MARKETING
Table of Contents
1.1.1 [… Marketing plan structure…]. 4
2 [… Market segmentation analysis ….]. 6
2.1 […. Market positioning…]. 7
3 […Target market recommendation ….]. 7
4 […Marketing situation analysis ….]. 7
Appendix 1 – [… Title of Appendix 1…].
Appendix 2 – [… Title of Appendix 2 …].
- Introduction
To the success of any organization, the four P, s are essential: the price, promotion, product, and place. To best satisfy customers in the target market, the four P, s get used as they are the only variables that organizations can control. For growth or value, then strategies to deliver and create are essential. First, the term marketing as a concept in business has technologically undergone mutation several.
In today’s era, there are several steps of evolution that marketing has undergone. One of them being the era of production, which occurred in the years 1860 to 1920 with the example of harvesting coffee from machinery. Secondly is the period of the product with the case of a commodity such as lousy coffee. The product era took place from 1920 to 1940. Thirdly is the age of sales, which took place from 1940 to 1950 with an example of brands of coffee emerging (Seth, 2018).
Then, the marketing era took place from 1950 to 1980, where the coffee brand Nescafe emerged as a good. Afterward came the relationship era in the year 1980 to 2000 whereas an example as a service Mcdonald’s developed. Lastly is the experience era with a case of star bucks, which entails the commodity as an experience. The period took place in the year 2000 to date. Kurtz (2016) defines marketing as helping others become who they seek to grow; in other words, it is an act of helping others. At the heart of marketing is empathy.
My report investigates the Samsung phone company. With an introduction of the latest model to the public. The organization gets found in the south of Korea, and in Suwon, it was founded in the year 1969. It mainly comprises the latest technologies, and for its electronics products, it is widely known. It is internationally recognized with 61 countries within its jurisdiction.
The company became the most prominent makers in IT in the year 2009 and swept off competition from the HP, otherwise known as the Hewlett Packard. It has the highest sales in terms of its LED as well as LCD in the entire globe. It has changed from a low-cost company to a leader in electronics in the past twenty years. The product in question is the latest brand of galaxy phones (Fowler, 2015).
1.1Market Research
A local strategy is what Samsung adopts as it operates on a global scope, but it originates from Korea. Even if the products get sold globally, they are followed by the local lifestyle. For instance, the galaxy gets received in the UK so well due to their high standards of living (Fowler, 2015). It is widely a fact that electronic products are in high demand. There are numerous reasons why the organization or brand is such a success around the world.
One of them is that they conduct survey research, which gets carried out by asking questions that aim at the public generally. Individual’s preferences, knowledge, and attitudes get derived from the questionnaire on the product and potential of them acquiring it. Secondly is to have an objective when researching. The main aim of researching is to get feedback from the people on their view of the product, the Galaxy phone.
The survey determines whether the market model has met the user’s smartphone needs and requirements; it also makes marketers understand why the brand is not accessible in other regions and what needs to be changed or added to meet consumer’s needs. Recommendations and data get derived from the research conclusively.
The third aspect of research and the most crucial one is the customer. Demographic, as well as behavioral and psychological factors, get used in this aspect. The elements are essential when introducing our product to the globe. The demographic factor should get known as well as the geographical the targeted area is covered with excellent access to the network, which comes in handy when utilizing the features of the smartphone. Mostly the gender also matters as well as the age when it comes to consumers.
When it comes to factors related to the psychographic, then when the focus by Samsung is entertainment, information-centric users, as well as communication, focussed. The brand in question, which is the Galaxy smartphone, utilizes all of the primary three user segments. The younger group gets targeted by the section of entertainment where it is like a lifestyle for them acquiring the brand and, in other words, can dip in their pockets to fork out extra cash to purchase the entertainment.
Facebook, Twitter, among many others, are the benefits the entertainment hub comes with a Galaxy smartphone. When it comes to communication-focused users, they can also fork out extra cash as long as the product can aim at communicating with others. An example is the availability of SMS, conferencing, Email, Vide Calling as well as voice. Mostly they are individuals that deal with sales.
1.1.1. Marketing plan structure
There has been significant growth in the Samsung Company with new products and models getting discovered. So that they could be the computing capabilities and compelling connectivity smartphones get focussed by the Samsung Company. The Apple iPhone paved the way for the introduction of smartphones in the world in the year 2007. With the touch screen interface and the efficient virtual keyboard so that they could be useful in the models and customer satisfaction by providing companies from then companies still struggling to make the customer-friendly features.
In late 2008 for the consumer market; thus, Android was introduced. There will be almost 2.53 billion smartphone users in overall the world. It is anticipated that by the next year, 2018, about a third of the world’s population will be using their smartphone (Statista.com, 2017). By the fourth quarter of 2016, the company earned a market share of 18.5%, which is still significantly increasing because it has targeted the budget-conscious shoppers. Consequently, Samsung has a good position in the smartphone market because (Reisinger, 2017).
The company has recently announced the Galaxy S8 line so that potential customers of the company could be attracted, to maintain the sales. Samsung has maintained the position in the market, as the product is exciting. There were the flat sales on the product or smartphones S8 and S8 plus, so that maximum customers could be attracted, however, there were not the expected sales by the company For the smartphone production there are continuous efforts by the Samsung.
By the fourth quarter of 2016, the company may lack modest upgrades like new iPhones because the sales of iPhones were 20.3% share. As the company is becoming the leader in the market, Samsung smartphones are most liked in the industry (Statistica.com, 2017). In the sector, Samsung, smartphones have a skimming price and the competitive price. The company is continuous towards technological innovation and providing exciting identical features to the customers. Compared with the competitors, Samsung smartphones are the most beautiful smartphones because they are designed brilliantly.
Providing exciting identical features to the customers and the company is continuous towards technological innovation. Since the customers are satisfied, Samsung’s marketing strategies are effective. The company facilitates all types of customers because of the customers, the industry and market analysis, and Samsung smartphones are at the top.
So that the use of their smartphones can steadily increase in the market, Samsung is using practical and suitable strategies. There could be betterment and satisfactory level to achieve the higher expectations that are from the consumers; however, the company is performing well in the market, and the performances focused on the newest trends and technologies. The reason that they are designed brilliantly is that Samsung smartphones are the most beautiful smartphones (Choudhry, 2015). Sustainability and technological advancement are the main objectives of the company in the smartphone industry. Therefore, the company gets focused on environmental-friendly conditions. In the smartphone industry, sustainability and technological advancement are the main objectives of the company.
The objective is to focus on the customers from different social classes or the backgrounds as the Samsung market is also increasing in the market. The latest technologies get assumed by Samsung’s smartphones as providing the additional facilities to the customers as Samsung is making great deals with the customers in the market. Samsung’s smartphones galaxy because customers are getting high interest in the newest releases, the innovators or early adopters are the current target group.
The trend of using the new Samsung smartphones are increasing in teenagers as the new galaxy is most likely in the market. Because there are new colors and the best experience provided o the customers, the new product of the company gets focused on the recent mobile trends. To do a more in-depth analysis of the company situation, Porter’s Five Forces methodology can be helpful. Furthermore, it also gets used to examine the business strategies that the company can get used for the effectivity.
Because the company has a well-established market, Samsung’s Galaxy smartphones have a low threat of the new entrants. Furthermore, because the new companies have to spend a lot of money if they want to compete in the market, the latest entrant rate is quite low. When it comes to making new customers, it is not an easy thing. Since years in the market and the company is effectively competing in the market, there can be retaliation in the direction of any new entry. Samsung’s smartphones have loyal customers (Ferrerll, 2018).
In the industry, people across the world are connected through communication. The threat of substitute products is moderate. To contact through services of the internet and email newspapers, people or the users can communicate.
- Market segmentation analysis
The strategy of Samsung in the best way Psychographic and Behavioral segmentation are those definitions that represent existing segmentation according to the current marketing definition. One of them is the geographic factor. For urban areas and Samsung Guru Segment for rural areas, the company has made a Galaxy segment. For manufacturing quality phones, the South Korean firm is also famous for its most significant market share than other mobile phone makers (Ferrell, 2018). With a specific budget bracket in its lineup. Thus, there is something for everyone in Samsung stores the company has added different mobile categories. Therefore in Samsung stores, there is something for everyone.
The other factor is demographics. There is something for everyone. With the new galaxy phone out in the market, it comes in different shapes and colors for different demographic people. The phone is consistent with the 4G network and the cheap cost of the phone at any store. According to needs, This classification shows that the company cares about its customers (Ferrell, 2018).
2.1.Market positioning
awareness about a brand and its uniqueness as compared to others is what the position is. Attributes and features are what the products can get positioned. For positioning itself in the smartphone market, and some of these strategies are subsequent, the company has adopted different approaches. First and foremost, especially from mid-end and high-end customer segments, Samsung emphasizes the real margin generated. Secondly, through Samsung concept stores, it promotes products (Reisinger, 2017). Thirdly according to features, functions, and prices, Devices have categorized in the market. There is also a more comprehensive customer care services for the customers. the company brings innovative products with the latest technology and is the pioneer company that introduced 3G into smartphones.
2.Target market analysis
The targets need to be identified and chosen after making market segments based on different classes and groups. Other frequent users of mobiles the company targets various customers. The company does not only retain loyal customers only but also attracts them. Because they have a user-friendly interface, every kind of company can use mobiles of Samsung.
Because the company has invested well in it and Samsung Galaxy series are giving higher profit to the company Samsung Galaxy is considered as the brand builders for Samsung. The customers can know the products of the company. The customers should have the brand awareness Samsung smartphone is focused on the marketing mix. With excellent service in the industry; thus, the marketing mix is focused on the new product new and creative products. The customer service is focused on trusted performance. The Android phones by the Samsung smartphone are focused on the effective marketing strategy as the galaxy Samsung smartphone is hit and getting the advantages in the market because of friendly software (Statistica.com, 2017).
- Executive summary
As the Samsung market is growing with each passing day, there is an increase in the smartphone industry, with 18.5% market shares earned by the company, and yet growth is still projected in the coming years. Samsung’s smartphones are facing competition in the Android market as there a=is still stiff competition in the smartphone industry. It has a diversified portfolio and investors who have the notion of a profit that is best in their growth.
- Conclusion
It could be said while concluding that there is still an enormous opportunity for growth in the smartphone Samsung business. There is the need to look at new strategies to make the failed products consumer wise usable by bettering them on an excellent consumer-based experience. From technological aspects, Samsung’s smartphones should focus on advancement. This is because Apple has a maximum level of satisfied customers Samsung lacks in some issues. To get the competitive advantages in the market, the company needs to focus on bringing customer satisfaction.
References
Kurtz, D. L. (2016). Contemporary Marketing, Update 2015. s.l. Cengage Learning.
Fowler, A. R. ( 2015). Marketing. S .l.: Cengage Learning.
Statista.com (2017). Statistics and facts about Smartphones. [Online] Available at https://www.statista.com/topics/840/smartphones/[Accessed 30 May, 2017].
Reisinger, D. (2017). Samsung Is Back Atop the Smartphone Market. [Online] Available at http://fortune.com/2017/04/11/samsung-apple-market-share/[Accessed 30 May, 2017].
Chowdhry, A. (2015). Apple Surpassed Samsung As Global Phone Market Leader, Says Report. [Online] Available at https://www.forbes.com/sites/amitchowdhry/2015/03/04/apple-passes-samsung/#71adb06b6ceb[Accessed 31 May, 2017].
Ferrell ( 2018). Marketing Strategy. Cengage Learning ed. s.l.:s.n.