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Transcript of Marketing Strategy
Instead of being a copycat, the company has to produce new, sleek, bold, beautiful and innovative consumer electronic products.
Their goal was to dethrone Sony as the biggest electronics consumers brand. First of all; The company hired a new crop of fresh, young designers who unleashed a torrent of new product.
Since 1993 both design and technology have been developed.
Samsung defined itself as a cutting-edge product leader Sleek, bold and beautiful products targeting high-end users . Product and marketing programme are introduced into more realistic market settings :
New products have to pass the "Wow!" test inside Samsung
If it didn’t get a “Wow!” reaction during market testing, it went straight back to the design studio. Interbrand crowned Samsung as the world’s fastest growing brand over one five-year period.
Samsung is now by far the largest consumer electronics company in the world and has been since 2005.
It’s the world’s largest TV manufacturer and the second-largest cell phone producer.
Samsung competes strongly in the market for DVD players, home theaters, digital cameras and camcorders, home appliances and laser printers.
Samsung Electronic also the world’s largets technology components company. It makes a sizable share of LCD and Led panels, mobile display etc.
Samsung Group of Companies, the parent company of Samsung Electronics, was founded in 1938 by Lee Byung-Chuil.
In 1969, Samsung Electronics was established. It started as a maker of cheap consumer electronic products like calculators and black and white TV’s through the mid – 1990’s. Samsung's History
Abandoned low-end distributors like Walmart and Kmart.
Build strong relationship with specialty retailers like Best Buy and Circuit City.
“We’re not el cheapo anymore” said one Samsung designer. Then; In less that two decades, Samsung Electronics has achieved its goals.
In 2009, the company revenues of $117 billion with profits of $8.3 billion.
Compare that to Sony at $77 billion in revenues and a net loss of almost $1 billion. From Copycat Brand to Product Leader Key person: Lee Kun-hee New management New goal Introduce the new product into the market : Samsung has also achieved its goal to become a producer of state-of-the-art products.
In fact, both Fast Company and BusinessWeek recently placed Samsung high on their list of most innovative companies.
As evidence of its design prowess, Samsung took home eight prizes at the International Design Excellence Awards (IDEA). Apple took home seven awards Works of Art Touch of Color Luxia Led TV YP-S2 Pebble Mp3 Player Mabuljungje Lee was recently named the top CEO of the Decade by Fortune Korea. He has just recently announced that the “new management” is now old news.
After 17 years of remarkable success, Lee admitted that the world’s largest technology firm’s current main products may likely become obsolete within the next 10 years.
That forward thinking has him again in reform mode. He has dubbed Samsung’s newest strategy “mabuljungje” a Chinese axiom that means “horse that does not stop.”
And he said “Now is not a time to be complacent but a time to run.” Questions Q:1
How was Samsung able to go from copycat brand to product leader?
If we summarize that, Samsung changed their management strategy. They obtained new designers and new technologies to develop their products and marketing strategies. They raised the standard. Q:2
Is Samsung’s product development process customer centered? Team based? Systematic?
I believe Samsung’s product development process all these three approaches since the “new management” is a top-to-bottom strategy; it requires various company departments to work together.
They develop a lot of products at the same time. All the products are developed by specialized teams of designers who make the product from start to finish.
In addition, every new Samsung product had to pass the “Wow!” test: If it didn’t get a “Wow!” reaction during market testing, it went straight back to the design studio. It is definitely creating more customer satisfying experiences and the test is also how Samsung review, evaluate and manage the new products. Q:3
Based on the PLC what challenges does Samsung face in managing its high-tech products?
After 17 years remarkable success, Samsung is now in the maturity stage of their high-tech products; therefore, Lee has announced Samsung’s newest strategy “mabuljungje” which means “horse that does not stop” in Chinese axiom, and he think now is not the time for Samsung to complacent but a time to run. If they don't run, they will pass to decline stage. Change of strategy =
Expensive and stylish =
product Change of target group
High-end user High investigations Q:4
Will Samsung likely achieve its goal in markets where it does not dominate such as smartphone? Why or why not?
I think Samsung will achieve its goal in Smartphone Market because Nokia has the biggest market share in there.
But today when you think smartphone you just come in mind Samsung and Apple. Samsung's market share is bigger than Apple but not total profits in 2012. I think Samsung is in good way with Galaxy S and Note series so they can dominate smartphone Market. And Samsung take firm steps forward in other markets.