Despite of that, the company needs to bring in some more products through the grand strategy called as “Product Development”. This strategy will not only enhance the product breadth of company but will also support in competing with major rivals as well as creating a sustainable position in market.
The process of Product Development must be conducted by taking assistance from another grand strategy which is widely implemented by electronic companies today. This strategy is called as “Innovation” strategy. Garmin Co. must utilize the best available technology in order to manufacture the best quality of electronic products. The company can also transform its innovation strategies to its competitive edge. In this manner, it would be difficult for competitors to compete with Garmin and it can also direct the company to the position of market leader in a period of next 10 to 20 years.
Garmin possesses an innovative mind-set as well as all the required resources in order to pursue its business and compete with its competitors. It is important for Garmin to examine the ways through which it can bring in new products in an innovative manner (Feather, 2010).
The above mentioned two grand strategies are recommended because in order to compete with intense competition, Garmin needs to pursue the competition by providing better products and services. After a complete range of products has been established, Garmin should remain consistent with its quality and pricing so that it can retain its customers. This idea will not only help Garmin in building up its brand image but also will generate substantial revenues that would assist the company in long