Samsung Brand Analysis Introduction Samsung is a renowned company brand that is headquartered in Seoul, in the Samsung Town of South Korea. The company has grown to become a household name across the world, managing to establish many subsidiaries in South Korea and other parts of the world. With respect to its profile history, the company has been in existence for over the decades, after having being founded in 1938 just as a trading company (Michell 11). The decades that followed saw the company involve in different industries, some of which included; food processing, insurance, the textile industry, as well as securities and the retail market.
The success of the company in the previous industries made it try another challenge, this saw it taking on the electronics sector in the 1960s. Later it also joined the building and construction company, engaging in ship building in the 1970’s; these areas have been instrumental in propelling the company to the growth status that it currently enjoys. It is important to note the mobile phones have been the company’s largest source of income, including semiconductors that it manufactures and sells worldwide.
Samsung has been researching, manufacturing and selling various mobile phone brands that customers have preferred because of the security and other features that these phones have. 2. Current marketing strategy The success that is being enjoyed currently at Samsung Company has been because of the sound marketing structures that the company has put up. Just like any other company, the growth and success of any company is largely determined by the management structures, organizational structures including the marketing and distribution channels that are established. At Samsung Company, the strategies that have been adopted are different from those that have existed in the market for a long time.
These are strategies that have required corporate clients to keep glued to their monitors in order to facilitate communication with their preferred clients. For Samsung, the strategy that has been adopted aims at enabling customers enjoy faster communication on mobiles that have features that necessitate worldwide connectivity fast and efficiently. Financial centres in most cities have proved to be an essential market for the communication products that the company has brought in the market.
In addition, high street shops have also become important market segments, in these shops, Samsung TFTs have been installed as terminals of point of sale. As customers move to the respective counters to facilitate their purchase, details of other complimentary products are displayed directly on the screen. 2.1 Advertising In the wake of increasing competition internationally, the company has launched a new marketing strategy that has been widely accepted and supported by its headquarters in Seoul. In this strategy, various strategies have been developed to increased customers awareness of its brand and influence their purchase decision. In the new strategy, open days and seminars will be held in various places including corporate clients.
In addition, there will also be various high profile press launches to illustrate the necessity of demonstrating its new products to various clients. Advertising and other product promotion strategies will be aimed at certain target groups; this will reduce the overhead running costs while maximizing returns from such activities. Target advertising will be centered on specific journals and other non-print sources; in addition, one on one advertisement has also been factored in the new marketing strategy.
However, the rising costs of technology still means that Samsung TFTs will continue to be expensive compared to the CRT monitors that are still being manufactured and sold by its competitors. 3. Company’s vision, goals and objectives The current growth of the company has been necessitated by its strategic goals and objectives that have shaped the direction of the company. The vision of the company has been the backbone of its growth, reading, “Inspire the World, Create the Future” (Han 16).
The vision has propelled efforts in the innovation of products aimed at helping communities and people to join their aspirations and live in a secure world with bountiful opportunities. As the company takes center stage in recognizing its duties as a leader in creativity for the global society, it is dedicated to inculcating new values in people and the society. At Samsung, the main objective remains to establish a future that is full of exciting opportunities for all. The mission of the company remains to be, inspiring the world by use of various technologies, products as well as designs that add value to the lives of the people.
At the same time, they are to contribute to a social responsible environment that is future sustaining. So far, the company has managed to achieve its mission and vision, by use of both qualitative and quantitative goals that have directed its practices and organizational culture. 4. 4 Ps of marketing Marketing is an important business function that ensures a company reaches its customers to influence them and sell their products and services.
A good marketing strategy has to include four main elements, which are commonly referred to as the 4Ps, and include, product, place, price and promotion. At Samsung, its marketing strategy has made full use of the 4Ps of marketing, in terms of place; the company has used various distribution mechanisms to ensure that it reaches all places (Leftfield Advertisement, para 4). The company uses three main segments to reach its customers; that is, distributors, service dealers and sales agents, as well as modern retailers.
Sales agents are at liberty to open showrooms in order to display Samsung products and enhance their sale to clients With respect to price, the company has employed various pricing strategies because it has different products for different categories of its clients. It is evident that Samsung products have been fairing on well in the market; its latest entrant has been the Note 3 + Gear, which has been getting attention from different people globally. Because of these, the company uses a skimming pricing strategy in order to get many profits and later reduce the prices as competition catches up, and the product become old (Leftfield Advertisement, para 6).
Alternatively, it also employs competitive pricing for other products apart from smart phones; these include household electronic like televisions. This is often done in order to beat its competitors, who are also doing all they can to become top in the game. In terms of product, the company has been a leader in creativity, it has managed to establish different products to meet the needs of its clients in many areas like business and personal lives.
In the past, Samsung products have often been classified as the marks of quality in the industry, with its smartphones being the most preferred in the market. Lastly, promotion, as the last of the 4Ps has also been heavily considered, in this respect, the company has successfully created different forms of product promotion for its products. The company has a firm belief in using carefully designed advertisements to pull customers. It has been successful in creating various kinds of advertisements to reach its customers. It employs various types of marketing vehicles during various events to reach and influences customers purchase decision in the market, something that has given it a large market share 5.
Problem Statement The business world is dynamic, always changing with customer preferences, tastes and the concept of globalisation that requires new methods of trading with each passing day (Gilbreath 17). For this reason, reaching many places and customers in different parts of the world remains to the ultimate aim of Samsung Company. The UAE is rising fast to become the next frontier in term of business and other far-reaching opportunities.
For this, reason, Samsung company has been creating various strategies with which it hopes to exploit the ever increasing opportunities that abound in this region. 6. Literature review In business, the concept of branding is an essential activity, this is because, the concept plays an important role in influencing customers purchase decisions. Branding and its strategic position in the market is essential in increasing the business’ prospects in the market (Rowley and Michael 123). It confirms the credibility of the company in the market, while connecting the business strategically to its clients in the market. A good brand name motivates a customer to buy; this is perhaps that reason that most mobile phone users have a preference for Samsung phones and its other electronics.
As the battle for increasing market share through competition becomes intense, Samsung has resorted to creating a successful brand in order to remain successful and effective in its market. In order to create a good brand name, the company has to dedicate its resources in market research, defining and building products that appeal to the specific needs of its customers. Successful business brands are also effective in their value proposition, in this case, these companies promise to deliver certain products that meet the needs of their customers according to the needs identified.
The expected products are supposed to enhance customer utility and help them solve their needs. Just like building a good brand image, market research and dedication to efforts are also strategies that enable a company to be valuable. It is important to understand that value proposition is a business strategy that leads to the creation of differentiation strategies for the company.
This process, including brand concept and positioning are essential points for enhancing competitive advantages in the market. In the case of Samsung Company, these processes have been centered on three main aspects; people, strategic partnerships and creativity as shown. Source: Samsung (2014) Works Cited Gilbreath, Bob. The next Evolution of Marketing: Connect with Your Customers by Marketing with Meaning. New York: McGraw-Hill, 2010. Print. Han, Jiwon. Historical Review of Samsungs Innovations and Further Steps. 2011. Print. Leftfield Advertisement. Marketing mix of Samsung – 4P of Samsung.
2013. Web. 2 October 2014. < http: //www. marketing91.com/marketing-mix-of-samsung/> Michell, Tony. Samsung Electronics and the Struggle for Leadership of the Electronics Industry. Singapore: Wiley, 2010. Print. Rowley, Jack and Michael, Milligan. "Studies of Mobile Phone Use and Brain Tumor Risk Are Independent of Industry Influence. " Journal of Clinical Oncology. 26.1. (2010): 122-6. Print. Samsung. Vision 2020. 2014. Web 2 October 2014. < http: //www. samsung. com/au/aboutsamsung/samsungelectronics/vision2020.html>Edberg Henrik. Gandhi’s 10 rules for changing the World. 28 June 2013. Web. 2 October 2014.