Samsung (Economics)

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Introduction
Samsung has been in the business for over 70 years, it is a company which is considered to diversify its business ranging from mobile phones to washing machines, TV’s to microwave, all kinds of home appliances to the most modern worldly technology needs of human kind. Samsung is a $160 billion company. Through research, reliability and a talented workforce, Samsung is able to provide technological solutions for our everyday lives. Samsung is known for its TVs however they have penetrated into the mobile phone market. They have come up with creative technology such as the Smart TV and Smart Camera. They continue to invest heavily into their research and development so that they can produce products that are efficient and effective. The war for market share goes on yet Samsung is able to maintain a high market share in TVs and smartphones. It is the innovative ideology of Samsung that has driven it to the top.

Smart Camera & Smart TV as a monopoly
What is Monopoly?
In Economic terms ‘Mono’ means ‘one’ and ‘Poly’ means ‘Seller’. So basically it occurs when there in only one seller of a particular commodity in a market. There is no close substitute for the product in the market so the seller has complete power to set its prices high as there is no competition. Usually monopoly companies try to exploit consumers by charging higher prices as consumers have no other choice, this leads the company to maximize profits. Perfect Example of a Monopoly is Samsung’s Smart Camera and Smart TV. How is Samsung Smart Camera a Monopoly?

Samsung Smart Cameras were launched in 2012. People now days love connecting to social networking sites and post there pictures especially on Facebook, Instagram and Twitter. Samsung have moved one step further by introducing this Smart Camera and helping people post there pictures and videos instantly. It has one main feature which makes it different from other products and a monopoly product. Samsung Smart Camera...
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