There are so many different top global competitors in the market especially in the united states
There are so many different top global competitors in the market especially in the united states. La-Z-Boy and Ethan Allen are two major competitors in the market. It been analyzed that both companies have made a sound position in US market. They both are known as one the leading furniture and décor manufacturing to the trade industries. This company is the top competitor in the market and it has been analyzed that La-Z-Boy manufactures and designs high range and quality furniture and residential custom furnishing and décor. Further, “Ethan Allen is the custom manufacturer that has been recognized for creating beautiful and thoughtfully designed high end furniture and the Number One in The Furniture Industry and growing in popularity daily.” (https://www.ethanallen.com/ )
SWOT analysis for La-z-boy
Strengths- include benefits derived from its wide product portfolio
Weaknesses -include dependence on few suppliers for raw materials
Opportunities -for improvement include growth in online retail industry
Threats – to the company include intense competition from rivals.
SWOT Analysis for Ethan Allen
Strengths – “that is finding ways to get customers through the door — and more important, spending their money” “Ethan Allen Interiors Shows Strength in Numbers, Strategy” (Retrieval from 07/16/2018 Ethan Allen Furniture.com)
Weakness – “Not highly successful at integrating firms with different work culture. As mentioned earlier even though Ethan Allen Interiors Inc. is successful at integrating small companies it has its share of failure to merge firms that have different work culture.”( (Retrieval from 07/16/2018 Ethan Allen Furniture.com)
Opportunities –New trends in the consumer behavior can open up new market for the Ethan Allen Interiors Inc. “It provides a great opportunity for the organization to build new revenue streams and diversify into new product categories too.” (Retrieval from 07/16/2018 Ethan Allen Furniture.com)
Threats – “Changing consumer buying behavior from online channel could be a threat to the existing physical infrastructure driven supply chain model.” (Retrieval 07/18/2018 from Ethan Allen Furniture.com)
They both are direct competitors because the both are known as one of the leading furniture and décor manufacturing to the trade industries. And are the top competitor in the market and it has been analyzed that La-Z-Boy, Ethan Ellen manufactures and designs high range and quality furniture and residential custom furnishing and décor.
Their competitive advantage is that both companies has a high range and quality furniture. And, the leading furniture company to the trade industries.
I would form a cooperative strategy with both of the competitors because they both top leading furniture and residential custom furnishing and décor. The are growing furniture company, that why I would form cooperative strategy
The strategies could use to build a competitive market profile will be
Balanced scorecard -is a scoreboard gives a comprehensive view of the short and long term objectives and the strategies of a business from a series of performance indicators. These indicators assess and measure the projects and aims of the company. The most innovative element of this management tool lies in its analysis.