Samsung has been recognized as the largest tech business when it comes to revenue and also among the most valuable brand in the industry. However, it is facing stiff competition from companies such as Apple, but Samsung’s marketing strategy of being a master brand has enabled it to become the industry’s leading technology company. Adopting effective marketing strategies will allow this organization to change its structure and focus on becoming an authority manufacturer that meets the ever-changing tastes and preferences of the consumers (Khanna). The master brand strategy will be the key to evolution by coming up with innovative solutions that maximize people’s life comfort as well as decreasing time spent on the unwanted tasks.
Therefore, offering vast and exciting product portfolio will allow this firm to build trust and loyalty for its smartphones, tablets, laptops, refrigerators, TVs, cameras and much more products that the company offers. Younghee Lee, who is Samsung’s top marketing executives explains that embrasure of innovation is the reason behind becoming a global leader in brand marketing and it led to the development of proper strategic planning and new product ideas (Wedell-Wedellsborg & Miller). By adopting the skimming price marketing mix strategy, the company can attract many customers from the competitors despite the fact that its rivals will have a product with identical features like that of Samsung.
Since it is an authentic brand, it can also apply competitive pricing which results from the ability to introduce change and fast in making innovative products. Therefore, such actions will enhance corporate brand recognition through improvement of its slogan, reputation, and name that help the company to achieve a significant competitive edge. Samsung Electronics Co. may also utilize a diverse range of marketing strategies to show off greatest and latest technological computer gadget or electronic which will eventually boost the sales as consumers will always prefer purchasing most recent innovative products.
The company can also apply different promotional tactics including advertising, sponsor events, discounts, and engaging in the national and worldwide festivals to convince customers to buy their products. Through the use of internal marketing, the company will achieve the advantage of cost savings accompanied by increased sales (Vossoughi). If Samsung invests a lot in its marketing budget, it will be easy for it to gain a significant market share in the consumer electronics and technology industry. Henceforth, the design and development team can focus on ensuring a continuous pipeline of new innovative products and services that have compelling and unique capabilities and features that will out-compete the rivals.
Marketing will enhance the capability of addressing a cause and effect which strengthens the determination of the potential customer acceptance and also the future revenue impact (Khanna). During the design, Samsung’s team will be in a better position to manage risks versus the rewards by measuring success through the functional properties and their release to manufacturing. Furthermore, the marketing professionals will be capable of rolling out its new product or service to a targeted marketplace and thus bolster preparation of the necessary field for communications as well as targeting particular consumers and other emerging markets overseas.
Additionally, it is easier to improve a product’s lifecycle timeline through the provision of continual field research and intelligence that is crucial for adjustment of an initial design. Creation of a robust marketing strategy is vital for Samsung Electronics Co. as it will enhance the future growth and evolution of the global presence and recognition of its brand. The use of outstanding communication process in marketing can facilitate production and execution of different electronics that meet and satisfy customer’s expectations and thus remaining competitive in the industry for a more extended period.
Marketing is an essential activity in Samsung’s business as it has a direct impact on the profitability together with sales. It addresses all the aspects regarding this organization’s growing customer base and plays a significant role in understanding the competitive market environment along with the cultural trends that enhance an assessment of the company’s place in the industry. Through the market research and competitive intelligence, it will be quite easy to adapt production, manufacturing and distribution techniques that can fit the needs and target of the firm (Vossoughi). Furthermore, it facilitates ongoing and intentional processes product development, packaging and pricing of the company’s offerings which significantly contribute to the long-term success of Samsung Electronics Co.
Therefore, it is evident from the discussions above that marketing is essential to ensuring the success of Samsung in the next decade. It will provide additional profitability despite the little initial investment required for advertising and promotion. There will be recognition and attention by the target audience who will purchase their differentiated and unique products (Wedell-Wedellsborg & Miller). There will be an establishment of strong customer relationships and eventually create additional value to the potential and existing customers. Furthermore, there will be increased chances of improving its core competencies including globally recognized brand name, distribution, technology, research and development, manufacturing capability, customer service and competent human resource management. As a result, the organization can attain high competence in the tech business, promote sustainability and corporate social responsibility, reliability, and credibility of its products and services and lastly foster compatibility in its re-engineering processes. Thus, achieving benefits such as cost savings, brand recognition, and reputation, increased and healthy competition.