New Delhi, Aug 7: South Korean giant Samsung Electronics has reduced the price of its top-selling television models for the second time in two months to grab the top spot and prevent a loss in the market share, according to a report in the leading newspaper.Also Read - Fuel Prices Drop For 13th Consecutive Day; Petrol at Rs 79.18 Per Litre in Delhi, Rs 84.68 Per Litre in Mumbai
The price reduction ranges from about 5 per cent (Rs 1,000 to Rs 2,500) in the 32 to 43-inch screen size segment, which accounts for 80 per cent of the television market by volume, to 15 per cent (Rs 45,000) for the 75-inch models. In June, Samsung had lowered prices by 10-20 per cent for some other models. Also Read - Karnataka Government Reduces Petrol, Diesel Prices by Rs 2 Per Litre
Industry executives said for the first time Samsung has reduced the prices of new TV models in less than two months after launch because the company wants to stay ahead of online-focused brands such as TCL, Xiaomi, BPL, Vu, Sanyo, and Kodak, that already has about 14 per cent of the market share. Also Read - Honda reduces City prices
Vishal Mewani, director of the 26-store Mumbai-based electronics chain Kohinoor, was quoted as saying, “Samsung is trying to match up with the prices of the price-aggressive television brands who are slowly gaining share. The price cut has been done on the entry-level models for each size to offer customers good value for money,”
Samsung, just like its rival companies LG, Sony and Panasonic, has created a brand value and expects to attract customers through better after-sales service.
While the industry was ready to hike the prices after a global increase in the cost of display panels, Samsung reduced the prices. This move by Samsung prompted the rivals LG, Panasonic and Sony to either hold prices or cut them, stated executives. Panasonic reduced the prices of certain models above 40 inches.
A spokesperson for Samsung India which has gained 30 per cent TV market in India was quoted as saying, “We had always planned unique consumer-targeted promotional activities for market creation and demand generation.” Responding to an email, the spokesperson said that Samsung will offer cash-back and EMI schemes and gifts in the upcoming festival season in order to capture a significant TV market share.