, attitudes along with preferences influences the buying behaviour of the contemporary customers. So, it is quite obvious to note that the entire model of buying behaviour is very much important and relevant for this specific new product launch process of the garmin forerunner 945.

Self-actualization, esteem needs, belongingness and love need, safety needs and psychological needs are the five major stages of the buyer behaviour model that helps the company to identify the actual behavioural manner of the company. Most importantly, each of these stages of the buyer behaviour. Each of the stages are equally essential as well as impactful for the initial marketing of the garmin forerunner 945 (Aitken and Paton, 2016).

Self-actualization:

Self-actualizationis very much essential it associates with a wholesome understanding of one’s probability to buy. It also associates with the expansion of customers capabilities as well as gratitude for life. This perception is helps to increase the understanding of the human perseverance (Kanagal, 2016).

Esteem needs:

The stage of esteem needs reflects as well as includes the assurance, strong point, self-belief, personal along with social receiving, and admiration from others. That helps to increase the understanding of buyer behaviour. Theserequirementsare signified as one of the key phases in accomplishing self-actualization.

Belongingness and love need:

This is one of the most important stage of the buying haviour model. It involves relationship, familiarity, trust, along with receiving and giving liking andlove. It helps to connect, being part of a group to upholds the individual development and peak involvements.

Safety needs:

Safety needs associates with a large number of essential and relevant requirements of safety that helps to increase the effectiveness of the buying behaviour in a positive and accurate way.

Psychological needs:

Psychological needs are some of the major requirements that upsurges the entire creation of behaviour model. It connects all of the level or stages that involves with the buying behaviour practices to develops the effectiveness of it (Hand and Riley, 2016).

References

Hand, C. and Riley, F.D.O., 2016. Audience behaviour or buyer behaviour: what can models of brand buying behaviour say about arts audiences?.International Journal of Arts Management, pp.69-82.

Kanagal, N.B., 2016. An extended model of behavioural process in consumer decision making.International Journal of Marketing Studies,8(4), pp.87-93.

Aitken, A. and Paton, R.A., 2016. Professional buyers and the value proposition.European Management Journal,34(3), pp.223-231.

 

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