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1、MicrowaveOvenMakerNeedsReheating:Galanz’sLowPricingStallsFebruary29,2008SamsungEconomicResearchInstitute,BeijingOffice1I.IntroductionAsChinabecametheworkshopoftheworldinthe1990s,costleadershipliftedmanymanufacturerstotheranksofthemostcompetitiveproducersinemerg
2、ingmarkets.AttheforefrontwasGalanzGroupCo.Ltd.,whichtransformedfromaduckfeathertradertotheleadingmicrowaveovenmakerintheworld.Currently,Galanzhasabout80productionlinesmanufacturingmorethan15millionmicrowaveovensannuallyandpartnershipswithnearly200companies.Thec
3、ompany’sglobalmarketshareisnowabout40%.Galanz’sbuiltitssuccessonrelentlesslyloweringoperationalcostsandintensemarketingthatfeaturedtimelydiscountretailprices.From1993to2002,thefirmcutpricesfortheeightstraighttimesatanaveragereductionof20%.However,thepricingstra
4、tegyhasbeenunderpressureinrecentyears.RisingincomesinChinahavemadeconsumerslesspricesensitive.TheexperienceofGalanzdemonstrateshowchangingpurchasingpowerandconsumerdemandshavealteredmarketswithinashortperiodoftimeinChina.Businesseswhoestablishmarketleadershipth
5、roughalowpricingstrategymustbepreparedtoshifttheiremphasistoothermarketingfeaturessuchasfunctionalityandimaging.ThispaperoffersabrieflookathowGalanzestablisheditselfastheglobalanddomesticleaderinmicrowaveovenproductionbutfounditselfunderpressurewhenitreliedonlo
6、wpricingtoolong.II.Microwaves&Galanz’sEntryChina’smarketformicrowaveovenswasvirginterritoryintheearly1990s.In1992,only200,000unitsweresoldwithsaleslargelyconfinedtomajorcities,whereonlythewealthiestcouldaffordamicrowaveoven.Theaveragecostoftheappliancewas3,000y
7、uan,whichwasoutofreachfortheaverageChinesehousehold.Besidestheprice,usagewasabarriersincemicrowaveovenswerenotsuitabletocookingChinesefood.Mostpotentialbuyersconsideredthemaluxuryitemtoreheatfood.Onlyafewcompaniesledthemarketformicrowaveovens.In1992,China’smark
8、etfor2microwaveovenswasdominatedbyShenhua(No.1athome),Panasonic(No.1inexports),FeiyueandShanghaiNaicissusElectricAppliancesIndustrialCo.Ltd.In1993,Shenhuagainedthecountry’sl