BENCHMARKING
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References :
Jurevicius, O. (2014). How can your Benchmarking make your Business Better?. [online] Strategic Management Insight. Available at: https://www.strategicmanagementinsight.com/tools/benchmarking.html [Accessed 3 Dec. 2017].
Bosch-home.co.uk. (n.d.). The history of Bosch home appliances.. [online] Available at: http://www.bosch-home.co.uk/experience-bosch/history [Accessed 4 Dec. 2017].
​Smeg (UK) (n.d.). The Smeg Group - Global Domestic Appliance Brand. [online] Smeg. Available at: http://www.smeguk.com/about-smeg-group/ [Accessed 4 Dec. 2017].
One Definition of benchmarking:
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Continuous process of measuring products, services, and practices against the toughest
competitors or those companies recognized as industry leaders.
(David T. Kearns, CEO, Xerox Corporation)
Second definition:
"Benchmarking is a strategy tool used to compare the performance of the business processes and
products with the best performances of other companies inside and outside the industry."
(Jurevicius, 2014)
benchmarking of two companies
smeg does not have public vision and mission statements. When contacted and asked about it this was their response:
"We don't have official vision and mission statements as of now. smeg is a family owned business who emphasizes the importance of design behind the manufactured products. We want to stand out through from out competitors through innovative designing." (marketing department)
Product
General kitchen appliances with focus on design
Price
Very expensive designer products, but also medium prices for standard products
Place
Concept store, online distribution, selected retailers
Promotion
TV advertising, printed media, social media, cooking recipes/videos
Vision:
Invented for connected life
Mission
We develop and market innovative connected devices and tailor-made solutions for the Internet of Things (IoT). Our competencies in electronics, sensor technology and software enable new business models for global markets.
We improve every day life, increase comfort, security and productivity.
Product
A very wide product portfolio, known for quality and reliability, not differentiating through design but rather through innovation
Price
standard pricing for kitchen appliances, expensive innovative products
Place
Online distribution, other retailers
Promotion
TV advertising, printed media, social media
Design
Market share
"For over 60 years now, Smeg appliances have been widely regarded as tasteful and elegant products which combine effortlessly to compliment your mood and style - thanks to Smeg's partnerships with world famous architects.
Not only does Smeg have a unique profile in terms of domestic appliances, it is also renowned in professional business sectors. The Foodservice and Instruments divisions specialise in the area of large-scale restaurant/catering appliances and electro-medical instruments respectively."
(Smeg (UK), n.d.)
Bosch's focus in the product development process is on the quality of their products. Their products do not stand out from others in the same way as Smeg, but the quality-minded and innovative approach has put them in the position as market leaders.
in 2015 Bosch developed the home connect app, which made it possible for their customers to interact with the products without having to be near them. ​This system encourages customers to buy more of their products.
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"Our home appliances represent uncompromising quality, technical perfection and absolute reliability. Yesterday, today and in the future."
(Bosch-home.co.uk, n.d.)