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Case Study Based Report - Essay Example

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Case Study Based Report Contents Contents 1 Introduction 4 Transformation of Samsung from copycat to product leader 5 New Product development focus 5 Adoption of the test marketing concept 5 Product positioning and commercialization 6 Concept of New product Development and key aspects of the new product development of Samsung 7 Concept of NPD 7 Key aspects of the new product development of Samsung 9 Team based product development focus 10 Systematic new product development 10 The concept of Product Life Cycle (PLC) and its importance within the context of Samsung with its high-tech products 12 Concept of PLC 12 Importance within the context of Samsung with its high-tech products 13 Introducti…
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Download file to see previous pages Samsung electronics was a brand that was known for producing cheap products. It used to make black and white television and calculators from the year 1969 to 1990. But then things started to change. Samsung unveiled a new strategy called “new management” which was a top to bottom strategy for the whole company. In the year 2009, Samsung reached a revenue of $117 billion with profit of $8.3 billion. Inter-brand selected Samsung as the fastest growing brand for a time span of more than five years. Samsung electronics became one of the leading producers of semiconductors. Samsung became one of the largest consumer electronic conglomerates in the world. As a brand, Samsung also got listed in the list of Fortune Magazine’s hundred largest global corporations. ...
Hence, the main focus should be on as to what are the factors that led to such a massive transformation. Based on the case analysis it can be figured out that the Top to bottom strategy adopted by Lee Byung Chull had three important factors that were instrumental is providing strategic direction to the company. The three main factors happened to be the new product development process, adoption of product test marketing and positioning strategy of the products (Czinzota, Ronkainen, Moffett, Marinova & Marinov, 2009, pp. 423-429). New Product development focus Samsung hired some new fresh young designers to get a set of fresh ideas. These designers unleashed a surge of new products. The product development team focused on producing sleek, beautiful and bold products to target high end user in terms of product quality. The difference with the past was that the team was not looking to produce “me-too” products. The concentration of the company on new product development, existing product improvement and overall R&D was the key (Henry, 2008, p. 89). Adoption of the test marketing concept Product test marketing is an actually one of the steps of the new product development. In order to be a really “Wow” product each and every product produced by the company started going through market testing. Products that did not a get “Wow” feedback from the customers went back to the design lab. Samsung started conducting integrated tests of the products as well as the total marketing program including branding, advertising, distribution, packaging, segmentation, targeting, positioning at each and every marketing and budgeting levels. This helped the management to get valuable information regarding the “go or no go ...Download file to see next pagesRead More
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