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All About Lenovo – A Brand That Keeps Reinventing Itself
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THE BIRTH OF LENOVO
Can you name 5 brands that are from the ’80s and still going strong? Bet Lenovo would be on that list.
Three decades ago, Lenovo was born with the idea of crafting personal devices that are user-friendly and become popular among the masses to enable a culture where more people aspire to join. Also, Lenovo aimed to establish an enduring, trustworthy business that is well respected globally. This makes Lenovo older than many technology brands, including HTC (1997) and Huawei (1987), which are more common to consumers today.
Lenovo, with ten engineers at $30,000 or 200,000 Chinese yuan, was established on 1 November 1984 by Liu Chuanzhi. The company employees – 11 of them all – had their entire names in the very uninspired name of New Technology Developer, Inc. during that initial meeting with the Chinese Government to receive the approval for incorporation. They hadn’t luckily kept the name for a long time.
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THE EVOLUTION OF LENOVO
A few years after the start of the venture, the name changed from New Technology Developer, Inc. to Legend. Lenovo’s first successes came under this new label. However, in 2003 when the company adopted the name by which it is now known, the company had another name change. Working under the name Legend, after the first Legend-branded personal computer was released in 1990, Lenovo started to develop its popularity. In the Chinese and other Asian markets, the Legend PC was a big success.
Lenovo has evolved into a multinational application company (sales) with its own packaging plants in more than seven countries and partnership plants in a number of others, granting local businesses business licenses and distribution contracts. Lenovo is also a big multinational company (in terms of sales), with manufacturing facilities in seven countries and goods sold in nearly 80 countries.
The company has made a number of acquisitions since it was founded to enter the global market. In 2005, IBM purchased a personal computer business from the American information technology corporation. This acquisition has made Lenovo by volume the world’s third largest device manufacturer. In 2014, the company purchased the IBM Intel server business to become the largest server manufacturer in the world. In 2014, the company proposed the acquisition of Google’s $2.91 billion Mobility service. The offer included the Moto and Droid mobile ranges from Motorola.
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LENOVO’S PRODUCTS
Lenovo is a successful computer brand since they have a wide range of laptops available. Because of its slim aluminum frame, lively display, and good overall performance, the Yoga C930 is a fantastic choice. Lenovo decided to apply the Yoga concept to the Chromebook C630 because it continues to be a crowd-pleaser.
Moreover, Lenovo is selected by top companies in the United States and around the world because they are dependable, rugged, and high-performing. Other Lenovo highlights include the latest Legion brand, which consistently produces reliable gaming machines – the company broke into this market with the Legion Y7000, an inexpensive rig with a sleek design and vibrant display.
Lenovo also provides a suite of applications and services in addition to its laptops, smartphones, earphones, and other PC accessories. These include REACHit, the wireless data transmission tool SHAREit, the handwriting recognition devices WRITEit, the mobile security apps SECUREit, the backup service SYNCit, SNAPit, and the SEEit smartphone gallery. The firm also has a Lenovo Connect wireless roaming service. It operates in China, Europe, West Asia, and Africa through devices, networks, and international borders.
Lenovo earphones are designed to look and sound like a fashion accessory, making them ideal for those who want to listen in style. For a timeless aesthetic, all components have the same color scheme, allowing you to make a bold fashion statement wherever you go. On the other hand, Lenovo Bluetooth headphones feature composite diaphragms and 10mm dynamic drivers. The sleek design guarantees a pleasant listening experience with no exhaustion.
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LOGO ENHANCEMENT
The former Lenovo logo was viewed as uninspiring, particularly when compared to competitors’ strong imagery. Lenovo debuted its latest logo in 2015, with the slogan “Innovation never stands still.” The logo was designed to be flexible, web-friendly, and adaptable to various contexts, according to the company’s chief marketing officer. Since the logo’s versatility can satisfy almost all preferences and desires, it’s also meant to embody the company’s customer-centric philosophy.
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LENOVO IN THE MARKET
The following three variables are heavily weighted in Lenovo’s marketing strategy: Take a look at the high-end, middle, and high-end market positioning approaches in particular. Consider, for example, Lenovo’s personal computer. According to market research, Lenovo’s refrigerators are mostly targeted at the middle and high end of the market. Lenovo has a 70 percent market share in high-end products, a 40-50 percent market share in the middle, and a market share of less than 10% in low-end products.
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STRATEGIC PRICING
Lenovo has illustrated most vividly in the price war with the growth of IT sectors and goods. Although Lenovo’s corporate image improved, revenue increased, and market share increased, the successful price strategy allowed Lenovo to outperform in the economy of excess power. Lenovo created different prices for different levels of customers by developing differentiated goods to satisfy different target segments, resulting in differential price discrimination.
Lenovo’s pricing strategy can be based on product performance in terms of physical value, brand value, service value, and other forms of value. This has allowed Lenovo to create an independent cognitive value in the eyes of customers, which can serve as the basis for Lenovo product pricing and achieve a relatively independent cognitive value system. This understanding of the value system is not set up in such a way that the prices can be simply imitated. The Lenovo model’s independent value and price are based on years of accumulated brand and service definition. This boosted Lenovo’s core competitiveness, and the company remains unstoppable in the face of fierce competition.
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AN EVER GROWING LEGACY
Lenovo’s strategic marketing strategy has been a success in general; from its inception in 1988 with 14 million Yuan in liabilities to its global sales of 13.9 billion Yuan in 2008. Lenovo’s marketing has grown from a small factory to one of the world’s most popular ten brands, exporting to over 100 countries and regions, and thus is competitive in terms of strategic thinking or strategic impact.
Lenovo’s success lies in its culture of diversity as well as fostering an ambiance of inclusivity. Recognizing the technological needs of today, Lenovo is truly a brand that keeps reinventing itself.
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