What makes the Samsung brand successful?
What makes the Samsung brand successful?
Marketing has been defined by The Chartered Institute of Marketing (2001) as …“the management process responsible for identifying, anticipating, and satisfying customer requirements profitably”… This essay will focus on the technology sector and attempt to uncover what makes the Samsung brand successful. Using key marketing theories of branding concept, brand equity and brand positioning in a logical order it will critically evaluate these concepts in the context of the chosen brand. Supporting academic theories, relevant brand examples and critical evaluation will be offered throughout each of the theories explored. In conclusion, a summary of these theories will be discussed in relation to the success of the brand.
Founded in Suwon , Korea in 1969, Samsung electronics has arguably grown to become one of the most successful companies of modern times. In 1993 chairman Lee Kun Hee laid out his vision for the future and what the company had to do to achieve success. It was to become a global leader in consumer electronics by focusing on creating high quality premium products. By 2012 Samsung had established itself as the world’s largest information technology company for revenues standing at $200 billion with 236,000 employees in 79 countries. It currently holds No.1 global market share for 13 of its products. Its marketing spend for 2012 was $4 billion - 4 times that of its nearest competitor, Apple.
Branding is used by companies to define and differentiate themselves from their competition and is an important part of the tangible product. It creates an indelible mark that traditionally takes the form of a logo or symbol and creates a product consisting of physical, functional and psychological values. A company must create an identity based on its core beliefs, values and purpose. The brand is then imbued with the philosophy of the company where consumers place their trust in the brand with which they have
Marketing has been defined by The Chartered Institute of Marketing (2001) as …“the management process responsible for identifying, anticipating, and satisfying customer requirements profitably”… This essay will focus on the technology sector and attempt to uncover what makes the Samsung brand successful. Using key marketing theories of branding concept, brand equity and brand positioning in a logical order it will critically evaluate these concepts in the context of the chosen brand. Supporting academic theories, relevant brand examples and critical evaluation will be offered throughout each of the theories explored. In conclusion, a summary of these theories will be discussed in relation to the success of the brand.
Founded in Suwon , Korea in 1969, Samsung electronics has arguably grown to become one of the most successful companies of modern times. In 1993 chairman Lee Kun Hee laid out his vision for the future and what the company had to do to achieve success. It was to become a global leader in consumer electronics by focusing on creating high quality premium products. By 2012 Samsung had established itself as the world’s largest information technology company for revenues standing at $200 billion with 236,000 employees in 79 countries. It currently holds No.1 global market share for 13 of its products. Its marketing spend for 2012 was $4 billion - 4 times that of its nearest competitor, Apple.
Branding is used by companies to define and differentiate themselves from their competition and is an important part of the tangible product. It creates an indelible mark that traditionally takes the form of a logo or symbol and creates a product consisting of physical, functional and psychological values. A company must create an identity based on its core beliefs, values and purpose. The brand is then imbued with the philosophy of the company where consumers place their trust in the brand with which they have
References: Baines, P., Fill, C., and Page, K., 2013. Essentials of marketing.Oxford University Press. Brassington, F., and Pettitt, S., 2006. Principles of marketing.4th ed. Harlow: Prentice Hall. Jobber, D., and Ellis-Chadwick, F., 2012. Principles and practice of marketing.7th ed. London: McGraw-Hill. Haig, M., 2011. Brand failures: The truth about the 100 biggest branding mistakes of all time.2nd ed. London: Kogan Page. Chartered Institute of Marketing (CIM) (2001)‘Resource Glossary:Marketing’, available online at- http://www.cim.co.uk/Home.aspx (accessed 29 October 2013) Ranking the Brands