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Samsung Discussion Questions Discuss how Samsung differentiates its products from its competitors. Samsung differentiates its products from its competitors by always coming up with an impressive array of innovative products. The company makes sure to produce so many variations of its products so that the consumers can be able to have excellent options to choose from (Litman, 2008). Samsung understands that because the needs and preferences of the consumers are always changing from time to time, it is important for the company to be able to keep up to such changes in terms of the products that they are launching in the markets. With every product that the company launches in the market having many variations, Samsung is confident that their customers will never run out of choices in terms of the products that will truly satisfy their needs and preferences. Samsung has a wide variety of businesses including advanced technology, semiconductors, skyscraper and plant construction, petrochemicals, fashion, medicine, finance, and hotels (Samsung, 2012).
2. Discuss the impact of new competition on Samsung’s financial performance.
The impact of new competition on Samsung’s financial performance is more of a negative one. This is because the new competitors have only forced the company to spend more in order to produce more differentiated products and keep up with the intense competition. Unfortunately, the new competitors of Samsung especially from China have been able to establish a strong presence in the markets, which has contributed to the decline in the sales of Samsung’s products and a decline in profitability (Siegel, 2009). The negative impacts of the recent economic crisis do not help Samsung at all, as majority of the consumers have decided to spend less and save more. Thus, it is safe to say that Samsung has really become troubled by the emergence of new competitors and the threats that they continue to pose to the financial profitability of the company.
3. Identify any new marketing strategies that Samsung should consider in reaction to new Chinese competition.
A new marketing strategy that Samsung should consider in reaction to new Chinese competition is one that will highlight the excellent quality and significant value of its products. It is important for Samsung to emphasize on its marketing strategy that not one of their competitors can be able to match the superior quality and value that their products are able to provide. This should help in gaining the trust and confidence of the consumers to try Samsung products and personally experience their benefits. Aside from this, Samsung has to be willing to spend for advertisements as a form of a marketing strategy, which will help to inform the public about the superior quality and value that their products are able to provide (Grant, 2010). A combination of advertisements in the Internet, television and print media can be very expensive but will be beneficial for Samsung in the end. The company should utilize online advertising due to the growing interest of customers in online activities. The online advertising industry is estimated to generate $55 billion in revenues (Prnewswire, 2011).
4. Develop a new strategy for Samsung.
A blue ocean strategy can be very effective for Samsung. The blue ocean strategy operates based on the principle of value innovation (Mauborgne, 2005). It is important to point out that blue ocean can be established once Samsung is able to accomplish value innovation that produces value on the part of the consumers and the organizations at the same time. The innovation needs to increase and establish value for the market, while at the same time it has to be able to help in minimizing or removing aspects that are deemed as insignificant by the present market. Discovering value that is not seen in traditional market segments, providing value and minimal expenses have to be the new focus of Samsung’s strategy. Thus, blue ocean strategy can be perceived as something that makes use of differentiation as a way to attain competitive advantage for Samsung.
REFERENCES
Grant, R. (2010). Contemporary Strategy Analysis and Cases: Text and Cases. Hoboken, NJ: Wiley
Litman, J. (2008). Driven: Business Strategy, Human Actions, And The Creation Of Wealth. Chicago, IL: Strategy & Execution, LLC
Mauborgne, R. (2005). Blue Ocean Strategy. Boston, MA: Harvard Business Review Press
Prnewswire. com (2011). The Global Online and Mobile Advertising Industry Outlook. Retrieved March 12, 2012 from http://www. prnewswire. com/news-releases/the-global-online-and-mobile-advertising-industry-outlook-131503718. html
Samsung. com (2012). Welcome to Samsung. Retrieved March 12, 2012 from http://www. samsung. com/us/aboutsamsung/
Siegel, J. (2009). Samsung Electronics. Boston, MA: Harvard Business School