The company creates value for the customer by offering a product with a broad range of benefits. Those benefits may include specialized functions, new technologies, modern design or overall high quality of the product. The advantages of buying the product from the point of view of the customer should out weight the expenses. The company should put a lot of effort in meeting or even exceeding the expectations of a client. However, the price of a product should always be appropriate (Lee, Bae, and S. Lee 113).This part of marketing is highly important because “a carefully developed value proposition has a significant role as it represents an offering of value aimed at engaging and building long-term customer relationships” (Payne and Frow 223). This means that it is necessary to create a high value for customers because they prefer to buy a new flat-screen TV every few years.
The mission statement of Samsung is rather straightforward. It is “inspire the world, create the future” (Samsung.com par. 1.). It fits the company very well because it is known for the original design of their products and innovative technologies. Samsung changes the mission statement every decade, so it stays up-to-date. It is quite efficient in representing company’s commitment to having a customer focus. However, it could be improved to have more focus on the client. A current mission statement is quite powerful, but it lacks words that could demonstrate how much the company cares about the customers. Samsung likes to think globally, its goal is to change the industry and to advance technologies, so there is a better future for everyone. However, just one phrase added about the customers would make it even better.
The strength of this product is the brand name that is known worldwide. Most of the customers often prefer to buy electronic products made by a trusted brand, which is great from a marketing standpoint.
The weakness of this product is a huge amount of competitors on the market. A lot of competitors try to gain advantage by their pricing politics. Some of those brands start catching up with their product design and technologies.
One of the hugest opportunities is to provide even better support for video and audio streaming services. It is a relatively new territory for flat-screen TV manufacturers so there a huge opportunities available.
The biggest possible threat is a possibility of new technologies being developed by competitors. A product should always be innovative on this market, so there are always risks connected with this factor.
According to the table, Panasonic 40-inch flat-screen TV has ranked the highest on the criteria of both width and price. Samsung 40-inch flat-screen TV has ranked the highest on the criteria of warranty terms. VIZIO 40-inch flat-screen TV has ranked the lowest in all three columns. Panasonic has ranked the highest overall thanks to both width of a product and the lowest price, which is crucial for modern customers. Even though Samsung did not rank the highest in this chart, this company still can be called the leader on the market. Other products are only the followers because many different factors were not accounted for, such as a famous award-winning design of Samsung products (Chung and Freeze 27). This product category is extremely competitive, and companies use different methods to gain the advantage on the market.
Table 1. Competitive analysis
Works Cited
Chung, Kyung‐won, and Karen Freeze. “Samsung Electronics and the pathway to integrated design success.” Design Management Review 20.3 (2009): 20-27.
Lee, Kun Chang, Youngil Bae, and Sangjae Lee. “Integration of ontology-based decision support and a cognitive map approach to predict flat-screen TV market trends.” Technological Forecasting and Social Change 95 (2015): 109-119.
Payne, Adrian, and Pennie Frow. “Developing superior value propositions: a strategic marketing imperative.” Journal of Service Management 25.2 (2014): 213-227.
Samsung.com. Vision & Mission. n.d. Web. 2015. Web.