Marketing plan for samsung essay
1. EXECUTIVE SUMMARY
Samsung is a company that has been steadily growing throughout the past decade. The following report will help Samsung maintain the growth that has been enjoyed in the past, with a strong emphasis on the growth of the MP3/PMP division. By analyzing customers and what they want, strategies can be devised as to how Samsung can increase their share of the MP3/PMP market. Furthermore, by comparing Samsung's strengths and weaknesses to that of the competition, opportunities can be identified and capitalised on. Studying things such as the mediums by which customers will receive information about MP3 products has also proved useful, and can serve as a guide to how much emphasis should be placed on each channel. By combining all of this information, a marketing plan can be developed to help the overall growth of the MP3/PMP division, which will benefit Samsung as a whole.
2. CONTEXTUAL ANALYSIS
Samsung is emerging from the recession quickly in the last part of 2009 and is gaining ground on its competitors. In the third quarter of 2009, Samsung posted high profit numbers while others such as Sony posted losses (Tenders Info, 2009). The company expects growth to continue as well, with major growth for most consumer electronic products, especially personal computers and LCD TVs (Tenders Info, 2009). Nevertheless, Samsung should keep a wary eye on the economy as it is still fragile in many parts of the world. This could affect the company in areas such as costs of financing, disposable income of the public, and the well-being of those companies that act as suppliers to Samsung. On the other hand, as Samsung faces the coming years, it will encounter some steep challenges that will soon define the company's MP3/PMP division.
According to research by In-Stat, worldwide shipments for MP3 players are projected to reach 225 million in 2009; up only five percent over the previous year (Close-up Media, 2009). The MP3/PMP market has levelled off into a plateau and actually hit a downturn in 2008, as can be expected in the economic situation the world found itself in. This was the first year of decline for this market and according to the Yankee Group, the coming years, 2010-2013, will see a gradual decline as the market becomes saturated with products (Palenchar, 2008). Consumer demand is weakening because of the saturation problem and competition from multifunction devices such as the iPhone threatens to cannibalize MP3 player sales.
However, some groups forecast a continued rise in revenue specifically for the video enabled PMP market. That is specifically those handheld players that are able to playback video. Digital Tech Consulting believes that, with some improvements in the areas of storage capacity and improving data compression, the PMP market will continue to grow until it also hits a saturation point in about 2012 or 2013 (Jasmin 2008). Finally, the largest market by consumption for the MP3/PMP devices has been in the Asia Pacific region (Close-up Media, 2009). These are areas that are becoming saturated. Samsung needs to focus beyond its geographic area and acquire new customers in emerging markets around the world, which it has done very well to date.
3. CUSTOMER ANALYSIS
3.1 Vision and Mission:
Samsung is dedicated to developing innovative technologies and efficient processes that create new markets, enrich people's lives and continue to make Samsung a digital leader.
Samsung implementation strategy- changes and revisions in terms of processes and structure within the organization. To promote U3 MP3 product- in virtual community- used Habbo Hotel and resulted as 136,700 customers visited to Habbo. Qualitative Techniques - was used to encourage respondents to reply freely and express their real feelings, opinions and motivation towards product. Quantitative Techniques - survey was conducted, to raise the awareness of...
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