Creating Value for Customers
Personal health and fitness is a common feature in recent times after major concerns on the young people. With the increase in technology and gadgets, one is in a position to keep track of their activity and personal gains and losses. Garmin Vivo is a tracker which keeps data on the activity a user does in their fitness program. Garmin came up with the brilliant gadget to help people analyze their daily changes in health and fitness. The product does not only work as an activity tracker but a watch. Hence, one can wear it at all times to either keep track of time or their activity (Lamkin, 2015). The latest model comes with a heart rate monitor; a plus in the fitness industry. Above all, the gadget with its amazing features and tools comes at an affordable price against its competitors.
Role of the Customer in the Company’s Strategic Planning
The customers play a major role in the growth of a company. It is through their issues and problems that people invent solutions. Garmin’s products tend to fall in line with their slogan ‘You will be lost without it’ (Staff, 2015). In its bid to create fascinating creations, they come up with great technology like the Vivo Activity tracker that is compatible with any environment. These features compose of its mission which is to provide affordable products to its customers that possess great value and use in their daily lives (Staff, 2015). However, its mission statement should provide a better understanding of its key products. It feels quite shallow since most of the companies seek to provide cheap products to its customers. The mission statement would be effective if it focused on the customer and how they build their items around them.
SWOT Analysis
SWOT analysis of the company shows that it has great strengths and opportunities over its threats and weaknesses. Its major strength is the incorporation of GPS technologies in its products (Scott, Irene, April, & Simplicious, 2014). Apart from that, it has an in-house manufacturing plant which makes it more efficient to control and manage. These two features boost the company’s ability to provide efficient customer support and sales services. Monitoring of GPS satellites by the government limits the product’s customer base (Staff, 2015). Despite the weaknesses, the company has opportunities in increasing its brand awareness through visibility drives. Though GPS has its limits, the young generation seems to catch up with it pretty fast making it important in daily activity. Its major threats are increase of competitors especially new entrants who offer better products and services. GPS satellites are prone to be inoperable because of the decaying gravity and its market saturation.
Competitive Analysis
Most customers who are looking to purchase an activity tracker tend to look for three items: price, design, and features. Price is essential in any purchase since one has to factor in their budget and the most convenient product in the market (Lamkin, 2015). The features of a product are essential to its users as the more it possesses, the better it stands against its competitors. Lastly, the design of a product should be attractive to its customers and sit comfortably in their body. Garmin Vivo activity tracker ranked the highest in all categories combined. The TomTom Cardio MultiSport ranked the highest in price and tied with the Garmin Vivo in design. The FitBit Surge had an average scale all through. From the results, Garmin Vivo still holds the top position in activity trackers though the TomTom Cardio MultiSport seems to be catching up closely. Hence, the company should look into advancing its technologies.
References
Lamkin, P. (2015, August 14). Garmin Forerunner 225 v Fitbit Surge v TomTom Cardio Multisport. Retrieved from Wareable: Tech For Your Connected Self: http://www.wareable.com/sport/garmin-forerunner-225-vs-fitbit-surge-vs-tom-tom-cardio-multisport-heart-rate-gps
Scott, Irene, April, & Simplicious. (2014). Garmin: Corporate Analysis. Retrieved from Nuteam Synergy: https://nuteamsynergy.wikispaces.com/file/view/TeamB_Garmin_Final.docx#competitive_analysis
Staff, T. (2015). Garmin SWOT Analysis, USP, and Competitors. Retrieved from MBASkool: http://www.mbaskool.com/brandguide/telecom-service-providers/6377-garmin.html
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