Samsung product diversification strategy

The company was founded on January 13, and is headquartered in Suwon, South Korea.

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The company can adopt aggressive marketing and promotions, offer competitive pricing etc. For instance, Samsung drops the prices of its smartphones a few months before the launch of its next model. Market Development The market development strategy involves Samsung targeting its existing products and services into newer market segments or geographical regions. Samsung has used and still uses a combination of different approaches to enter new markets, which include direct export, licensing, joint-venture, mergers and acquisitions and direct foreign investment.

Product Development Samsung uses a combination of enhancing its existing products to completely launching a new product under its brand name. For instance, Samsung is a dominant name in the smartphone industry.

Samsung has developed different smartphones, for different market segments, and launches these new products in its existing markets. Samsung looks beautiful.

It has unique mobile phone design. Samsung mobile phones are more emphasis on changing the appearance of the perfect combination of utility functions within which sits on a large number of loyal consumers. The phones outsell the laptops 5-to-1, but the massive margins on the latter make the race more or less a wash. Apple is so big that it can live comfortably without Samsung. The decision making process is adhered to for the growth and progress to be ascertained. The key official settled down and scrutinizes the ideas by brainstorming unlike other competitors who rush to implement a mere assumption.

There is due consideration of the step to be put in the operations of the organization given that it may lead to profit or loss, The aim of the company has been profit maximization hence this has been achieved by adopting a clear scope of work. Stages of product development ADKAR MODEL Awareness: Need to have long term thinking rather than short term, Date Driver Decision making is required to get the list of expectations and a clear vision Desire: Searching a new innovative market to reestablish the brand Knowledge: Samsung need to lift their platform with strategic alliance with other AI companies Ability: Create more developer tools, making it easier for application developers to leverage in global scale.

Samsung business strategy is mainly based on market readership, i. These include employee recruitment and selection system, team development and orientation system, transaction processing systems, customer relationship management system, business intelligence system, knowledge management system and others. Shared values. Samsung strategic level management attempts to promote the values ofdedication to work, creativity and industriousness among the workforce at all levels.

The range of skills and competencies required to be successful at Samsung is vast andincludes interpersonal skills, teamwork, ability to work under pressure, customer orientation,creativity and analytical thinking. The company also forms strategic alliances with local brands to promote products. Samsung is also known to aggressively promote its products through all possible marketing channels such as television ads, social media ads, and print media ads. It also sponsors various technology events to promote its brand.

All of these measures help Samsung boost the sales of its products in its existing markets. Whenever Samsung launches its existing products in new markets, it is developing its market. Samsung does this in a number of ways.

The primary way is to expand geographically into new markets. These include nations that it has not tapped into yet and expansion inside nations that it is already in. The company creates attractive packaging of its products when it launches them in new markets. At the same time, the company advertises its products with the help of local celebrities and sportsmen when entering into new markets to create a brand reputation and loyalty amongst customers. The company also uses various distribution channels such as retail sales, online sales, and so on. It has to price its products according to the local currency which is a great concern for the company as it measures its revenues in terms of US dollars Saxena, However, despite this being a risky venture, Samsung has seen success in various international markets it has expanded into boosting its revenues.

Samsung consumer electronics division is the market leader in product development. Unlike Apple that operates only a single smartphone model, Samsung operates numerous smartphone models and regularly launches new versions of these products that offer improved functions and specifications. This is also applicable to various other divisions such as construction machinery, home appliances, and entertainment systems.

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The company carries out extensive research and development to create new products that offer exceptional functionality and durability. Samsung also improves the existing products it offers by launching slightly different variants of the already existing products to create new products. The company launches new products gradually across its various markets. This allows the company to take advantage of greater sales and revenues associated with new products.

What Is Samsung Merger And Acquisition Strategy

Samsung follows a conglomerate diversification strategy. Its extensive product portfolio of numerous industries shows that Samsung has not limited itself to horizontal diversification Martin, It has expanded into unrelated industries various times and succeeded. The company does detailed research and spots industries with growth potential and enters them.

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This allows the company to serve greater markets and offer diverse products and services. The name Samsung is associated with different products and lines that may even confuse customers that lack knowledge. The diverse portfolio is not seen very often in other brands. Craft, Martin, V. Mo-Hyun, C. Samsung,