Corporations devise a number of strategies in order to attract attention of consumers who can convert into a potential buyer of the company’s products (Hawkins, 2010). Marketer while devising their marketing strategies takes into consideration various factors that undermine a consumer’s choice in selecting a particular product against another. Consumers determine the demand for any product in the market. The scope of the current report discusses consumer market demand for Samsung Galaxy Note 5 Android phone in Singapore and the various factors affecting its demand.
Samsung, a South Korean company is one of the leading brands in manufacturing various electronic devices. The Company’s product portfolio includes a variety of products including mobile phones, televisions, tablets and various other electronic hardware products (www.samsungmobilepress.com, Retrieved on 8th April 2017). Now the Company has forayed into manufacturing various cloud software products as well. It has been estimated that 60% of total users of smart phones will select either Samsung compared to any other brands of smart phones. It is selected due to its price affordability by middle as well as lower middle class people compared to Apple products. Smart phone like Samsung Galaxy Note5 is slim, handy, Android latest version that is available in 3 beautiful colors. The Company is based worldwide and is a highly profitable Company.
Figure 1: Samsung Galaxy Note 5
Source: (www.straitstimes.com, Retrieved on 8th April 2017)
Singapore situated in South East Asia is a financial center and one of largest foreign exchange markets as well a platform of big port (La Ferle, 2008). Singapore has more than 40% foreign public of total population; therefore the country is diversified with a robust population and large influx of immigrants. Singapore has a number of multinational as well as indigenous companies that are into manufacturing of mobile phones. Due to high consumer demand in the country Samsung enjoys a sizable market share. The newly launch Galaxy Note 5 have a high demand as well as sales in the markets, however the Company has to keep up with its marketing initiatives in the highly competitive market. The primary attraction for which young college going students selects the product is due to its camera. Samsung Galaxy note 5 has 16 megapixel cameras with 5 megapixel front camera, for selfie moment capture which is in trend and young generation is fetish for (Ibrahim, 2013). Working people select this because of its various applications, used for emailing, and office applications. The target market segmentation for the product can be understood in terms of demographic, psychographic and geographic segmentation.
Figure 2: Smartphone Market Share Singapore
Source: (www.slideshare.net, Retrieved on 8th April 2017)
The demographic segmentation refers to the consumer profile that Samsung targets for the purpose of marketing its products. The Company for this product caters to both the genders. It has 3 colors amongst which the colors are preferable by either men or women (Luo, 2007). The price of the product ranges from SGD 1,088 and rises further with an increase in its RAM capacity. Hence, due to the pricing of the product it attracts consumers from middle and high income class. The age group which prefers to purchase the product is between 21 years to 55 years age group.
Consumers in Singapore especially the younger generation like the current product by the company, which is Galaxy Note 5. Young college goers and officer goers are attracted to this product by Samsung and it has a great appeal amongst this group due to the availability of various features (Hui, 2007). Psychographic segmentation of the target customer group further reveals that consumers who like to use good looking phones with lots of Apps and features generally prefers Galaxy Note 5 compared to other products available in the market.
The consumer target market is Singapore, hence the Company will market its product in various parts of Singapore. It will focus on key college and office areas for the purpose of marketing.
The consumer decision making process is a complex phenomenon which is followed step by step by marketers in their marketing of products (I??klar, 2007). The consumer decision making whether to buy or not to buy the product is a five step process which can be explained as below and initiates with need recognition process.
The marketers at Samsung have noted that the new generation who are entering the college or have recently acquired a job has high needs to socialize. The products Galaxy Note 5 has been built with this need of the consumer in mind such that he will be able to take pictures of himself and the n share it across various platforms as Facebook, Twitter, Watsup and other popular social media platform (Darley, 2010).
Once the need and desire to purchase a mobile phone that comes with good camera and social networking feature arises, the consumer starts looking for information. While searching for information Samsung makes certain that while a consumer searches for information he is able to access its products online as well as in every store nearby (Mihart, 2012). Hence, at this stage also with various advisement as hoardings, banners and social media advertisement, Samsung aims to supply information to its customers.
Figure 3: Consumer Decision Making Process
Source: (www.businessstudynotes.com, Retrieved on 8th April 2017)
While evaluating various alternatives available to consumers for the purpose of deciding on the particular mobile handset compared to another several criteria’s are used. The brand image of Samsung and its previous phones plays a significant feature in deciding consumer choice for the particular product criteria. The price factor of the product is also a determining factor that helps ascertain purchase for a particular product compared to the other. At the moment there are a multiple product that are competing with Samsung Galaxy Note 5 in the market as Letv, Lenovo, Apple iphone and so on. These phone have good features and also attractive price range, thus the markets in Samsung has to conduct its promotional activities accordingly such that it gets preference amongst other product choices.
The final stage of product purchase is the purchase decision that a consumer makes as to whether purchase or not to purchase a product (Reisen, 2008). There are various convincing factors that make a consumer select Samsung’s Galaxy Note 5 product above other product in the market. While purchase is often considered to be the final step of the consumer decision making process, it determines the effect the Company’s marketing and promotion has been able to create in the consumer minds. All these factors convince the customer into making purchase for the particular mobile phone and no other.
The most important aspect of a product purchase is the post-purchase evaluation. Consumers now obtain reviews for various products especially mobile phones online, hence it becomes impertinent that the product has good features compared to competing products available in the market (Kim, 2012). Samsung Galaxy Note 5 has a good review from overall customer in the price range that it is available hence the post-purchase evaluation of the product is positive.
Singapore is a developed country and it is a trend amongst teenager to keep a mobile phone handset. Social opinion forms friends groups, family, peers, reference groups and other relevant members within the social circumference on an individual. Interactions with social circles influences and impacts choice for a particular product greatly (Zhou, 2011). A consumer’s perception regarding a particular product arises from necessary social influences of surrounding consumption patterns. Mobile phones usage is on a rise sharply in the recent years especially amongst college goers and office goers and they make their choice for a particular product based on their peer groups itself. Holbrook and Hirschman (1982) focused on the perception of a consumer based on product preference that might arise from consumption in the social surrounding. Parent’s decision while purchasing a mobile phone, friend’s influence as well as peer group has great importance in determining factor for making a purchase. Due to these factors word of mouth communication has become highly important as against other factors in determining success of a mobile phone.
Samsung in their product Galaxy Note 5 can influence buyer’s social influence by incorporating in various features that appeal to the social group (Dahl, 2013). The product already has features that appeals to all types of customers rather than to a particular group. Information sharing is an important factor that determines consumer buying decision. Samsung Company has made effective use of social influence in order to position their target products in comparison to other products available in the market. Due to the variant offered in the product it is a favorite amongst various age groups. High level corporates also use the upper variant of the product whereas college goers uses low priced variant of the product. The high level of popularity of the products amongst various social groups make sit more appealing with its various Apps, no leg time and price.
Psychological influence is a type of external influence that has a great impact on buyer behavior. An individual desires to purchase a product depending on their necessity, choice and financial capability. Consumer’s need for any product keeps changing as per time and need hence its unpredictable (Solomon, 2012). People come to the city for work from different countries, as it’s a market of young generation, whose psychology is different than that of older people.
Singapore is a business hub and expensive phones have higher sales rate. Social, friends and family gatherings also have the psychological effect on a product sale. It’s a type of adverting in a direct way, which changes the opinion of consumers. Choices between targeted products, its willingness to buy does changes with alternative brands with the survey and review and experiences shared between friends and relatives (Hsu, 2007). People psychology is to save money by substitute product with same features also impacts sales in regards to a particular product. A psychological influence of a consumer is highly effective in determining choice of the consumer in regards to a particular product. The review of the products plays an important role in determining psychological influence of the products.
Consumers survey the product through post purchase experience or evaluation, Cognitive dissonance from people connected, which helps them to compare the Samsung Note 5 with other brand. In case the feedback is negative they stop others from buying and if positive it suggest others to purchase the same model, though bit expensive but worth buying (Werth, 2007). Finally from above consumer behavior analysis it can be understood that, people of Singapore are inclined to buy Samsung Galaxy Note 5 as a Status symbol, fast access to internet, applications like camera for moment captures and many others features.
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Feedback Questionnaire for Galaxy Note 5 1. Name: 2. Age: 3. Phone Used: 4. Price Range: 5. Product Features: |
Consumer behavior of Samsung Galaxy Note 5 can be understood by conducting a brief interview with users of the product. The following questionnaire had been developed in order to gain relevant customer input for the desired product. A group of 100 customers had been surveyed in Singapore area for gaining input in regards to the product.
Analysis from the above data collected reveals that of the 100 consumers, almost 55 people uses one or the other product of Samsung. At least 50 people amongst the group uses Samsung mobile phone. From these customers as high as 70% revealed that they were highly satisfied with the product features. Around 69% revealed that the price against the product value that is offered by Samsung was immensely satisfying (Zinkan, 2012). More than 30 customers in that group used Samsung Galaxy Note 5 and were in the age group of 30 to 45 years of age. They all were residents of Singapore and had used the Company’s mobile phone in the past as well.
While the interview and survey reviled mostly positive feedback regarding Samsung and its product but some consumers around 9% had certain complains regarding some malfunctioning in its software and features. The Company engineers have to work hard and overcome these lag in functioning of the product such that it can increase market share in the future.
Conclusion & Recommendations
Samsung is a market leader in mobile phone in Singapore and is the first preference of customers there. Customers prefer to purchase mobile phones of Samsung compared to any other companies mobile phone. While the Company is a market leader in the segment it can adopt the following ways in order to gain more share in the future markets.
Samsung can have service counters at several places across the city in Singapore. While all its mobile phones are tested and then launched in the market, in case of service issues customer can easily avail those centers. Further a company with a lot of service centers is more likely to attract consumer into making purchase decision compared to other companies.
Samsung can have a promotional strategy with college goers and office goers with a lucky draw contest. This feature of Samsung will allow to attract more potential buyers to the Company compared to the others.
Samsung can develop high range along with low range products to cater to a broader spectrum of consumers within markets of Singapore.
There is certain negative feedback regarding the product which the Company engineers are trying to attend to. These negative feedback and consumer reviews pertaining to the product are deterrent factor that reduces sales of the particular product. The Company needs to take adequate steps such that it is able to overcome any problems or lag in features such that it is able to develop highly effective and efficient phone in the competitive market.
Reference Lists
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www.businessstudynotes.com. (Retrieved on 8th April 2017). Consumer Decision Making Process. https://www.businessstudynotes.com/marketing/marketing-management/stages-consumer-decision-making-process/.
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