Question:
Discuss about the Marketing Management and Digital Communications.
Samsung Electronics is a South Korean company that deals in mobile phones and the general electronics. The company produces most of the world’s powerful phones which are used by many people from different parts of the world. The company has recently manufactured Samsung Leader 8 product. This is a Smartphone with dual screen flip and some classic keyboard. The phone has a rear camera of 12MP and a front camera of 5MP. Thus it is robust and fit enough to satisfy the customer’s needs of camera needs. Samsung Leader 8 also has programmable hotkeys. Regarding its way of charging, the phone has a new feature of wireless charging unlike most of the phones in the market. Therefore, Samsung Leader 8 seems to be a perfect product to meet most the current market needs of smartphones.
Successful marketing of every company’s product relies on the effectiveness of the marketing plan. Marketing that has been implemented well must contain information that reveals that current marketing state of the organization and the possible strategies that can effectively reach the market. The plan has the aims and objectives of developing the market brand awareness for Samsung Leader 8 in Australia. This is important for the Samsung because it will help it attain a bigger market ratio in the country (Kaplan & Norton, 2008).
The plan also establishes the possible market opportunities and the threats for Samsung Leader 8. This has been achieved through the application of SWOT analysis which provides important market information to help the company succeed in the endeavor. The plan has set the marketing and financial objectives for Samsung Leader 8 which is an important aspect in directing and targeting in the course. Further, the plan establishes the various marketing mix strategies that likely improve the sales of Samsung Leader 8 in the market. Thus, the paper is critical to help Samsung attain many sales of Samsung L8 in the Australian market.
In analyzing the internal business situation of Samsung, SWOT analysis seems to be a fit tool to unveil the current market opportunities, the threats, opportunities, and strengths. SWOT is powerful in helping the organization’s management understand the environment (Lee & Law, 2012). Thus, the organization’s leaders will be in a good position to make the best decisions for the marketing of the product (Ghazinoory, Abdi and Azadegan-Mehr, 2011).
In SWOT analysis, strengths refer to the aspects that lie within the business organization that can be helpful to the company and makes it stay above other market industry players (Kim, Hayes, Avant & Reid, 2014). Samsung has many strengths internally that can be helpful to the sale of Samsung Leader 8. Firstly, Samsung is the most successful company in production of the phones and the general electronics in the world. The company has an already established brand name both in Australia and the rest of the world. This is a strength of this organization. Secondly, Samsung an already established market share. The company has a share of more than 21% of the world phone market thus, a strength aspect for the success of the company in marketing the Samsung Leader 8 in Australia. Besides, Samsung has an advantage of its heavy investment in the research and development. This is important and helps the company develop what is fit for the market (Koen, Bertels & Elsum, 2011).
There are various factors within Samsung environment that present challenges to its operation. Firstly, the Samsung Leader 8 seems weaker and not robust enough in the market compared to smartphones from other industry players. Some of this smartphone makers include Apple, which has stayed ahead of Samsung for quite an extended period. Thus, has never managed to match the bigger market share and robustness of Apple’s smartphones. Other companies that compete Samsung include many Chinese companies, such as Huawei which offers smart phone alternatives in Australia. Also, Samsung Leader 8 depends on the Google Android which is an open source operating system for this phone, making it inferior to Apple’s IOS Devices. Besides, the marketing strategies employed by Samsung are not as robust as those used by Apple (Yuece, 2012).
Samsung Leader 8 has many opportunistic factors that that can be used in improving its sales in Australia. Firstly, high current market demand for the smartphones presents an opportunity to increase the sales of Samsung Leader 8. Smartphones are currently trending in Australia and other parts of the world. Also, there is an increased demand for the general phones and tablets thus an opportunity to sell Samsung Leader 8. It is also evident that there is a big opportunity for the sale of Samsung Leader 8 which comes from the increased online market. Currently, phone and tablet companies enjoy more sales to the market in Australia and other parts of the world through the use of the online store. There is a growing market of customers who will buy the phone online using internet from wherever they will be located (Valax, 2012).
Just like other companies, Samsung also faces threats to its business from different aspects. The main threats to Samsung’s Leader 8 are the competition from other industry players. Apple Inc. presents a great competition to Samsung because of commonly known robust IOS (Vrontis & Pavlou, 2008). Also, the company’s Samsung Leader 8 relies on Google’s open-source Android operating system. Thus, this presents a threat to the organization (Helms & Nixon, 2010). Samsung Leader 8 faces competition from other industry players. The main competitor is the iPhone produced by Apple. The company has an established robust brand name more than Samsung thus giving competition to Leader 8. Also, there are many companies from China such as Huawei who produce smartphones that suit the customers in Australia and then sells them at a lower price. This has brought about competition in the market.
A mission is the company’s statement which explains its core functions, the market it targets, the reason why it exists and the organization’s competitive advantages in the market. The mission statement is important and helps to communicate valuable information to its stakeholders. Samsung has a mission statement embedded in its philosophy which states a devotion of the company’s talent and technology to produce products which are superior in the market contributing to a better global society. Thus, this mission communicates useful information to all the stakeholders of this organization (Hollensen, 2010).
There are three main marketing objectives that this plan seeks to achieve. Firstly, it aims at creating the brand awareness of Samsung’s Leader 8 in Australia and the rest of the world. Secondly, the plan aims to establish the potential market opportunities for Samsung Leader 8 that exist in Australia. The third marketing objective is to analyze the market competition that exists in the Australian Smartphone industry. These objectives are important and will help Samsung get a direction and focus on the aspects that need to be realized in the endeavor. Therefore, these aims and objectives act as a driver in the exercise (Mintz & Currim, 2013).
The plan also has three financial objectives. The first financial goal is to increase the organization’s income within the next six months. It seeks to find the appropriate strategies that Samsung can employ to attain more revenue. The second financial objective is to achieve a wider profit margin on the sales of the Samsung Leader 8 within the next six months. It attempts to establish best strategies to ensure that the organization reaps the most out from the disposal of the phones. The third objective of this plan is to maximize the number of Samsung Leader 8 devices sold in the next six months. Thus, attaining the financial goals is greatly dependant on the degree to which the marketing objectives have been achieved.
The price refers to the amount that the customer pays for the product. Price strategy is one of the key aspects that the organization can use to achieve its financial objectives (Fernie and Moore, 2013). The price of Samsung Leader 8 should be set to be fair to the customers and also be what the company can make a profit. There is need to do price skimming for the Samsung Leader 8. At the launch, the price should be set higher and then reduced as time goes by.
Product promotion is one of the inevitable aspects of the successful marketing of a given product (Coman and Ronen, 2009). The various promotion mix that will be employed in the sale of the Samsung Leader 8 includes online promotions, whereby the company will reach the online community from different parts of the world. Besides, the company will use word of mouth to reach other people in the country and also through sponsorship programs (Hartmann, Nair & Narayanan, 2011).
Samsung can use the aspect of the product to win a huge market share in the industry (Henry, 2011). The company should launch the product in different colors to attract people of various color likes. Besides Samsung Leader 8 shall have other accessories like the earphones and headphones to attract many customers.
Place defines the point where the transaction takes place. The company should make a distribution strategy of initially making the product available at the active economic zones and then to the lower ones. This strategy will help the company increase the sale of the phone to people of different economic status (Deng, 2009).
There are various activities that Samsung can employ to enhance the marketing mix strategies for their effectiveness. Regarding place or distribution, the company should focus on enhancing the online sales through E-commerce. The organization should also increase the promotions using the digital sources such as Facebook and Twitter and also through their website.
Another action program that can help Samsung to achieve its financial objectives is through designing a plan where the sales team move from place to place within Australia. Reaching people in person will leave a greater impact in this marketing exercise. Therefore, Samsung should run different programs to enhance the effectiveness of the exercise and thus, attain its financial and marketing objectives (Chase, Mackillop & Hogarth, 2013).
Implementation of the marketing plan is one of the key aspects that must be effectively considered for to achieve the marketing and the financial objectives of the company. Successful implementation of the plan relies on how well the marketing team is managed. There should be a clear role distribution in the team so that people handle specific responsibilities. Also, the implementation needs a regular communication strategy which is a critical aspect of effectiveness. Also, a way to exercise control in the exercise, regular monitoring and evaluation should be conducted to establish the state of the practice regularly.
Conclusion
In conclusion, every business organization needs a marketing for effective marketing of its products. An effective marketing plan should analyze the business environment, to reveal the critical information required to make decisions and take appropriate strategies. There is need to come up with both marketing and financial objectives and thus, implement action programs that will help the company succeed in the sale of products. Thus, a marketing plan is critical to the success of sales for any product or service.
References
Chase, H., Mackillop, J. & Hogarth, L. (2013). Isolating the behavioral economic indices of the demand in relation to the nicotine dependence, Psychopharmacology, Vol. 226(2), pp. 371-80.
Coman, A. & Ronen, B. (2009). Focused SWOT: Diagnosing critical strengths and the weaknesses. International Journal of the Production Research, 47(20), pp. 5677-5689.
Deng, T. (2009). McDonald’s new communication strategy on the changing attitudes and the lifestyle. International Journal of Marketing Studies, 1(1), pp. 37-39.
Fernie, S. & Moore, C. (2013). Principles of Retailing. Abingdon: Routledge.
Ghazinoory, S., Abdi, M. & Azadegan-Mehr, M. (2011). SWOT methodology: A state-of-the-art review for past, a framework for the future. Journal of Business Economics and Management, 12(1), pp. 24-48.
Hartmann, W., Nair, H. & Narayanan, S. (2011). Identifying Casual Marketing Mix Effects Using a Regression Discontinuity Design, Marketing Science, Vol. 30(6), pp. 1079-1097.
Helms, M. & Nixon, J. (2010). Exploring SWOT analysis – Where are we now? A review of the academic research from the last decade. Journal of Strategy and Management, 3(3), pp. 215-251.
Henry, A. (2011). Understanding strategic management. Oxford: Oxford University Press.
Hollensen, S. (2010). Marketing management: A relationship approach. Harlow: Pearson Education.
Kaplan, R. & Norton, D. (2008). The execution premium: Linking strategy to the operations for competitive advantage. Cambridge, MA: Harvard Business Press.
Kim, K., Hayes, J., Avant, J. & Reid, L. (2014). Trends in Advertising Research: A Longitudinal Analysis of the Leading Advertising, Marketing and the Communication Journals, 1980 to 2010, Journal of Advertising, Vol. 43(3), pp. 296-316.
Koen, P. Bertels, H. & Elsum, I. (2011). The three faces of the business model innovation: challenges for the established firms. Research-Technology Management, 54(3), 52-59.
Lee, H. & Law, R. (2012). Diversity in the Statistical Research Techniques: An Analysis of the Refereed Research Articles in the Journal of the Travel & Tourism Marketing Between 1992 and 2010, Journal of Travel & Tourism Marketing, Vol. 29(1), pp. 1-17.
Mintz, O. & Currim, I. (2013). What Drives Managerial Use of Marketing and Financial Metrics and Does Metric Use Affect Performance of Marketing-Mix Activities? Journal of Marketing, Vol. 77(2), pp. 17.
Valax, M. (2012). Beyond McDonald’s CSR in China: Corporation perspective and report from case studies on a damaged employment reputation. Asian Business & Management, 11(3), 347-366.
Vrontis, D. & Pavlou, P. (2008). The external environment and the effect on the strategic marketing planning: A case study for McDonald’s. Journal of International Business and the Entrepreneurship Development, 3(3), pp. 289-307.
Yuece, I. (2012). SWOT analysis of McDonald’s and derivation of appropriate strategies. Munich: GRIN-Verlag.
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