A more affordable Galaxy Note 3 is on the way as Samsung adjust to current market dynamics in which competition is growing and price marks are plunging, approaching the $US200 mark.

Samsung started the phablet trend of 5-inch plus smartphones and rival quickly followed suit, with regional players even pricing their products as low as $220, according to BGR News.

The development will lead to phablets galore, likely offsetting Samsung's Galaxy Note momentum that allowed the firm to haul in some 15 million units of worldwide sale for the first edition and the Note 2.

Now that the phablet contest has become more interesting, with Apple reportedly attempting its own play via the rumoured 4.8-inch iPhone 6, Samsung is compelled to ramp up its efforts of keeping the original attractive to consumers, BGR said.

Upgrades are, of course, welcome as Samsung is en route to better the best features of the Note 2. Reports suggest the Note 3 will sport a 6.3-inch screen with more power inside the phablet guts.

And as seen in the Galaxy Note 8.0 that was unwrapped earlier this week, the Premium Suite that made the Note 2 more endearing to users will be revamped for the better, embracing more third party players to Samsung's fold.

Plus added security and productivity for business users via the Samsung SAFE with Knox, bringing a dedicated icon on high-end Galaxy smartphone screens that acts as gateway to a separate business interface.

However, all these improvements will be naught if the Note 3 will retail at a point that is unreachable for many. The automatic response by consumers on expensive products is to look for alternatives, not minding the quality at all.

It happened to Apple and it can happen to Samsung, analysts said.

LG is releasing the Optimus G Pro and reviews praised its features as worthy enough to challenge the Galaxy Note 2 or even the Note 3. Also, manufacturers from China and India - Huawei, ZTE and Micromax - are now looking to challenge Samsung's supremacy.

And the best way for Samsung to combat the rising contenders is through a bruising pricing war. With its deep pocket, the tech titan is more than able to offer the Galaxy Note 3 between the price ranges of $US200 and $300, analysts said.

Keeping that in mind, Samsung is more assured of brisk sales for its most powerful Galaxy Note to date.