ECON Montclair State University Economics Discussion

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ELECTRICAL EQUIPMENT & APPLIANCES
ELECTRICAL
EQUIPMENT &
APPLIANCES:
INDUSTRY ANALYSIS
Hernandez 1
TABLE OF CONTENTS
Introduction and Industry History……………………………………………………………..2
Current Status of the Industry………………………………………………………………….4
Industry Analysis…………………………………………………………………………………8
Conclusion and Predictions……………………………………………………………………..12
Works Cited……………………………………………………………………………………..13
Hernandez 2
Danieli Hernandez
Professor: Ram Sewak Dubey
ECON563: Managerial Economics
10 May. 2020
Introduction and Industry History
In order to begin speaking about the Electrical Equipment and Appliances Industry,
primary we have to circle back and acknowledge the one natural force that allows all of these
gadgets to function, Electricity. Without electricity in our lives there would be no television,
phones, air conditioner, neither a computer to do this assignment, etc. In 1752, scientist
Benjamin Franklin discovered electricity by conducting his famous Kite Experiment. This
discovery marked a turning point in history for other scientists to begin studying electricity as
well. Fast forward, in 1879 Thomas Edison patented the electric light bulb and our world has
been brighter ever since (WONDEROPOLIS, 2020).
The electrical equipment and appliances industry consist of companies that make a range
of products for a diverse customer base. This sector is fragmented, but there are a few companies
that lay claim to a sizable portion of total sales. Products include electrical motors, commercial
and industrial lighting fixtures, heating, ventilation and air conditioning systems and
components, and, among others, electrical power equipment (VALUE LINE, 2020).
The industry is very broad and anything that you can think of that is powered by
Electricity falls under the category of The Electronic Equipment, Appliance, and Component
Manufacturing, its subsector includes the following industries: Electric Lighting, Equipment
Manufacturing, Household Appliance Manufacturing, Electrical Equipment Manufacturing and
Other Electrical Equipment and Component Manufacturing (NAICS, 2019).
The home appliance industry includes common electrical or mechanical devices such as
ovens, refrigerators, and microwaves. In 2018, the industry broke the record in terms of
appliance consumption in the United States; imports of household and kitchen appliances
amounted to over 31 billion U.S. dollars (the country’s highest figure to date). The North
American market is a major revenue source for the industry as a whole, with electronics and
appliance store sales from the region frequently amounting to over 100 billion dollars. The
Chinese Midea Group and Haier Electronics Group, the American companies General Electric
and Whirlpool Corporation, the German Bosch and Siemens Group, the Swedish Electrolux, and
the South Korean LG Electronics and Samsung Electronics are the leading household appliances
manufacturers worldwide and are major players (SHASHONG, 2019).
While we mention the main players in the electronics and appliances, it is important to
mention that most of the electronics manufacturing pieces companies are not founded in the
United States of America, with that being said it becomes an obligation to clarify the importance
of the Tariffs in the country’s history. The USA Administration’s trade policy aims to advance
and defend the interests of American manufacturers and their workers by expanding export
opportunities and strengthening enforcement of trade rules. There are two of the core goals for
the economic and trade policy. USTR is working to level the playing field for U.S.
manufacturers by eliminating tariff and non-tariff barriers, negotiating WTO rules to benefit U.S.
manufacturers, countering foreign trade distorting practices and enforcing trade agreements
(INDUSTRIAL COMPETITIVENESS, 2020).
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The President’s Trade Policy makes clear that American trade remedy laws and other
trade laws have to be vigorously enforced to ensure fair trade for U.S. manufacturers and their
workers at home, while USTR also presses vigorously for new export markets by challenging
discriminatory practices, industrial policies, and non-tariff barriers overseas. USTR is pursuing
these actions and others to provide real results for American manufacturing (INDUSTRIAL
COMPETITIVENESS, 2020).
Industrial goods encompass all non-agricultural goods and include products such as
machinery, autos and transportation equipment, information technology products, minerals and
metals, petroleum, chemicals, textiles and clothing, leather and footwear, consumer goods, wood
products, and fish and fish products. Industrial tariffs are customs duties on non-agricultural
merchandise imports, levied either on an ad valorem basis (percentage of value) or on a specific
basis (e.g., $1 per 100 pounds). Approximately 96 percent of U.S. merchandise imports are
industrial (non-agricultural) goods. The United States currently has a trade-weighted average
import tariff rate of 2.0 percent on industrial goods. One-half of all industrial goods entering the
United States enter duty free (INDUSTRIAL TARIFFS, 2020).
The rise of the Tariff’s has resulted in A Trade War, it happens when one country
retaliates against another by raising import tariffs or placing other restrictions on the opposing
country’s imports. In a global economy, a trade war can become very damaging to the consumers
and businesses of both nations, and the contagion can grow to affect many aspects of both
economies. Trade wars are a side effect of protectionism, which are government actions and
policies that restrict international trade. A country will generally undertake protectionist actions
with the intent of shielding domestic businesses and jobs from foreign competition.
Protectionism is also a method used to balance trade deficits. A trade deficit happens when a
country’s imports exceed the amounts of its exports (CHEN, 2019).
The benefits of tariffs can be uneven. Because a tariff is a tax, the government will see
increased revenue as imports enter the domestic market. Domestic industries also benefit from a
reduction in competition, since import prices are artificially inflated. The Bottom Line about
Tariff’s is that free trade benefits consumers through increased choice and reduced prices, but
because the global economy brings with its uncertainty, many governments impose tariffs and
other trade barriers to protect the industry. There is a delicate balance between the pursuit of
efficiencies and the government’s need to ensure low unemployment (RADCLIFFE, 2019).
The effect of tariffs and trade barriers on businesses, consumers and the government
shifts over time. In the short run, higher prices for goods can reduce consumption by individual
consumers and by businesses. During this period, some businesses will profit, and the
government will see an increase in revenue from duties. In the long term, these businesses may
see a decline in efficiency due to a lack of competition, and may also see a reduction in profits
due to the emergence of substitutes for their products. For the government, the long-term effect
of subsidies is an increase in the demand for public services, since increased prices, especially in
foodstuffs, leave less disposable income (INVESTOPEDIA, 2019).
The figure #1 shows the effect of the Trade War in the Electrical Equipment &
Appliances Industry (third column) in the United States of America. The bars represent the
percent of targeted US imports made in multinational-owned factories, by Tariff round.
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Figure 1 – Effect of the Trade War in the Electrical Equipment & Appliances Industry, 2019.
Source: PIIE, 2019
When the conversation is about businesses earning profits and revenue, the operating
structures always involve high fixed costs in this industry. Raw materials like copper, aluminum
and steel are essential in the manufacture of products and any fluctuations in commodities prices
can have an impact on the group’s earnings performance. The industry spans all corners of the
world, and it is subject to the influence of the macroeconomic cycle and other economic or
politic as cited before (RADCLIFFE, 2019).
Current Status of the Industry
When giving a glance in the industry in terms of workforce, it was observed that while
most of the data are obtained from employers or establishment surveys, information on Industry
Unemployment comes from a national survey of households. The following table present an
overview of the industry including the number of jobs, and the unemployment rate of those
previously employed in the industry until March 2020 (US. BUREAU LABOR OF
STATISTICS, 2020).
Figure 2 – Electrical Equipment & Appliances Industry: number of jobs and the unemployment rate from Dec. 2019
– Mar. 2020
Source: U.S. Bureau Labor of Statistics, 2020
In the current economic situation, a total nonfarm payroll employment fell by 20.5
million and the unemployment rate rose to 14.7 percent, the U.S. Bureau of Labor Statistics
reported in April 2020. The changes in these measures reflect the effects of the coronavirus
(COVID-19) pandemic and efforts to contain it. Employment rates fell sharply in all major
industry sectors. In the manufacturing industry, these reflected in employment dropping by 1.3
million. About two-thirds of the decline was in durable goods manufacturing (-914,000), which
saw losses in motor vehicles and parts (-382,000) and in fabricated metal products (-109,000).
Nondurable goods manufacturing shed 416,000 jobs (U.S. BUREAU LABOR OF STATISTICS,
2020).
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The national electrical equipment manufacturing industry has declined throughout the
past years, due to rising import competition and adverse operating conditions. Substantial growth
in the value of the U.S. dollar during the five-year period has increased the international buying
power of downstream markets. In turn, imports’ share of domestic demand has steadily increased
to account for more than half of the industry’s domestic demand. Additionally, a series of notable
economic events, including the Federal Reserve’s move to raise interest rates, China’s slowing
GDP growth and the subsequent crash in commodity prices, have all adversely affected the
Manufacturing sector as a whole (IBISWORLD, 2019).
Improving downstream markets in more recent years have bolstered industry sales, while
imports have continued to weigh down domestic operators. Import penetration has risen as a
result of increased competition from countries with lower wages and fewer regulations, which
enable them to manufacture industry products at lower costs. Expected upgrades in infrastructure
are anticipated to stimulate demand for industry products over the five years to 2024
(IBISWORLD, 2019).
The top electronics manufacturing companies in the U.S. are mostly diverse
conglomerates with a large variety of offerings ranging from silicon chips, wiring, and cables, to
appliances, military equipment, and audio technology (THOMAS, 2019).
Figure 3 – Display the outlined top 10 key electronics Manufacturers in the U.S.A. 2019
Source: Thomas, 2019
Outside of low-cost manufacturing, the U.S. overwhelmingly dominates in the electronics
industry. However, several international firms compete very effectively for market share. The
largest electronics company worldwide, TE Connectivity, is based in Switzerland. TE has a
higher market capitalization than the largest U.S. firm, Amphenol Corporation, by roughly five
billion dollars (THOMAS, 2019).
Figure 4 – Display the outlined top 4 key Global Electronics Manufacturers in the U.S.A. 2019
Source: Thomas, 2019.
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The home appliance industry is composed of two main sectors: major domestic
appliances and small domestic appliances. Large machines used at home, such as freezers,
stoves, washing machines, are part of the major domestic appliance category. The kitchen
appliances segment is one of the main categories in major home appliance sector. Refrigerators
and freezers, another important segment within this market, are expected to experience a seventh
consecutive year of shipment growth with a total of over 12 million shipments. Other important
segments of this industry include washing machines, dryers, and dishwashers. Small domestic
appliances, the second category of this industry, include products such as food processors,
toasters and coffee makers (LIU, 2019). Currently in the U.S the top ten home appliances brands
in decrescent market share order are: Whirlpool, Amana, LG, Frigidaire, Maytag, Miese,
Samsung, Gaggenau, Bosh and KitchenAid.
The Electrical Equipment & Appliances industry has been gaining prominence on
account of devices enhanced with smart sensors and the Internet of things (IoT) enabled
technology, meaning that the devices can be controlled and monitored remotely through mobile
applications. Along with easing the customer user interface by integrating the devices with the
IoT platform, the manufacturers focus on developing energy efficient technologies which comply
with the Energy Star specifications and efficiency levels (GVR, 2019).
The smart appliance market in the U.S. brought in an estimated 7.5 billion U.S. dollars in
2018, a significant increase from the 2011 figure when this market was valued at just 266 million
U.S. dollars. Over 20 million smart home devices have been shipped in the United States in
2019, in each of the past three years, and the popularity of these types of devices only increase
(LIU, 2019).
The segment of Smart Appliances includes connected versions of all kinds of household
appliances. In most cases, smart appliances are incremental innovations which add new features
to existing products rather than creating totally new devices. The high amount of revenues is
generated mainly by relatively high product prices. Many customers as a first step purchase
lower-priced small appliances such as smart coffee machines or vacuum robots, whereas people
who already own products from other segments are more likely to purchase large, higher-priced
appliances like fridges. It is expected that smart devices will be adopted rather moderately in
Europe and North America, but more quickly in Asia (STATISTA, 2020).
When researching about technology in the Electrical Equipment & Appliances Industry,
interesting and innovative facts were found. The growing popularity of induction cooking
technology in the wake of rising fuel prices and the changing lifestyle of consumers with
increasing number of nuclear families has increased the dependence of users on the household
devices and hence is expected to significantly drive the home appliances market (GVR, 2019).
On Figure #5, we can observe that revenue in the Smart Appliances segment was
expected to amount to US$21,520m in 2020 and the increasing revenue can be up to
US$39,628m in 2024; supporting the findings regarding the popularity of this segment.
Figure 5 – Global Smart Appliances Industry growth from 2019 – 2024
Source: Statista, 2020
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Figure #6 shows the Global comparison in revenue in the Smart Appliances segment.
With a market volume of US$6,288m in 2020, most revenue is generated in China. It is expected
that COVID-19 will affect all industries globally and this amount might change. But despite the
Global Pandemic, we can observe the trend in the segment.
Figure 6 – Global Smart Appliances Industry Revenue Comparison 2020
Source: Statista, 2020
Historically speaking, individuals are known to be more willing to purchase equipment
when they are economically well-off and have a surplus of cash. During difficult and uncertain
economic times, heads of household will most likely hold off spending decisions on “luxury”
equipment. For example, if the economy is not looking bright due to a recent pandemic,
individuals most likely will hold off on getting a new coffee maker if the one they have still
worked efficiently (VALUE LINE, 2020).
A recent study evaluated How COVID-19 Consumer Spending is Impacting Industries.
Nations worldwide are still trying to adapt to the idea of prolonged indoor stays, and how to
adjust to so many changes. The survey consisted on analyze, now that we need to try to avoid
going to public spaces and social interactions, how has this changed our approach in purchasing
goods.
Figure 7 – Shows the expected spending per category compared to usual household spending by selected countries .
Source: McKINSEY & COMPANY, 2020
Consumers have shifted toward digital channels, products, and services across categories,
but that shift has not come close to offsetting the overall reduction in spending. Now it’s even
more critical for companies to anticipate how consumers will change and respond to specific
segment needs in a time manner to secure their market share. This goes beyond prolonged
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promotions or free/lowered shipping charges (McKINSEY & COMPANY, 2020). To connect with
customer the messaging must acknowledge the current situation and strike a tone of empathy and
solidarity.
Industry Analysis
Porter’s five forces is a framework that makes us better understand the competitive forces
within the electronic equipment and appliances industry. These forces include the competition in
the industry, the potential of new entrants, the bargaining power of suppliers, the bargaining
power of customers, and the threat of substitute products; which drive the way economic value is
divided among industry players. It also enables a company to develop a competitive strategy that
best defends against the competitive forces or influences them in its favor. The key to developing
a competitive strategy is to understand the sources of the competitive forces (PORTER, 2008).
Competition in the Industry
Industry rivalry, the first of Porter’s forces, is in the center of the diagram. Note that the
arrows in the diagram show two-way relationships between rivalry and all of the other forces.
This is because each force can affect how hard firms in an industry must compete against each
other to gain customers, establish favorable supplier relationships, and defend themselves against
new firms entering the industry (BCAMPOS, 2020).
The Electrical Equipment and Appliances Industry has a High Force of rivalry. There are
numerous electrical and appliances companies competing in the U.S. market. Since
differentiation is low and fixed costs can be high, there is always pressure for price competition
and to launch improvements in technology, new products and differentiation in customer service.
It is very common to find a rival brand to substitute a product from a different brand that
does exactly the same job, however, it has one extra functionality that differentiates the product.
Flat irons are a great example: you can buy a regular clothes iron for $20, but on the next aisle
you found another clothes iron for $30 but this one can create steam to iron your clothes. That
small difference can make a drastic change in the consumer’s mind.
Competition in the major home appliance industry is intense, including competitors such
as Arcelik, Bosch Siemens, Electrolux, Haier, Kenmore, LG, Mabe, Midea, Panasonic and
Samsung, many of which are increasingly expanding beyond their existing manufacturing
footprint. Competition in this market is based upon a wide variety of factors, including selling
price, product features and design, performance, innovation, energy efficiency, quality, cost,
distribution and financial incentives. These financial incentives include cooperative advertising,
co-marketing funds, salesperson incentives, volume rebates and terms. The way companies can
best compete in the current environment is by focusing on introducing new and innovative
products, building strong brands, enhancing trade customer and consumer value with our product
and service offerings, expanding footprint and trade distribution channels, increasing
productivity, improving quality, lowering costs, and taking other efficiency-enhancing measures
(WHIRLPOOL, 2016).
Companies can attract customers with aggressive price cuts and high-impact marketing
campaigns; it is proven that effective use of advertisement plays an integral role in the customer
buying behavior and in achieving communication goals (SIDDIQUI, 2019). The industry has a
history of substantial merger and acquisition activity. Scale is important to profitability. Only a
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handful of the companies have annual sales below $1 billion. Acquisitions offer access to new
markets and products, as well as ample cost synergies (VALUE LINE, 2020). Usually, the larger
the company and the more extensive the record of buyouts, the less risk there is to investors and
bigger share of the market the company will have.
Threat of New Entrants
From about a decade to now, companies like Whirlpool (#1 share holder in the appliances
market in the U.S) have been innovating their products, especially in the home appliance
segment, that is to keep the customers interested in the newness and quality of their products.
These innovations have left the new entrants at a disadvantage because they do not have the
financial investments to catch up with the innovations of the stable corporations have in the
industry. It is easier for large corporations to keep improving their products because they have a
brand image and are stabilized (WHIRLPOOL, 2016). However, if these new entrants have a
great idea, they will most likely have a hard time starting up the company because of start-up
costs and brand images. This barrier makes the threat of new entrants low.
The global electrical equipment and appliances market is experiencing steady growth
(except for the Smart appliances, which is trending positively). With increasing digitalization,
consumers have become tech-savvy and have strong knowledge regarding the use and benefits of
all modern appliances. The number of smart appliances introduced in the market has increased
steadily since 2012 as we have discussed the numbers previously. The emergence of smart
homes is aiding the proliferation of smart appliances, which can be connected to the end-user’s
smartphone and monitored remotely (CISION, 2018).
It is unpredictable what the Internet of Things will be capable to perform in the near
future, 5G enables a new kind of network that is designed to connect virtually everyone
and everything together including machines, objects, and devices. But, with that being
said, the industry should be aware and prepared to face new substitutes through
innovation.
Power of Suppliers
In this industry the power of suppliers is Moderate; and that’s due to the fact that most
manufacturing companies have exclusive contracts and alliance with suppliers. On these terms,
the bargaining power of suppliers can be low or weak for several different reasons. When
switching costs of buyers are low or the threat of forward integration is low, suppliers power is
also low. When there is a large number of suppliers relative to buyers it is more difficult for
suppliers to hold competitive pricing because they are fighting for business. Also, when there is a
high dependence of a supplier’s sale on a particular buyer. Lastly when switching costs of
suppliers are high and substitutes are available suppliers power can be very weak.
Despite the exclusive’s contracts, the risk any player in the market has is that they use a
wide range of materials and components in the global production of a variety of products, which
come from numerous suppliers. Most of these companies does not have business arrangements
that provide guaranteed supply and some key parts may be available only from a single supplier
or a limited group of suppliers. Therefore, they become subject to supply and pricing risk. In
addition, certain proprietary component parts used in some of specifics products are provided by
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single-source unaffiliated third-party suppliers, if for any reason companies are unable to obtain
these proprietary components for an indeterminate period of time if these single-source suppliers
were to cease or interrupt production or otherwise fail to supply these components to the market,
which could adversely affect product sales and operating results (WHIRLPOOL, 2016).
For the large players operations and those of supply are subject to disruption for a variety
of reasons, including work stoppages, labor relations, intellectual property claims against
suppliers, information technology failures, and hazards such as fire, earthquakes, flooding, or
other natural disasters including pandemics, insurance for any of which may not be available,
affordable or adequate. Such disruption could interrupt the ability to manufacture certain
products. Any significant disruption could negatively impact revenues and/or earnings
performance (NILSEN, 2018).
Another concern that companies should keep in mind, is that the sources and prices of the
primary materials (such as steel, resins, and base metals) used to manufacture products and
components containing those materials are susceptible to significant global and regional price
fluctuations due to supply/demand trends, transportation costs, government regulations (such as
conflict mineral provisions) and tariffs, changes in currency exchange rates, price controls, the
economic climate, and other unforeseen circumstances. Significant increases in these and other
costs in the future could have a material adverse effect on our operating results (WHIRLPOOL,
2016).
Nearly every company in the industry buy their raw material from numerous suppliers.
Suppliers in dominant positions can decrease the margins that companies can earn in the market.
Powerful suppliers in the consumer goods sector use their negotiating power to extract higher
prices from the firms in the appliances field. The overall impact of higher supplier bargaining
power is that it lowers the overall profitability of appliances.
Power of Customers
The bargaining power of customers refers to the influence that customers have on the
industry environments. This component of the Porter’s Five Forces analysis assesses the ability
of buyers or customers to affect prices and business performance.
In this industry, consumers are price-sensitive and demand high quality characterizing
this a high force. While price is an important factor while the consumer is making a purchasing
decision, there is a lot of offer in the market. Well-known brands tend to price their products at
premium based on their quality, reputation and innovative products. Although price plays a big
role, the quality of the product closes most of the sales.
A survey applied by Nilsen in 2018, concluded that 55% of Millennials affirmed that
they’re highly willing to pay a premium for products that come with high quality standards,
compared to 35% of Baby Boomers (NILSEN, 2018). This is a trend that tends to continue as
new and high-end technologies enter the market.
A company success is long lasting when they extend and expand their brand image and
quality possessing the ability to adapt fast to technology changes. Brand image plays a big role
into brand loyalty and it is necessary that companies continue to evolve end constantly imposing
their presence in the media among constant excellence in customer service.
The COVID-19 pandemic continues to force major companies to shift their strategies
around the globe. Retailers and brands face a daunting multitude of short-term challenges around
health and safety, supply chain, labor force, cash flow, consumer demand and marketing. In
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order to ensure a future where businesses not only survive, but thrive, it is critical to anticipate
what a post-pandemic world will look like, and then begin to transform to better match this new
reality (FORBES, 2020). This event will definitely emphasize the power of consumers in this
industry, forcing companies to offer a range options in different products quality and prices in
order to maintain their sustainability in the market.
Threat of Substitutes
The threat of substitutes for the Electrical Equipment and Appliances is low. Most
industries don’t have the resources or production skills to compete. However, even though there
is little competition from outside of the industry, within the industry threat of substitutes is
Moderate. Product innovations have made this industry very competitive, without innovation
companies are bound to go out of business.
In the context of Porter’s model, a substitute is any other product or service that can
satisfy the same need for a customer as an industry’s offerings. It is important to not confuse
substitutes with rivals. Substitutes are completely different products or services that consumers
would be willing to use instead of the product they currently use. A great example of substitutes
is the Robotic Vacuum, it was first shown on the BBC program “Tomorrow’s World” in 1996. It
became available for public sale in 2001. The price of the smart vacuum is relatively similar to
upright models and sales has been only increasing since it has been available in the market as
shown below.
Figure 8 – U.S. vacuum cleaner market size, by product, 2014 – 2025 (USD Million)
Source: Grand View Source, 2019
Considering the IoT and advancements with fifth generation of internet, it becomes hard
to predict what other substitutes will arise in the market in the near future. Appliances are
becoming more efficient, leading to lower energy costs. The future smart home boasts
convenience and comfort. The smart appliances of the future will be able to seamlessly
communicate with each other and gain heightened awareness of their own functions and features
attracting customers include it in their home.
It is essential to keep in mind that, an industry structure changes over time, and
is not static. Eventually, buyers or suppliers can become more or less powerful. Technological or
managerial innovations can make new entry or substitution more or less likely. Changes in
regulation can change the intensity of rivalry or affect barriers to entry. Choices by competition,
such as new pricing or distribution approaches, can also affect the path of industry competition.
And in the business world, the Five Forces analysis is essential to anticipate and exploit any
Industry structural change (HARVARD BUSINESS SCHOOL, 2020).
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Conclusion and Predictions
In conclusion, the industry is closely related to technology advancement. The speed
which it occurs, and how fast new products gain their space in the market it’s significant that
companies strive for differentiation. The key for success and sustainability in the electronic
equipment and appliances industry it’s the constant pursuit for innovation.
Analyzing the threats within the industry, the two forces that pose a very high threat are
the competition among competitors in the industry and the power of customers. The reason for
this is that electronics equipment and appliances incline to be undifferentiated, consumers
demand high quality and low prices, and competition is very high.
Times of economic crisis severely limits the spending power of the customer. To preserve
sales, companies in the electronics and electronic appliance industry must offer lower priced
products and differentiated marketing strategy, finding new ways not only through technology
and innovation to attract consumers. This is an opportunity for companies within the industry to
formulate and sustain a cost advantage through having the lowest prices and increased
promotional programs by focusing on companies’ strengths including but not limited to brand
loyalty to maintain market share.
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Works Cited
BCAMPUS. A Firm’s Microenvironment: Porter’s Five Forces, 2020. Available
at: https://opentextbc.ca/principlesofmanagementopenstax/chapter/a-firms-micro-environmentporters-five-forces/
CHEN, James. What is Trade War? 2019. Available at:
https://www.investopedia.com/terms/t/trade-war.asp
CISION. Global Home Appliances Market 2018-2023: Market Expected to Surpass $200
Billion with Refrigeration Accounting for the Most Significant Share, 2018. Available
at: https://www.prnewswire.com/news-releases/global-home-appliances-market-2018-2023market-expected-to-surpass-200-billion-with-refrigeration-accounting-for-the-most-significantshare-300660910.html
GRANDE VIEW RESEARCH. Vacuum Cleaner Marke