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1.0 Executive Summary
Samsung is a South Korea leading electronics corporation. It has several assembly plants as well as sales networks in approximately 80 nations. The company has regional headquarters that are situated in the United States, Asia, Russia, South Africa, Brazil, United Arab Emirates and Europe. About half of its sales come from the pacific region. Samsung is operated under three independent business units including consumer electronics, information technology mobile communication as well as semiconductors. They have also been the leader globally when it comes to memory market (Priya,2015).
The paper focuses on developing an effective marketing plan for Samsung Company. The plan focuses on helping the company to effectively market its products globally. Its markets need to be based on demographics, such as income and lifestyle. Other demographics focused in the marketing plan entails segmentation of urban and rural customers. There are a number of market needs that the company is supposed to fulfill. For instance, the market demands products based on latest technologies and high performing products. The future market is likely to favor Samsung with more of their products being highly demanded. They will also be venturing into emerging markets that are not fully explored by the competitors. To facilitate market growth Samsung will focus on diversification and differentiation strategies.
Samsung has strengths in that it has brand reputation and their products are founded on innovative features. Nevertheless, it has weakness in that some of their products contain features that are used by competitors. Their prices are also high and hence likely to lose customers to close competitors. The available opportunities are that they can produce distinct products for varying markets. They can as well concentrate on emerging markets and capitalize their market share. Nonetheless, they face threats from competitors and hence they are likely to lose market share. Some of the primary competitors of Samsung are Apple, LG, HTC and Nokia. In regard to target market, Samsung focuses on young generation, professionals, high income earners and medium size companies.
Samsung electronics will focus on marketing its products worldwide depending on demographic as well as lifestyle aspects. Its products can be found in various regions, such as Middle East, Southwest Asia, Southeast Asia, Africa, Korea and China. The company will be determined to remain ahead of close competitors within the electronic industry. It is, therefore, necessary to come up with fresh ideas to gain access other markets in different part of the world.
Samsung’s market will be based on demographic, for example, they have been able to segment their markets into rural and urban customers. The markets will differ in terms of income, lifestyle and needs. Moreover, the company will conduct demographic segmentations aiming at varying age groups and income classes. Additional, individual lifestyle will also play considerable role in understanding the interest of customers. The market demographics will further focus on males and females aged between 13 and 60 years. The products will have varying features to suit different customers. The demographic markets also will focus on customers’ occupations, such as businessmen, students and employees.
Samsung Corporation will be required to ensure that various market needs are met. It is important for the company to analyze consumer needs concerning various products. The new products will be designed based on the consumer needs. In other words, the products will becustomized according to the customer expectations. The market needs entails products that satisfies tastes and preferences of the customers. Moreover, customers expect products that are developed using latest and advanced technologies. It is, therefore, necessary for the company to continuously advance their technology to fulfill the needs of their target consumers. The market also demands for better aesthetics. As a result, it is important for Samsung to invest in design of products that are appealing. The market further demands high performance and durable devices. It is necessary for the corporation to develop products that are durable and meets performance expectations of the customers.
The market for Samsung products, especially smartphones is promising.The future market is likely to witness tremendous growth in the next few years. The market growth is likely to be driven by venturing into market segments that are underserved. The products will further be competitively priced to give customers ideal value for their money. The market for Samsung’s products within emerging markets is likely to grow fast hence increasing their revenues. The smartphone market will further experience growth due to increased organization acceptance as the business class phones. In addition, the prices of Samsung products in overall are likely to go down. This might be as a result of low cost of production and fierce competition.
To enhance market growth Samsung will need to become more innovative. Being innovative will enable them to come with a product that meet and exceeds customers’ expectations. Acquisition of competitors can as well as serve as a market growth strategy. This also means that the company is able to tap into the acquired corporation’s existing consumer base. Diversification can further be used to realize market growth hence resulting to steady flow of income. A diversification strategy would open up fresh opportunities for Samsung by offering the target market with diverse products. The market growth will determine the future success of the company. Thus, it is necessary for the company to emphasis on the identified market growth strategies in the long run.
It is vital to utilize SWOT analysis to facilitate mapping the Samsung’s environment. The approach is suitable in that it will facilitate exploration of strengths, weaknesses, opportunities and threats for the company. The method will allow understanding if the corporation can be able to build their marketing strategy utilizing its strength. In addition, this would facilitate an understanding how the corporation can safeguard itself from potential threats.According to Ommani (2011), SWOT analysis serves as a framework for enabling organizations to prioritize business goals and design strategies for realizing them. As a result, Samsung would be able to come up with a strategy that has the potential to offset some of the weaknesses. Additionally, the corporation would be in a position to prevent threats. The identified opportunities would facilitate market growth.
Samsung Corporation is among the market leaders in smartphone category. They have achieved this through innovation. Their products are based on innovative features that majority of the competitors lack. Additionally, the company has managed to set up production facilities across low cost nations. This in return enables it to develop various products at low production cost. This further allows them to sell the products at lower prices and at the same time make profits.Moreover, Samsung enjoys brand image globally within the electronic segment. They also have assets within the technology segment, technology patents as well as qualified employees who enable them to maintain their market position.
There are various weaknesses facing Samsung Corporation. For example, some of their smartphones have been criticized for containing features that are utilized by other firms. They have also been accused of infringing others firm’s patent hence adversely impacting their overall reputation. They are likely to be disadvantaged by their closer competitors if they fail to use a superior operating system. Besides, the company is producing a variety of new models of devices but their prices remains high when compared with their international and regional competitors.
The corporation has an opportunity to produce a broad range of smartphones for varying markets. They can use their current reputation in terms of features, quality and performance to win new markets. They further have an opportunity to concentrate in developing nations, such as India to increase their market share. Additionally, have a chance to create their own worldwide mobile network to serve their customers. There are a lot of chances within software and electronic segments by exploiting innovative technologies to design innovative devices. Through this they will be able to solidify their global market position.
The company faces a number of threats from competitors. High competitions within laptops, tablets and smartphone segments are likely to continue creating threat to Samsung. Competitors are likely cut production prices hence selling at lower prices than Samsung. As a result, it would be challenging for them to sell their products within emerging markets. Furthermore, highavailability of substitute products is likely to impact their capability to raise prices. The customers are also likely to switch to other products. Rapid changes in technology also pose threat to Samsung. The company would, therefore, face high pressure to design and launch new products at high rate than their competitors. This would be challenging for the company when it wants to come up with innovative, successful and new products.
Just like any other electronic firm faces competition. Apple is the main competitor of Samsung within the international markets. Competition between Samsung and apple to some extent dictates mobile device markets. The competition between Apple and Samsung is concentrated on operating systems(Priya, 2015). Furthermore, Samsung faces competition from Sony and LG. LG has continued to pose technology based competition to Samsung. They are committed towards development of fresh technologies. Nevertheless, Samsung is more dominant when compared with LG. In regard to smartphone segment, other competitors include Nokia and HTC.
To overcome threats posed by competitors, Samsung needs to come up with various strategies. It is important for the corporation to pursue differentiation strategy. This can be achieved by continuing to offer high-tech and high quality devices to distinguish them from the ones of competitors. For instance, there is need to have several exceptional features that can stand out from those of competitors. They further need to have a strong research and design team to ensure that the company is always way ahead of close competitors by fulfilling emerging market needs. This has a potential to boost their competitive advantage further.
The company also needs to consider a stronger positioning strategy. To achieve this, the company is supposed to focus on sales and marketing to ensure high quality chain system. They can consider more intensive marketing strategies to reach out their targeted markets globally. In addition, it is vital to exploit available market gaps. For example, it is important to try and serve more markets that are either underserved or are not served in anyway. This has an opportunity to increase their overall market share globally.
The critical elements of the macro-environment entail political, legal, technological, economics and social cultural. Political is a key element when it comes to policy. This depends on stability as well as reliability of political institutions. This also determines economic activities of the environment(Gupta, 2013). The company is likely to face strong competition when engaging government of other nations. On the other hand, economic factor would determine the success of the corporation in different markets. Economically stable regions would present the company with an opportunity to raise their revenue. The company would also be able to create employment opportunities for the locals.
The corporation can take advantage of social factor aspect to endure in different market segments worldwide. The company needs to open research and design centers in diverse regions. This would allow them to work on strong opinion of customer expectations and demand. They can also benefit from local knowledge in relation to the products needed. It is further important for Samsung to alter its products to match customer preferences in different social cultural markets.Furthermore, as Samsung expands their products they are likely to face legal hurdles. For instance, some of the governments may restrict dumping of cheap products in their market. This is likely to have adverse impact on the business in terms of profit. Patent issues might also emerge in future causing legal tussles between Samsung and other firms. The technological factor is also a key consideration of the company.They need to continue driving innovation for a sustainable competitive advantage. They should, therefore, aim to remain way ahead of their customers when it comes to innovation and technology. They further need to be among the first to offer new products to the market.
The overall target market of Samsung will focus on e consumers that are likely to make purchase.Meyers (2010) stated that target market is normally based on the notion that individuals targeted possess evident affinity for the given brand. Samsung will segment its target markets based on demographic variables and lifestyle. For example, Samsung will target young generation to take care of their ever-changing needs and expectations. This is because young generation has increasingly become advanced when it comes to technology. New applications will be developed to cater for the needs of young generation. The overalltarget marketwill include customers aged between 15 and 30. This will serve as means of enabling the company compete favorably against close competitors within the same market. In addition, the corporation will target individuals interested in leisure and music. To satisfy this segment the company will come with a number of new gadgets.
The next target market for Samsung will be rural and urban areas. The company will focus on meeting demands of rural and urban consumers since they have varying needs. For rural areas, the company will sell cheaper products to consumers. On the other hand, for urban areas the company will target consumers that are capable of purchasing some of the expensive products. As such, they are in a position to serve a number of customers. The corporation will also target upper middle class professionals. The next target market will encompass college students andgraduates who require portable as well as multifunctional devices. Medium size firms will also be part of the target marketto enable both staffs and managers to readily access relevant data. Higher earners and professionals will be part of Samsung’s target market. This forms a crucial part of the target since they are less sensitive when it comes to prices charged. This target market has proved to be valuable do to their spending capability. Abdullah-Al-Mamun&Robel (2014) stressed that high income results to less price sensitivity for goods and services.
References
Abdullah-Al-Mamun, M. K. R., &Robel, S. D. (2014). A critical review of consumers’ sensitivity to price: managerial and theoretical issues. Journal of International Business and Economics, 2(2), 01-09.
Gupta, A. (2013). Environmental and pest analysis: An approach to external business environment. Merit Research Journal of Art, Social Science and Humanities, 1(2), 13-17.
Meyers, Y. J. (2010). Target marketing and the product: categorizing products to understand the resulting marketing communication outcome measures. Journal of Management and Marketing Research, 5, 1.
Ommani, A. R. (2011). Strengths, weaknesses, opportunities and threats (SWOT) analysis for farming system businesses management: Case of wheat farmers of Shadervan District, Shoushtar Township, Iran. African journal of business management, 5(22), 9448.
Priya, O.(2015). Marketing strategies of Samsung in India.International Journal of Research in Humanities & Social Sciences, 3, (6), 46-52.
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