The new product that is being introduced as part of Whirpool production will be marketed along the market chains that the company has used and has competitive advantage over other products in the market. The company will concentrate on marketing the product in the Western nations, followed by the Asian countries and lastly the African nations based on the sales margin of their earlier products (Chakraborty, 2017).
Customers in the industry have expressed the problem of having their refrigerator doors not tightly closing when they are shut.The company GE appliances that is one of the competitors has admitted to the existence of the problem on their website, but they have only provided a limited number of solutions (Refrigerator-Freezer Door Pops Open, 2017).
In the industry, none of the companies have come up with a long-lasting solution like the new invention. The product will provide the company with a competitive advantage in the consumer home appliances. The company does sell their products in over 170 countries, and by the first quarter of 2017, they had a market share of 34.33% (Whirlpool Corp Comparison to its competitors, market share, and competitiveness by Segment-CSIMarket, 2017).
How to Achieve a Competitive Advantage
In order to succeed in any market a company has to decide which strategy is more appropriate to use, which means identifying the sources of a potential competitive advantage such as skills or resources. Superior skills in creating a special product can represent the element that is setting the company apart from its competitors. That is easily translated into a very good quality of the products.
Reference List
Chakraborty, A. (2017). Leverage Analysis: A Study on Whirlpool LTD. Nopal Institute of Management Studies-Department of Management.
Refrigerator-Freezer Door Pops Open. (2017). Products.geappliances.com. Retrieved 15 September 2017, from http://products.geappliances.com/appliances/gea-support-search-content?contentId=16979
Whirlpool Corp Comparison to its Competitors, Market share, and Competitiveness by Segmet-CSIMarket. (2017). Csimarket.com. Retrieved 15 September 2017, from https://csimarket.com/stocks/compete-glance.php?code=WHR
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