The identified National Brand and Private Label brands traded out by Best Buy include the Sony KDL-60W850B: 1080, LED-LCD TV and the Insignia NS-48D510NA15: 1080, LED-LCD TV.
Competing Products Comparison
The fashion trends of the two products are similar in that the two are characterized by the 1080, LED-LCD TV technology, which is a common standard for fashionable digital television sets today. In terms of pricing, the Sony TV ranges around $1,697 whereas the price of the Insignia TV approximately $450. Furthermore, regarding product type, the Sony TV is both a 3D TV and a Smart TV whereas the Insignia one is a standard TV only. In this sense, the Sony TV beats the Insignia TV in terms of advanced features. The Sony KDL-60W850B also features a curved nature allowing it to carry a bigger display unlike the case of the Insignia NS-48D510NA15, which is flat all over. In addition, concerning the price type and summary, the Sony KDL-60W850B costs $1,697, making cheaper compared to the average price of a 60-60 inch TV, which ranges at around $2,227. As for the Insignia NS-48D510NA15, its price is less compared to the average for a 40-49 inch TV, which costs at around $700. The Insignia brand country of origin is the U.S. whereas Sony is a Japanese brand CITATION Spe16 \l 1033 (SpecOut, 2016).
With regard to pricing, the Sony brand is expensive unlike the case of the Insignia brand that is relatively cheaper. In this sense, it is apparent that even though a single retailer, Best Buy, trades the two product, they feature certain similar as well as distinct traits, which appeal to different customer segments. Therefore, it terms of the greater profit potential, the Insignia brand has the capacity of generating increased profits, since most customers can afford it while at the same time enjoying various advanced features of a digital TV. Nevertheless, Best Buy would be required to embark on intensive marketing efforts to ensure that customers can support and become loyal to the brand. For Sony, it is a popular brand globally in terms of producing high-end consumer products. In this perspective no significant marketing efforts would be needed apart from those associated with a reduction in prices CITATION Spe16 \l 1033 (SpecOut, 2016).
Identifiable Differences between Target Customers
The target customers for the two products are different in various ways. For instance, the Sony KDL-60W850B customers are mostly high-income customers who live luxurious lifestyles. In the case of the Insignia NS-48D510NA15 customers, they are mostly low-to-middle-income earners who live a typical lifestyle. In addition, the Sony KDL-60W850B targets technological advancement enthusiasts whereas the Insignia NS-48D510NA15 aims for individuals who need to enjoy some form of digital TV experience without the need for sophisticated technology.
Overall Pros and Cons of Products
The major pro of the Sony KDL-60W850B brand is that it entails high quality and innovative technology, which almost all customers would desire. The brand has also realized notable acceptance worldwide, leading it to gain a considerable client base. The con of the product is that it fetches high prices, which pose challenges for willing clients to afford. For the Insignia NS-48D510NA15, its major pro is that it is cheaper and available to a broader client base. It is also characterized by innovative features, which make it appealing to typical clients. However, its key drawback is that it features weak technology leading customers to perceive the product as inferior, particularly given its price low range.
BIBLIOGRAPHY \l 1033 SpecOut. (2016). Sony KDL-60W850B versus Insignia NS-48D510NA15 TVs Comparisons. Retrieved from http://tvs.specout.com/compare/1300-1914/Sony-KDL-60W850B-vs-Insignia-NS-48D510NA15
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