Samsung is headquartered Suwon in South Korea. It is a subsidiary company of the Samsung group. In the year 2012, it had revenue of nearly 70 percent of the total group’s revenue. Since the year 2009, Samsung…
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Notably, the company was founded in the year 1938 as a trading company.
Samsung has since been manufacturing many electronic components. Some of these include lithium-ion, chips, hard drive, flash memory, and semiconductors for its major clients including Sony, Apple, Nokia, and HTC. However, in the recent years, Samsung electronics has since diversified its services into consumer electronics. Currently, Samsung is known as the largest mobile phones and smart phones manufacturer. This latest shift sparked the popularity of Samsung electronics’ Samsung Galaxy (Michell, 2011). Other than the phones, Samsung electronics is also a major tablet computers vendor particularly the Android powered Samsung Galaxy tab. Samsung also manufactures personal computers for commercial purposes. The figure below shows how the prices of the Samsung Galaxy smart phones, Samsung Galaxy tabs and Samsung personal computers have changed in the last two years (Russell and Cohn, 2012).
Opportunity cost refers to an activity a firm can undertake as an alternative to its current line of business. For Samsung, two such examples include the motor vehicle industry and home furniture industry. Samsung is considered a firm that produces very high quality products. Consumers have trust in their products. If the firm was to start manufacturing motor vehicles, the same quality would be transferred. This good quality comes at an affordable price. This would mean that even the average consumer would buy a high quality vehicle at an affordable price (Russell and Cohn, 2012). The same case applies to the production of home furniture. Consumers would be willing to pay for getting good service.
One scarcity issue faced by Samsung is the overwhelming demand for its products. In the year 2000, it had to issue licenses to various production companies worldwide to manufacture their products under their name. It is very possible to get a Samsung electronic device made in China and a
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However, Samsung has outlets all over the world and its presence continues to grow into emerging economies around the world. Samsung is involved in the manufacture, distribution and sale of consumer electronic products and devices all over the world (Bloomberg, 2012).
With gross revenue crossing $117 billion, it is well on its way of becoming the largest electronics group in the world. The Samsung Company manages more than 65 networks and branches across the globe, having as many as 157000 employees. Currently, Samsung electronics manufacture and sell a wide range of home appliances and electronic devices including personal computers, display systems, refrigerators, washing machines, microwave Owens, mobile phones and so on.
The aim of using the strategic marketing strategy as the latest strategy is to improve the sale of the brands of the company from a lower percentage of 55%-90%. Alongside this, the company through strategic marketing would wish to create a new market driven strategy and create valuable designs for their customers.
With regard to the tremendous development of the information and communication technologies, the modern organizations are continuously developing their product lines with revolutionary features. The organizations involve practicing advanced business strategies concerning innovative technological aspects in order to raise their customer base.
The company decided to start investment on research and in development in the years preceding the 1980s. This effort on research led to formation of products that had huge sales. The company joined the global market in the 1990s. Sale of Samsung products, on an international level has helped the company to grow rapidly and be able to compete with big players in the electronic industry.
Now Samsung has become the group of companies and globally responsive for the needs of the market and core business sector including the finance, electronics, trade and services. Global success of the Samsung lies in the new management’s declaration of organizational creativity, intellectual capacity, employees’ empowerment and technological innovation.
The firm was incorporated in the year 1977. From then it has grown and acquired many firms including Locationary Inc, Hopstop Inc, Algo trim AB, PrimeSense Ltd., Topsy Labs Inc, Burstly Inc, Novauris Technologies Ltd
The mission of the company is “Inspire the world, create the future”. The vision of the company is in line with where the corporation would like to be in 2020. The concept shows the company’s commitment to inspiring its communities using its three key strengths; new technology, innovative products, and creative solutions.
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