Samsung Company Marketing Analysis
Abstract
Nowadays Samsung Electronics is a South Korean multinational company that produces a wide range of electronical equipment. In South Korea, the company has a paramount influence on economic development, politics and culture. However, Samsung also has a huge power in the worldwide terms. The revenue that the company earns every year is impressive. At the same time, the whole world may take advantages of Samsung’s products using them. Today Samsung Electronics is globally recognizes as a producer of innovative and high quality electronic equipment. (Samsung.com, 2015)
Samsung Company Marketing Analysis
Samsung was created as a small export business in Taegu, Korea. In 1938 a Korean entrepreneur, Byung-Chull Lee, started a small company called Samsung hiring 40 employees with 2000$ nest egg. A brand name ‘Samsung’ means ‘three stars’ in Korean language. (Referenceforbusiness.com, 2015)At the beginning, Byung-Chull Lee basically focused on trade export such as selling dried fish, vegetables and fruit to Manchuria and Beijing. However, in 1969 Samsung occurred as a company of consumer electronics industry. During 31 years Lee made a lot of efforts to make a success in different areas, so that he ended up creating Samsung Electronics. Much to everybody’s delight, a small export business has dramatically grown to become one of the worldwide leaders in consumer electronics industry (Samsung.com, 2015). Today Samsung Electronics Company is one of the largest manufacturer all over the world.
The company produces and sells a great variety of products such as “televisions, video, and audio equipment; computers and related products; phones, cellular phones, and fax machines; home appliances; semiconductors; network-related products; factory automation products; fiberoptics products; closed circuit security products; motors and compressors; and solar energy systems” (Referenceforbusiness.com, 2015). There is no doubt, now Samsung is globally recognizes as a producer of innovative and high quality electronic equipment. (Samsung.com, 2015)Certainly, a success of any company in consumer electronics industry depends on technologies. There is a huge importance of technologic development for Samsung to keep on the top of the market. In such a way, it is not surprising, that Samsung Electronics pays a great attention to constant improving its technologies.
There is an interesting fact from company history that provides with an idea how Samsung works. In 2004 Hyo June Kim, the author of The Theory of Inventive Problem Solving, trained over one thousand engineers across Samsung companies. This random fact shows how Samsung approaches innovations. It does not use competitive strategy in contrast with Apple. (Shaughnessy, 2013)Consequently, two major things that Samsung Electronics does to be formally innovative are “heavily investing in its people” and the company tries to do its best in search for particular talents wherever they could be found. (Shaughnessy, 2013)In this way, we can see that Samsung Company really values proper human resources. Here the issue of externalities occurs. Numerous researches keep an evidence about a huge potential of Asian people. Hence, this aspect could be definitely considered as positive externality for Samsung Electronics. In addition, the company has an experience of finding …
