Marketing Strategies Of An IT Company – A Case Study Of Samsung

Background

The following project deals with the concept of marketing strategy in business. Marketing strategy refers to a long term, forward looking approach to planning with the fundamental aim to achieve a sustainable competitive advantage in the market. Strategic Planning involves the proper analysis of the company’s initial solution to the formulation, evaluation and selection of the market oriented competitive position that helps the management of the company to formulate the goals and objectives of the particular business. The paper will highlight on what actually is meant by marketing strategy and its importance to the success of the business. The researcher has chosen Samsung as the product in the following paper and has discussed its marketing strategy in detail.

Samsung is a South Korean Multinational firm that was founded in the year 1938. It is headquartered in Seoul. The company has a number of different businesses united under the brand name Samsung.  The organization was established as only a trading company the management diversified the business in different fields like textiles, food processing, insurance, retail and securities. The management of the company entered the electronics market in the 1960’s and later entered the shipbuilding industry in the mid 1970’s.  Samsung gradually became a globalised company by entering the business of mobile phones which turned out to be one of the most profitable sources of income for the company. Samsung Electronics is the 2^nd largest IT Company of the world in terms of revenue. Apart from these Samsung has also set its footprint in other sectors of business like Samsung Life Insurance, Samsung Ever land, Samsung C&T and many other different companies.   The company has annual revenue of around US$ 300 billion and a net income of US$ 22 billion. Apart from these the combined assets of the organization stands at a staggering amount of more than US$ 500 billion. The large amount of revenue and assets makes the organization one of the largest and best in the global market. The management of the company formulates the strategies of the company in such a way that it helps the company to be the best in the business.

1. What is the importance of the marketing strategies in a business organization?
2. How can a proper marketing strategy lead to the sustainable future of the business organization?
3. How can Samsung achieve a common marketing strategy for its global expansion?

The research will be based on the following hypothesis:

H_0- The competitive pricing strategy does not play an important role in the marketing strategy of Samsung

H₁– The competitive pricing strategy plays an important role in the marketing strategy of Samsung

A well formulated Marketing Strategy is important to the effectiveness of the company. Various approaches have been made in the past towards the understanding and improving of the processes. Marketing strategy consists of a number of different elements that relates to production, distribution, promotion and pricing. The strategy acts as a guide to the organization to step towards success. An example of marketing strategy going hand in hand with the marketing plan is when Samsung Mobile Phones was first launched in the global market. Marketing Strategies involve tactics and actions which the organization deems necessary for them after they outline or fix their own set of goals.  

Research Questions

There are generally three phases to the effectiveness of a normative, sustainable and rational approach to the formulation of the marketing strategies.

The first phase generally adopts a strong positive approach to the different problems faced by the organizations. The formal planning done by the management of the organization usually performed in a much better manner against the financial criterions as mentioned in the non formal planners of the organization. The second phase of the following involves the reaction against the absolute positivism of the first phase. The third phase was formulated because of the criticism of the second phase which involved the mixture of the positivism of the first phase and the inconclusive relativism of the second phase. Marketing strategy can be said to have two basic components. Firstly the definition of the Target market and secondly the statement of the product offered to the customers or the proposition of the value of the product. This helps the organization to differentiate marketing strategies from the other non marketing strategies present or formulated by the management of the organization.

Target market involves the breakdown of the market where the company operates into a number of different areas and then concentrates on the marketing efforts of one or few segments that consists of different customers who have the exactly same or close to same types of desires or choices for a certain product in the market. Selecting the target market is the key to the success of each and every business organization.  The mentioned IT Company creates different ads in social media and forwards it to the portals of the potential customers to help them select the proper product easily. Social media platforms such as face book, LinkedIn, Twitter and Instagram have different additional features that allow the business organizations to target users based on their searches in different market segments. Market Segmentation can be done in various ways like;

• Demographic Segmentation-The following division is done based on the customer’s gender, age, marital status, income level, religion, race and many others such different features.
• Geographic Segmentation-Geographic Segmentation involves the division of the market based on the location of the customers. This can be classified according to neighborhood, postal codes, city, states and many more such related locations in the market.
• Physiographic Segmentation-The following division divides the target market according to the socio-economic status of the customers. There are different customers who belong to different levels in the society based on their economic prowess. Such division includes upper class, upper middle class, skilled working class and lower middle class.,

Value proposition is a marketing statement which a business organization uses to describe in detail about why a customer should buy a particular product or use it. The following statement promises the potential consumers about a particular product or service will add more value or overcome the limitations of the similar range of products of any other company in the market. The value proposition must be transparent in nature so that the organization must be able to make the consumers understand the benefits of a certain product and its advantage over other products.

As mentioned earlier the value proposition of a customer includes the proper communication of the management of the company with the consumers on the advantage of a certain product over the same range of products that are available in the market. It is very much important to display the importance and advantages of a certain product in the website of the particular Company so that the consumers can have a clear idea of the products and compare them accordingly. A proper and effective proposition has a strong headline that can communicate the delivered benefit to the consumers. It will be published in the website must be in a single sentence that is easily able to pierce the mind of the consumers. A sub headline must be displayed below the main headline that describes the delivered value and to provide the most important features of the particular product.

Research Hypothesis

Product innovation is the capability of a business organization to innovate its existing products or create latest products that can easily outsmart the other rivals in the industry that produces the same range of products in the market. The products of Samsung includes IT Solutions, mobiles, cameras, TV’s, Desktops, laptops and many other gadgets. Its product range covers all kinds of categories covering all the daily needs of the customers.

The pricing system of the products plays an important role to the success of the business organization. The prices of the products delivered by the particular company are much lower than those of the other existing brands and thus they have a large group of selective customers that helps them to climb up the ladder in the highly competitive market.

The distribution system of the mentioned IT Company has seen a vast change. The management of the company consolidates the distribution system on the launch of each of the new products. The presence of a direct dealer interface helps them to get quality feedback from the dealers thus enabling them to launch new products according to the demands of the customers.

The company has a vast range of different mediums through which it carries out all its advertising and sales promotional activities. This includes TV Commercials, hoarding displays, electronic mediums and social media platforms. The extensive promotional activities help the people to get a proper knowhow of the products of the business organizations.

As mentioned earlier marketing strategies is a set of long term planning that helps the business to curve out the path to its success and sustainability. The management of any of the business organizations arranges the strategies in such a way that it best fits the business. Every business has its own set of strategies but the main factors of the strategies are more or less the same. Strategies are generally fixed on the basis of four main factors namely;

1. Competitive Pricing
2. Brand Strategy
3. Pricing
4. Distribution Channels

Competitive Pricing is all about the strategy of the business on how and what processes it will adapt to differentiate the product and create a separate value for each of the product. As the modern market is highly competitive in nature the company needs a competitive positioning in the market to make sure that they sustain in the long run. A proper market position strategy is influenced by;

1. Market Profile which includes the size of the firm, presence of competitors the stage of the growth.
2. Competitive Analysis of the strengths, weaknesses, threats and opportunities for the growth of the organization.
3. The processes for delivering the highest value for the growth of the products in the highly competitive market.
4. Customer segmentation which includes the division of the customers according to the wants of the people in the same category.

It is easier for the management of the organization to attract customers if they are able to offer products and prove the differentiation or superiority of their products from the existing ones in the market.  The companies must focus on delivering the highest value for each and every product to end a superior value to the products. The different factors that must be kept in mind while determining the competitive pricing are;

1. Operational Excellence-It is all about providing the customers the best possible product at the lowest possible price. The main strategy of the business is to make sure that the organization can keep on producing more volume of products at a lower cost. It is believed as the key driver to the long-term strategy and their competitive positioning in the market.
2. Product Leadership- Product leadership reflects the quality of the products. A superior quality of product is much more preferable than a product of lower quality. The leadership ability of the product helps the product to be successful in the market and attain a strategic competitive advantage in the market.
3. Customer Intimacy- Apart from the above mentioned strategies customer intimacy is one of the factors that forms the basis of the strategies formulated by the management of the company. Offering a great service and maintaining the quality of the products forms the basis of this strategy.

The important concepts and steps in competitive marketing are as follows;

1. Market Profile-This includes documenting the size of the market, identifying the major competitors on their positioning and determining the market stage whether it is in a introductory stage o a growth stage or has already attained maturity.
2. Market Segmentation- Market segmentation is one of the most important steps while determining the competitive marketing strategy of the business. The management of the market needs to identify the needs and wants of the customers and divide them under different criterion.
3. Define on how to Deliver Value-As said earlier defining the market value of the organization is one of the key steps to completive pricing strategy. This include the core types of values that the company can deliver, operational excellence of the company, customer leadership and many other different related items linked to deliver value for the products.
4. Evaluating the competition- The evaluation of the competition is key to the success of the business as because it is important to know the strength of the competitors and the quality and prices of the products that they offer to the customers.

Brand value is considered to be the most important element before the formulation of a proper strategy for the business.  A brand is the entire experience that the market has with the offering or the product of the company. It is the promise that is made by the management of a company on a certain product. A brand value can be identified by the logo, color and the package of the products. Apart from this brand value also includes the day to day interactions that the company has with the market in which it operates.  Other factors that help to create demand for the brand, they are;

1. Image or reputation that the company conveys
2. Messages that are delivered on the website of the company
3. Competition on a certain product
4. The behaviors of the employees towards the customers
5. The opinion of the customers

Marketing Strategy

Branding is one of the key elements for the different types of products and services that are sold in the market. It helps to bring the competitive position of a certain product or the organization into life and thus helps to ensure the sustainability of the product in the market. The brand strategy of a company can be best defined in three possible ways namely;

1. Best Case- The customers are able to identify the name of the product, know the value of the product and have a thorough belief in the following product. In such a case the customer quickly acquires the product as the product does not need to be tested by the people.
2. Neutral Case- A shoddy view which is not transparent in nature. The customers may not have a consistent view of the products and thus the company in need to sell the product must make it a point to constantly communicate with the customers to make them understand about the products.
3. Worst Case- The complete absence of a brand strategy does not helps the cause of the company as the company fails to communicate with the market and as a result their products are rejected by the customers.

  Some important concepts and steps that align with the strategies are;

1. Auditing the existing Brand-The marketing team of the companies has the task to survey the market and the stakeholders to understand how they view the brand.
2. Defining the Architecture of the brand- The organization must evaluate the features and the benefits of the products and services which include the configuration of the product and the benefits that it will provide to the customers.
3. Defining the brand experience- Brands must be thought of an individual person and each and every promise must be delivered by it to the customers.
4. Brand story and positioning statement-The management of the company must formulate a proper brand positioning statement that conveys the essence of the brand that they deliver in the market. The definition of the brand, purpose of the brand and benefits that the brand provides helps the organization to ensure the success of the product in the market.
5. Brand Visual and operational requirements-The choice of the color, fonts and other visual elements must be done after proper consultation and must have the essence of the company. Employee interaction can also be of much help to the proper organization of the company.

Price is one of the key elements of the 4 “P’s” of Marketing. The following thus is applicable to both B2C marketing as well as B2B marketing. A company has to consider a number of different factors while determining the pricing strategy including the long term as well as the short term strategies of the organization.

1. Reflection of the value provided versus the competitors
2. Consideration of what the market will truly pay for the products that the company offers
3. Maximizing the profits of the company
4. Helps the company to achieve the goals set out by the management of the organization

1. Alignment of the pricing strategy to the method- The price of the product is one of the key considerations for the customers. They buy the product on the basis of the price that is set out for the products. The customers only pay for the products when they think that a certain price is appropriate for the product.
2. Understanding the structure of the cost and the profitability goals- The pricing strategy is determined by the management of the company after considering the cost of producing the goods and also the highest revenue that can be earned in the highly competitive market.
3. Analyze the price of the competitors-The management of the company must analyze the price that their competitors are offering to the customers to the similar range of products and decide their price. Their price must be competitive and sustainable in nature so that they can provide a tough competition to the other companies.
4. Determining the Price Sensitivity- The higher is the price of the products, the lower is the quantity of the products that are sold or are available for selling in the market. The company is unable to generate higher revenue in the presence of a lower volume of goods in the market. It also depends on how sensitive the customers are to fluctuations of the prices of the products in the market.

Distribution is another element that forms a key role in the formation of the marketing strategies of a business organization. The modern days has seen an increase in a number of distribution channels that helps the organization to forward its products to the customers or the end users. Some of the important distribution channels are as follows;

1. Direct/Internet-Internet has changed the way the companies advertise and distribute their product to the end users. The internet facilitates the ways in which the end product of the company is delivered to the end users of that particular product.
2. Consultant-There are many sales companies that use the service of the consultants to efficiently channel the different items to the customers. It is the consultants who takes help of the customers and deliver the ultimate products to the customers for sale in the market. The consultants convince the customers to buy a particular product by making them understand the benefits of the product over their rivals in the market.
3. Sales Team-The sales team of the business organization has the responsibility to carry out the distribution of the products to the end users. This can happen both in B2B marketing as well as B2C marketing.
4. Wholesale-Wholesalers are the ones who acquire the goods from the manufacturer on a large volume and then sell them to the retailers from different distribution centers.
5. Value Added Reseller-Value added resellers are the ones that induct new value to an existing product. The value added resellers offer professional services like consulting, designing and training services as part of the value addition.
6. Dealer-Dealers are essentially the customers of an organization and training and they are trained and supported through different marketing campaigns.4

Samsung has the largest marketing budget in the competition and thus this itself proves the leadership position of the company in the market. The company enjoys one of the largest market shares that help the organization to have a great brand reputation. In the year 2016 the company spent a whooping amount of US$ 10.2 Billion just for marketing and promotion. The marketing strategy of the company integrates various forms of activities including events, experiences, advertisements, promotions, corporate events and many other such related activities that form the backbone of the marketing strategies of the organization. According to reports the company has a total of 53 global sales bases worldwide. The marketing strategy of the company is based on some common principles as formulated by the management of the company. They are as follows;

1. The company provides much more importance to the Product mix amongst all the 7P’s of marketing. The presence of 53 worldwide sales bases as well as a large number of R&D centers helps the company to have a continuous and never ending flow of the different products that the company produces and sells to the ultimate users.
2. Samsung segmentation strategy along with the positioning strategy helps to integrate the different initiatives of the company and anticipate the different positioning techniques of the mentioned organization.
3. The marketing and communications strategy generally comprises of two steps and each of the steps involves a set of activities. It must be noted that the legal review forms an important part of the process which comprises of production and execution. The company will surely suffer if they neglect any of the two implications.

Samsung is a global producer of different telecommunication Systems, consumer appliances, A/V equipment, printers, desktops, laptops and many other different devices. The company underwent a sea change during the late 70’s and early 80’s which was a time of increasing diversification and global business growth. The company developed an ultra light mobile phone in the year 1993 which enjoyed a large amount of international success. The company continued its success stories in the GSM and CDMA business. Though the global mobile phone market has matured and is already too much saturated, Samsung posted a record sales growth of 32 percent which proves their hunger for success.

Samsung Electronics is one of the key products amongst the large line of products and services that the company offers to the customers. The electronics business of the mentioned company is generally divided into three different types namely;

1. Consumer Electronics
2. Information Technology or IT
3. Mobile Communications and Device Solutions

The business strategy of the following company is intended at strengthening the competitiveness and gaining profit. With an attractive market share of more than 25% in the flat panel TV segment it enjoys a huge competitive advantage over their nearest rivals in the market. The company also claimed the top spot to be the largest manufacturers of Smart phones in the year 2015 by surpassing Apple. The management of the company does not stop here and has plans to be the topmost Company globally in the coming years.

Target Market

The marketing strategies of the company largely depend on the micro and macro environmental factors where the company operates. The researcher has performed the SWOT Analysis and PESTEL analysis to determine the above mentioned factors that helps to determine the strategy of the business.

Strengths	Opportunities
· Range of Products · Reputation of Samsung · Low Cost of Production · Ownership of the Market Share	· Increased demands of the products in the market · Opening Business in New Markets · Innovation and use of Latest technology
Weaknesses	Threats
· Pricing Tactics of the company · Absence of Niche Marketing · Problem on Patents · Distribution Channel cost for products	· Presence of Strong rivals · Decline in some sectors of business · Political problems in South Korea · Absence of proper marketing

SWOT Table

Source- (As created by the Author)

Analysis

1. Strengths-The wide range of diversified products that the company offers has great advantage for the organization. The products include Television, air conditions, refrigerators, mobile phones, networking, cables, security and many other such related items. The vast range of products helps the company to attract the vast range of customers. The reputation of the brand Samsung is also one of its big strengths. Apart from these the company has an added advantage as because it is perhaps the only company in the world that has a very low cost of production. The minimum cost of producing the finished goods does not hamper its quality as because the management has implemented strict guidelines to maintain the best quality of the products.
2. Weaknesses-The pricing strategies of the company have been quite criticized by many experts which are no doubt a serious issue. The abrupt pricing strategies have led to the failure of a number of different products in the market as well as a shift of the customer base towards better products offered by other organizations. The focus point of Samsung on quality and quantity has led to their failure in identifying a niche market for the different products that they launch in the market. Moreover there had been a recent issue regarding patent of a mobile phone launched by the company.
3. Opportunities-The last few years has seen a gradual upsurge in the use of technology. The mentioned company has been successful in achieving a large market share by launching latest technological gadgets. Samsung occupies the number one position in the manufacturing of smart phones which has been possible just because of extensive market research and use of latest technology.
4. Threats- The key problem faced by the mentioned company has been the political unrest in South Korea, which has disturbed the smooth operations of the organization. Apart from this the highly competitive market is posing new challenges every now and then which are no doubt one of the biggest threats to the organization.

Conclusion 

The report prepared by the researcher has been able to address all the requirements that were supposed to be mentioned in the assignment. The researcher has tried to provide all the different elements of strategic marketing adopted by Samsung to make the report a compact one. The report was prepared using secondary research elements and the main reasons behind choosing the secondary information was the reliability and genuineness it offered. The secondary information was received mainly from the works carried out by eminent writers on marketing and strategic management along with periodical articles. However the most valuable information was received from the website of the company and the periodical journals on Information Technology and other weekly journals, daily journals, newspapers and magazines that publishes news regarding different existing products or any new organizational venture being taken up by Samsung in the market. A proper analysis of the following report will enable the readers to get a transparent idea on Strategic Marketing and the elements on which it depends. The use of the different resources has itself increased its scope and it will serve as a referral for any future works related to the same topic and the same organization. The researcher has provided some useful recommendations after concluding the following work.

Global marketing is in no doubt one of the greatest concepts adopted by big companies like Samsung. The idea of implementing marketing strategies across multiple markets is always beneficial for the company. It helps the organization to save their valuable resources, save their time and ensure that they maintain a high level of consistency between all the market and the branding activities. However there is uncertainty over the smooth working of the global marketing as most of the companies fails to put up their strategies in the proper way to gain success. The researcher has provided some key recommendations to the company to make sure that the global marketing strategies are formulated in a proper manner.

1. Clear identification of global strategies and local strategies-The global marketing strategies must suit the local needs and market specific initiatives. The collaboration of the local marketing objectives along with the global objectives will ensure the success of the organization in that particular market. Such areas of marketing that lead themselves to global or central level includes the branding and brand guidelines, budgeting, market strategies and many more as such. On the other hand locally driven initiatives include the local social media channels, local partnerships and different events. As said earlier the collaboration of these local and global elements helps the organization to establish their stronghold in different markets.
2. Understanding the needs of local market and developing a proper approach-The global operations of the firm is often cited as an excuse to avoid time understanding the local cultures and behaviors. Such a casual approach by the organization leads to failure in different markets. The identification of the locally driven cultures and elements of the organization forms a key element to the success of the business.
3. Developing a global Marketing plan early to receive proper feedback-A proper research of the local markets and the formulation of marketing strategies at a much earlier time is utmost necessary for the organization to achieve success. Formulating the plan much earlier provides the organization with a greater scope to understand the needs of the market and change or revise their plans accordingly. Such an approach can also be helpful to gather data from the local workforce of the organization. Thus the execution of the plan at an early stage sets the stage for betterment and improvement.
4. Tracking and Adjustment in proper time- Tracking and adjustments is by no means less important while formulating the strategies. The management of Samsung must make sure to maintain a disciplinary approach and track all the activities of the organization accordingly. It is the task of the management to define the key metrics and goals of the organization to the employees and ensure their full participation in their respective roles. It is also important to update the metrics weekly or on a daily basis and review the progress and the performance.
5. Proper Communication-Effective form of communication is utmost necessary while implementing the global strategies in a particular market. The success of the global marketing depends on the relationship that the management shares with the team that is in charge of implementing the plans. An open communication channel is utmost necessary in developing trusts and nurturing the relationships. Therefore regular communications through different sources is necessary for staying updated on the latest competitive changes in the market.

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