Report On Knowing Ones' Market
Feedback from customers is an important aspect of building a successful product or service. However, there are dangers of asking clients what they deem important in a certain product or service purchase. One danger is, one might not get accurate information due to the presence of sampling error (Sandhusen, 2010).
Another problem is that customers might give wrong information since they may feel their privacy is been invaded due to the personal question asked. They may also consider the processing time wasting hence provide incomplete information to save their time. Smartphone mobile industry has a variety of companies that are facing a lot of competition from one another.
Among the companies are the following which have differentiated themselves to earn a competitive advantage. They include LG Display Co Ltd, Samsung and Apple. Apple company use a differentiation strategy referred to as multifaceted which permits it to trade their product in distinct ways to maximize their sales (Sandhusen, 2010). This means that they use different marketing strategies such as the use of different promotional strategies, distribution channels, packaging and target market. These are innovators who persistently push restrictions of goods and services making them very successful. The very successful strategy of Apple is to create their personal ecosystem.
LG has differentiated itself from the production of commodities and services that are exceptional to the market. This means that products are utilized to experience fresh, wealthy existence of digital display. Samsung Company spins and produces quickly, bringing out a range of devices. Samsung has differentiated itself from the production of less expensive iPhone, bigger screens, distinct features, victorious marketing and conveying consumer wants.
Sandhusen, R. (2010). Marketing. Hauppauge, NY: Barron's.