Analyzing Competitors Analysis and Competitive Strategy … Research Paper
Pages: 10 (3083 words) | Style: APA | Sources: 10
Competitors Analysis and Competitive Strategy
Samsung: Competitors Analysis and Competitive Strategy
Mexico is globally well positioned in the exportation and assembling of electronics. Statistics indicate that the production level with regard to the electronic industry in Mexico was close to $56 billion in the year 2012. Samsung Electronics is one of the main sector companies that have a strong presence in Mexico. However, the company does face intense competition from other electronic companies. Some of the top competitors for Samsung include: LG Electronics as a local competitor and Panasonic Corporation and Sony Corporation as international competitors (Electronic Meetings, 2016). The following paper will undertake a competitive analysis of these three companies, assessing their strengths and weaknesses and finally recommend a competitive strategy that will leverage Samsung Electronics' competitive advantages and/or mitigate its competitive weaknesses.
Overview of Samsung
Samsung was founded in the year 1938 by Lee-Byung-Chull and its original name at the star was Samsung Sanhoe. Initially, the company started out as a small export business within Korea that manufactured food and sugar. The company entered the electronic industry towards the end of the 1960s period. In recent periods, specifically between 2000 and 2010, the company went through a pioneering digital age. In particular, this digital age was the time that the company experienced revolutionary change. Samsung reacted efficaciously to this need in technology with competitive products and unceasing innovation by unveiling products such as PDA phone, LCD TV, First Solar powered mobile phones and fashioned world's thinnest TV at 6.5 mm. In the contemporary, the company focuses on digital appliances, media, phones, semiconductors etc. (Samsung Group Website, 2016).
Samsung Group does not have a formal mission statement, but rather conveys it through the values and way of life of the company. The company website asserts that "At Samsung, we follow a simple business philosophy: to devote our talent and technology to creating superior products and services that contribute to a better global society" (Samsung Group Website, 2016). The company's business strategies are aligned to this mission and vision. For instance, the company has come up with Samsung Air Conditioner triple protector, which is specifically meant for people who live in Africa to make their lives better.
LG Electronics Analysis
i. Corporate Social Responsibility: LG Corporation has for a long time been taking part in community work with the purpose of engaging and involving the general public in the co-creation of the wealth. LG Electronics has a Corporate Social Responsibility (CSR) Structure system in position to make certain that there is a cleaner environment and contented people. Centered on its management philosophies of customer-value creation and people-oriented management, LG Corporation strives for sustainability management that takes into consideration the society, the economy, and the environment in an all-inclusive and balanced manner (LG Website, 2016).
ii. High Top of Mind Awareness Strategy: LG Corporation has been through its incessant branding endeavors, given sponsorship to different sporting and lifestyle events. For instance, some of these events include: Formula One Championship, ICC Cricket World Cup, Football matches and the like. This in turn has given LG Corporation a strong suit in that it has generated high visibility and therefore is very successful in its branding endeavors.
iii. Extensive Distribution System: LG Corporation has a strong suit in its all-encompassing system of distribution. With the company being a fast moving consumer long-lasting corporation, it makes it much easier to make certain that the products are accessible and available in the markets by means of its different distribution partners. As a result of the company's pull strategy or approach, LG Corporation perceives very speedy rotation of its inventories and stock, but at the same time, also has to employ discarding of these stocks to the channel partners. In addition, the company employs the global and act local strategy, as it markets its products. It is imperative to note that the company has the widest distribution network in the industry with about 47 partners and over 10,000 trade partners.
iv. A Diversification in terms of products across different categories: LG Corporation has a massive product line and length that is diversified across the product categories in both white and brown goods.
v. Strategic Partnership: LG Corporation has had collaborative partnerships with several companies. This is a strong suit for the company as it is having the capacity to undertake technological advancements and also be able to identify different business prospects through the various strategic alliances with some of the leading companies in the world. These relationships enable the company to have an edge, particularly in this fast developing industry.
i. One of the flaws or downsides of LG Corporation can be perceived in its management. As a result of the company's wide-ranging presence in the white and brown goods market, it causes the lack of proper focus and emphasis on every single product category. This in turn has caused the company to lose its market share and consumer base in numerous products, for instance, televisions and refrigerators.
ii. Another weakness of LG Corporation is the lack in sight of a considerable cash cow for the company. It is imperative to note that Samsung has amazing and considerable brand equity as a result of its smart phones, such as Galaxy S series and smart televisions. In the same manner, a majority of the major brands across the market have a product that is a super hit amongst the consumers, which is a cash cow for such brands. However, with regard to LG, there is hardly any on specific product that is a cash cow for the company.
Panasonic Corporation Analysis
Panasonic Corporation has been and continues to be one of the most top and prolific electronic manufacturers in the world. Established in the year 1919, the company's business operation has been divided into six different segments. These include Panasonic Electric Works (PEW), digital AVC networks, SANYO, PanaHome, components and devices, home equipment and others. These segments have produced different products such as AVC equipment along with their corresponding hardware and software, washing machines, vacuum cleaners and the like. In addition, with regard to devices, the company also deals with different products, including batteries, industrial electronic components, and eco-car equipment. The corporation's solutions equipment aims at globally moral businesses, producers, and health care companies. While the company operates predominantly in Japan, its products are renowned across the world (Hoovers, 2016).
i. One of the main strong suits of Panasonic Corporation lies with its brand name. Since its inception, the company has built a strong name for itself in the market and among consumers. In turn, the company brand has come to be one of the valued brands in the market.
ii. Another strength that the company has is its diversity in the business operations that it undertakes. Panasonic has ventured in different products and has an assorted product line. Not only is the company acknowledged in its audio and video products, but it has also diversified into different products such as batteries and industrial electronic components. This increases the consumer base reach, but also increases chances of greater revenue from different sources (Sadler, 1993).
i. In the recent years, the company has had a weak financial performance. This in turn has had an adverse impact on the extent of the success level that the company can attain.
ii. Another weakness for Panasonic is its employee productivity. In comparison to the products being unveiled in the market at the moment, the output from the company employees has been below par. The company has yet to unveil a super hit product that takes the present market by storm.
Sony Corporation Analysis
Sony Corporation was founded in 1946 in Japan and its founders were Japanese engineers known as Masaru Ibuka and Akio Morita, two individuals that revolutionized the electronic entertainment industry. Sony started to make history, debuting the original transistor radio in 1955 and the world's first direct-view portable TV, five years later (Sony, 2012). Television modernized the world. It was the top retailing product in history being stocked in American living rooms more rapidly compared to the invention of the telephone. In addition, Sony made the first cassette tape recorder, transistor stereo amplifier, fashioned color television, batamax, the Walkman, the magnetic video camera, the first CD player in the world, PlayStation gaming system, mp3 player, High definition video, the world's first camcorder, the handycam, the DVD, and Blu-ray. There are several different electronical devices that bear the Sony name that altered and revolutionized the entertainment world.
1. Sony Corporation is one and the same with regard to technological superiority and has a rich legacy of technological expertise. Apart from unveiling the Trinitron Color television, VCR, and Walkman into the market, Sony Corporation has been of assistance in the development of the magnetic recording tape, the compact disc, and the Blu-Ray disc, which are utilized in the present day as a medium for high-definition video playback. In addition, the company's most… [END OF PREVIEW]
Cite This Paper:
APA FormatAnalyzing Competitors Analysis And Competitive Strategy. (2016, March 5). Retrieved March 22, 2017, from http://www.essaytown.com/subjects/paper/analyzing-competitors-analysis-competitive/4268643
MLA Format"Analyzing Competitors Analysis And Competitive Strategy." 5 March 2016. Web. 22 March 2017. <http://www.essaytown.com/subjects/paper/analyzing-competitors-analysis-competitive/4268643>.
Chicago Format"Analyzing Competitors Analysis And Competitive Strategy." Essaytown.com. March 5, 2016. Accessed March 22, 2017.