SWOT analysis Garmin, new technologies, connected objects sector, world of marine, aviation, automotive, fitness, outdoor activities, sporting activities
The Garmin group is part of the new technologies and other connected objects sector. Its fields of activity are very varied since the company is present in the world of marine, aviation, but also automotive, fitness and all outdoor activities. The group's turnover at the start of 2020 amounted to 3.35 billion dollars or 2.81 billion Euros. In 2020, revenue increased by around 10%, with the e-commerce-related figure also increasing by 11.4%. Garmin is a company that we see more and more in the field of connected objects, especially GPS and watches, it is, in any case, these products that we tend to find the most in France.
[...] These new entrants offer far more affordable prices than the market-leading giants for products that are gradually proving their worth. Conclusion The Garmin group's SWOT analysis allowed us to highlight several characteristics related to the company. We have seen that the Garmin group has many strengths, for example, its obvious notoriety around the world, especially with regard to its GPS, which have been in existence for several years now. Little by little, the group has specialized in other areas in order to be able to generate a turnover, as well as a larger number of customers. [...]
[...] Values which are honesty, integrity, respect and constant improvement of the customer experience. The customer reviews left by Internet users are very positive, with more than 80% of customers satisfied with watches and other activity trackers. B. Weaknesses Weaknesses are all areas where the Garmin Group can improve. When developing the marketing strategy, companies make choices, which are called strategic choices, and it happens that some things are somewhat left out in order to strengthen other areas, which may seem more promising at some point. [...]
[...] Some sectors are not as successful as others, forcing the group to be more vigilant and to develop communication strategies more in line with the strengths of the company. This highlights new challenges for the group. Challenges that can be complicated to overcome, especially since research and innovation are paramount to this sector. It becomes increasingly more difficult to innovate and offer products that reflect those of the competition. These investments in research and development are also below the industry average, or in any case, they fail to compete with the competitors who are very keen on everything related to creating ever more efficient products. [...]
[...] Opportunities Garmin ensures an almost continuous presence on the internet as well as on social networks. Indeed, the vast majority of companies must be present on the net since more than 80% of consumers are online for several hours a day. Garmin is, therefore, present on social networks such as Facebook, Twitter and Instagram. These sites allow users to create communities, allowing Internet users to communicate with each other and give their opinion on the use of the brand's products. [...]
[...] The same goes for satellite navigation systems. Dozens of applications make it easy to navigate. It should also be noted that there is an increase in the price of raw materials, which could lead to a loss of profitability for the brand in the long term. Indeed, it is almost impossible to raise the selling prices of products too much because consumers would no longer buy them. The presence of competing players offering new, high-performance products for less would not tip the scales in Garmin's favour. [...]
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