With the competitive forces we would need to be aware of the other products that manufacturers in the similar industry are producing. With the economic forces we need to be aware of the buying power of our target markets, will the customers be able to afford the product? We will also need to take into consideration the importance of our customers saving money. The success of our product could be affected if new regulations are put into place due to a change in regime. Safety regulations are important to keep in mind because if we do not adhere to standards there could be legal consequences. The availability of water is limited in California, and will thus impact our sales in the region. Other companies that have more technological resources to develop improved washers and dryers would be in direct competition with our product. This would require a higher level of advancement in our technology with our company. With less of a separation of a work and home life, people are more dedicated to their jobs and have less time to do trivial tasks, like laundry. Thus this product would save time for the typical college student.
1. Competitive Analysis
b. Our product will be a high quality and highly efficient two-in-one washer and dryer. Our product will save time, money, and space for our target market. This is what sets us apart from the competition. Most of our competitors only have the separate products available for purchase, and the ones that have combined the two vertically do not have an automated process to both wash and dry the clothes in one step.
Brand Competition: GE Appliance, Whirlpool, Samsung, Panasonic
Generic Competition: Acme, Bosch, Appliances 365 ltd, Verona, Vestel
Product Competition: Maytag, LG Corp, Kenmore, Amana
Budget Competition: Apple watches, smart tv, Gaming equiptment, new computer
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competitive_analysis_example_student.docx
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