Marketing: Marketing Research: Samsung Galaxy Mini S
Samsung Group has grown to be a world leader in technology. The company now wants to market a Galaxy Mini S, a tablet combining state-of-the-art computer and smart phone features. In order to effectively market the product, Samsung's marketers will need to obtain, analyze and use as much external and internal information as possible. Using multiple processes, marketers can formulate highly effective marketing objectives and strategies to attain those objectives.
The Samsung Galaxy MiniS
Product Statement
Samsung Group started as a small export business in Taegu, Korea in 1938 (Samsung, 2014). In the ensuing decades, Samsung joined with other companies, crossed international boundaries and moved into technical/communications industries (Samsung, 2014). Samsung's business philosophy is to devote its talent and technology to the creation of superior products/services contributing to a better global society through 5 core values: people, change, integrity and co-prosperity (Samsung, 2014). Over more than 80 years of growth and innovation, Samsung has become one of the top 10 global brands and a worldwide technology industry leader (Samsung, 2014). One of Samsung Group's companies is Samsung Electronics, which began mass marketing the Samsung Galaxy S, an android with smart phone and other features that has currently gone through 5 phases of upgrade/development as of 2014, and Samsung mini handsets that have currently undergone 4 phases as of 2014 (Samsung, 2014). Samsung also manufactures and sells tablets called Galaxy Tabs (Samsung, 2014) but now wishes to introduce a tablet called the Galaxy MiniS. In order to effectively market the Galaxy MiniS, the external and internal environments will be analyzed.
b. Situational Analysis
i. External and Internal Analyses
Several key external factors affect Samsung Electronics. Samsung must know its customers in multiple aspects: customer needs and values and how both can be satisfied; their behavior and their decision process for buying; how they view the brand and the level of their loyalty to the brand; and segmentation, targeting and positioning in the technology industry market (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know its competition in the target market: how many competitors and how they are concentrated; how profitable they are; their strengths and weaknesses; and their marketing plans and strategies (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know the culture of its target customers: their beliefs/religions; their standards and average educational levels; their lifestyles; and the essential features of consumerism in their culture(s) (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know applicable demographics of its target customers, including but not limited to: age ranges; gender composition; and population levels (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know the technological types and levels of advancement in the target customers: their information systems and use of internet/mobile technologies; how their goods are made; and how technology and media are used for marketing to them (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know the economic conditions of its target customers: average disposable income; taxation; inflation; interest rates; exchange rates; and unemployment (Friesner, Marketing Audit - Marketing Teacher, 2014). Finally, Samsung must know the laws and politics affecting its target market: applicable laws and regulations, such as copyright, patent, quotas and tariffs, and labor laws, all of which can affect the company's ability to market and do business in the target market (Friesner, Marketing Audit - Marketing Teacher, 2014). A thorough analysis of these external factors will make Samsung far abler to effectively market and do business in a targeted area. The internal analysis will examine Samsung's resources for marketing, commonly known as the five 'M's: Men (meaning labor); Money (meaning finances); Machinery (meaning equipment); Minutes (meaning time); and Materials (consisting of production factors) (Friesner, 2014).
ii. Vision Statement
Samsung Electronics has a vision statement of "Inspire the world, create the future." The vision statement is part of the company's "Vision 2020" strategy that builds on Samsung Electronics' 3 major strengths: new technology; innovative products; and creative solutions (Page, 2010, p. 2).
iii. Current Strategy
Samsung Electronics' current strategy is to focus on convergence and integration of its resources and aggressive marketing to introduce the latest technologies and sustain or even increase its market share. It devotes considerable human and financial resources to Research and Development: in 2008 -- 2009, the company invested almost 5% of its revenue to Research and Development and uses approximately 42,000 researchers in 42 facilities worldwide (Page, 2010, p. 13). One of the results is the Samsung Galaxy Mini S, a state-of-the-art product that combines the functions of a tablet with the easy portability and multiple uses of a mini smart phone. Having developed...
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