Case Study of Samsung
Case Study of Samsung
The consumer electronics industry is competitive and versatile business environment. The rival competitor within the industry at regular basis tries to surpass the contenders by using suitable and innovative strategies, reassessing and developing their methods on a regular basis with respect to internal and external factors impacting the business. Marketing departments of organizations mainly focus on putting their efforts on anticipating and identifying the desires and needs of consumers and designing services or products that are able to meet the expectation of their consumers. Market leaders are generally organizations that have outshined in development and research along with marketing functions along with their operational abilities, using the information needed for them to develop products which appeal to their communication and target audience in a relevant and timely manner.
At present time, organizations are becoming more active and their competitive advantage has increased when they have a more stable situation in comparison to their competitors assuring and defending their role against various competitive services. Various advantages include developing the product with high quality, offering services for the customers as compared to their rivals, designing products that have better performance in comparison with other market leaders. The strategy of the company can be either defensive or offensive, transferring from one position to another as a market condition. Companies in the world are still trying to follow every possible approach in order to beat their rivals and gain a competitive edge in their market. Marketing strategies accompanied by other functional approaches can serve as a tool for implementing corporate strategy.
Samsung was established in the year 1938 and it is one of the most successful and leading brand in multiple industries starting from power generation to smartphones production. Since from the beginning it was a small export company Samsung has evolved into a multinational company with the presence in diverse sectors including plant construction, semiconductors, petrochemicals, skyscraper, high technology hotel industry and fashion finance among others. The growing interest of Samsung in technology has managed with the formation of two research and development institutes (R&D) that has contributed to expand its scope further in the field of chemical products based on genetic engineering, high polymers, telecommunications systems fibre optics, electronics and aerospace engineering as well as new field of technology innovation from nanotechnology for advanced network architectures.
Even though the technology, quality and design conditions of customer electronics remain a significant feature for decision making procedure for promoting and purchasing power of consumer and tactics that have a significant impact on the approach of potential and existing consumers. Company’s reputation includes their ethical actions from HR to the overall effect on the surroundings on large scale and awareness of industry trendsetters within the specific market that may influence company’s profit in a significant way.