The paper "Marketing Management and Planning" is a great example of a Marketing Term Paper. This report a continuation of the situational analysis of Samsung Electronics aimed at creating a marketing plan that would ensure the company addresses its major issues to enhance its competitiveness. The situational analysis identified some issues that need to be solved. First, Samsung has a limited online presence and therefore needs to promote its brand using online tools such as social media and website. Second, the company is faced with a reputation challenge that has threatened to destroy its image.
Thus, it should look for ways to address this issue, for instance through quality improvement and implementation of corporate social responsibility initiative. This paper will first address the current situation facing Samsung and the marketing objectives for the new 12-month term marketing plan. Also, the report will identify the target segment relevant to the company and how it will position its products. It will eventually develop a marketing mix to reflect on the overall approach that Samsung should take to boost its competitive advantage.
The paper will conclude by reporting how the marketing mix can be used by the company and how it will assist in eliminating the contemporary issues. Marketing Objectives 2.1 Current Situation Samsung Electronics Limited is a major player in the information technology industry (Samsung, 2014). It operates as a mobile operating company has come up with innovative and competitive products such as Samsung Galaxy. The mobile industry is involving fast and is faced with intense competition from large players like Huawei and Apple. In order to survive, the Samsung should ensure it satisfies its customers (Chen and Ann, 2016).
However, currently, the company was faced with two major issues that threatened to destroy its reputation. Samsung recalled about 51,000 Galaxy Note 7 mobile phones in 2016 as a result of a battery explosion. The recall has affected the company financially since it requires billions of dollars to repair and replace smartphones and mend its reputation (Samsung, 2014). This illustrates how it is important for the company to improve the quality of its products. In addition, compared to its competitors, Samsung lags behind in its online promotional strategies.
Today, more and more people use social media to socialize and shop. Therefore, the company should take advantage of this by expanding its presence in social media in order to stay ahead of its competitors (Mulhern, 2009). 2.2 Objectives In line with the issues facing Samsung, it is important to come up with objectives that can be achieved within a period of 12 months. The main objectives relevant for the company are as outlined below: Improvement and enhancement of total quality management and expanding its new product development initiative by streamlining its strategic models in order to cut down on the number of its model and focus on the main products.
By doing this, Samsung will be able to focus on the primary products and concentrate more on quality (Rojas, 2000). This will enhance the quality of its products and prevent future recalls. Since product quality is a vital criterion used by the customers to make purchasing decisions, Samsung will enhance product quality and increase sales by 25%. Establishing social media campaign and messaging and content sharing through Twitter and Facebook to increase customer engagement.
This will increase the audience by 30% and will enhance the customer-company relationship. Social media presence will allow the company to reach a larger customer base (Mulhern, 2009). To increase its online sales by 20% of the overall sales by establishing an online store where customers can assess all its products and buy online. This objective will contribute to enhancing the company’ s reputation since it will be able to communicate directly to the consumers and avoid future quality problems (Chen and Ann, 2016).
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