The paper "Samsung Company - Marketing Planning" is a good example of a marketing case study. This report recommends that the Samsung Company ought to establish a marketing plan to make it more competitive in the future. SWOT analysis of the company’ s marketing strategies indicates that it has to address various issues. To remain competitive in the market, the company has to advance customer relations management systems and improve online marketing platforms. To counter the perpetually increasing competition, the company needs to have a deeper and wider market penetration through online avenues that target international markets. In addition, the organization should review its market segmentation strategies to maximize sales in the current and dynamic market trends in the electronics business.
To enforce these changes, this report details the marketing objectives the firm should adopt in one year. Recommendations on improved market segmentation and product positioning schemes that will be best for the company are discussed. The report also discusses how the changes will be absorbed and implemented to achieve the desired goals. This report concludes by reviewing the benefits the changes will have to the firm in both the short term and long term cycles. Marketing objectives Current state The first step in setting marketing objectives is to conduct internal and external research on market environments.
This enables the firm to identify opportunities available effectively and react to threats that arise in the market equally. This is achieved by maximizing on the firm’ s strengths and managing its weaknesses. The company is currently, the second most dominant in the market, enjoying a 15% market share internationally. This is as a result of the firm’ s massive brand awareness efforts across the world.
Its success is also based on large scale production, which yields economies of scale. Decentralization of the firm has also contributed to its success by responding to issues aptly across all market regions, facilitating timely performance. The company has conducted a far-reaching promotional program and expanded the range of products it produces. Nevertheless, the company is yet to incorporate an integrated customer relations system that combines all its market segmentation (Blick, 2011). This, therefore, poses a threat of poor customer retention strategy, which increases the risk of losing customers to competitors.
In addition, the firm has a low online presence, especially on social media platforms. This makes it miss a large pool of potential consumers who use the online platforms. The firm would lose a large number of potential customers, especially the youths, to the competitors who utilize social media sites for promotion and online sales. Therefore, a marketing plan ought to be developed to address the two issues and counter the heightened competition (Ottman, 2011). Objectives To address the concerns raised and manage the situation, the firm ought to develop detailed, realistic, quantifiable, and manageable goals.
They will determine how the firm will perform in the future in comparison to the present state. The goals must remain in line with the overall organizational objectives, as well as its vision and mission. Good service to the clients is important for the success of the firm, considering the intense competition today (Shankar & Carpenter, 2012).
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