INTRODUCTION ABOUT SAMSUNG BRAND
Samsung has stunned the world with its amazing mobile phones since the last decade. But do you know that it never had the identity of a leading mobile phone manufacturing company? But today, it has totally reshaped the cell phone industry with its wide range of amazing and stylish mobile phones.
Do you know that Samsung has just released another version of the S series recently? How many times we come across people doing gossip and showing about their excitement whenever there is a new release about electronic devices by Samsung. But, do you know that Samsung was founded as a grocery store offering noodles to the customers. Just imagine, from eating noodles to experience the most fascinating technological advancements, it is a total revolution which this brand has provided to customers and made it as the most admired global brand.
The story does not stop here. This article will highlight the main features of the company. It will articulate the company’s history, its diversity in the electronic world, it’s a marketing strategy, and much more. The article will also demonstrate how the company has revolutionized itself in the digital world and outperformed most of its competitors.
It is a South Korean company specializing in producing industry and customer electronics that is one of the world’s largest producers of electronic gadgets. The company also produces digital media services, memory chips, industrial electronics, and, integrated systems. The company is the major source of exports for the Korean economy. From mobile phones, the list includes LCDs, LEDs, televisions, digital cinema screens, laptops, memory chips, etc.
HISTORY OF SAMSUNG
Lee Byung Chull is the founder of Samsung. He founded this company in 1938 as a grocery store. Starting with a small noodles business, he started producing and exporting other goods to China. He started focussing on industrialization and made efforts to make the Korean government realize the importance of competition and ease of providing finance to people.
Later in 1970, the company transformed itself into a full-fledged textile business form raw materials. Subsidiaries were established like Samsung Shipbuilding, Samsung Heavy Industries, and, Samsung Precision Company ( Samsung Techwin). The company also invested heavily in chemical and petrochemical industries. In 1969, the company came up with black-and-white television and, later started exporting them.
1980’s brought rapid expansion in technology offered by the company. Samsung Data Systems (SDS) came into service in 1985 and, the company invested heavily in research and development.
1990’s although brought two scandals of the company relating to bribery and infringement suites. These did not stop the company from making progress and the company kept on investing in its technological development. LCD screens were introduced and the company announced its global footprint with a bang.
Since 2000, Samsung has witnessed something special as cellphone manufacturing. The company has introduced galaxy series from 2006 onwards and later also developed tablets in 2010. From there, the company did not look back. It outperformed its competitors like Nokia, Motorolla, Sony Ericcson, and many more.
SAMSUNG AND CELL PHONES
Samsung has introduced many outstanding cell phones since 2010. These include Samsung series like:
Note 10 plus
MARKETING STRATEGY OF SAMSUNG
Using celebrities for promotional purposes, the company has invested heavily in its marketing campaigns. Samsung has a target audience aging from 25 to 45 years. It designs its marketing strategy to highlight the importance of using digital means for carrying out daily routine tasks. There is an element of how to evolve the lifestyles of people by deploying technology in their daily use. Mr.Yun a well-known personality has focussed on presenting the company as a modern, sleek, and stylish brand.
MARKETING MIX OF SAMSUNG
To further evaluate the marketing strategy of Samsung, it is better to understand the marketing mix. These include:
Samsung manufactures different kinds of products. For this purpose, the company carries out extensive research and development. It makes its products for all kinds of customers. These include:
Virtual Reality Headsets
Samsung carries out a segmentation strategy for charging price for its customers. It believes that its products must be for every class of customer with different income levels.
Samsung reaches its customers through authorized dealers and retail shops around the world. It has a footprint in almost every continent including:
The company uses digital means for its promotional campaigns. It has also used means like
It has also sponsored many professional teams, associations and events like:
Chelsea Football Club
Tv programmes like X-factor
SWOT ANALYSIS OF SAMSUNG
SWOT analysis represents the in-depth analysis of a company’s prospects for leading a business environment or lagging behind. Samsung’s SWOT analysis include:
- Strong portfolio.
- Huge marketing expenditure.
- Strong brand image.
- Extensive research and development.
- Tough Competition
- Some of its divisions like home appliances need a better design and outlook.
- Can still grow into developing economies of Africa
- Can introduce better features on its products.
- Technology is always reshaping products already in use.
- New entrants can come up with better or similar products at low prices.
- Trade Wars.
- The financial system of the world is badly impacted after COVID-19. This will totally reshape the way customers buy products as per many experts. This will also lead to a boom in online sales. So, the company must look at its current business model.
BUSINESS MODEL OF SAMSUNG
Samsung has a business model revolving around quick learning, offering better products at a cheaper or a competitive price, risk-taking. The company is also constantly pouring its cash resources for reading market sentiments and preserving its cash reserves in order to get ready to respond effectively to any eventuality. It has not limited itself to only a single product or service but, has diversified itself by getting into different product segments. It uses state of the art technology to develop its products. As a result, the end products are appealing and user-friendly.
The article provides only a glimpse of the overview of the Samsung brand. Yes, it is true that the company is well-known for its cell phones these days but, it is also true that the company has not limited itself to cell phones. The LED’s and other electronic devices are also state-of the art with global recognition.
As discussed, COVID-19 has impacted the whole financial system of the world. Many businesses have to now turn to different modes of reaching their customers. Samsung also has to address this issue. This also requires that the company must study the benefits of E-commerce and, how it can reshape its business model to stay in hunt with competitors like Apple, Sony,etc