Data Accumulation Analysis and Use for Formulating Marketing Objectives and Strategy A-Level Coursework
- Length: 5 pages
- Sources: 5
- Subject: Business - Advertising
- Type: A-Level Coursework
- Paper: #78767682
Excerpt from A-Level Coursework :
Marketing: Marketing Research: Samsung Galaxy Mini S
Samsung Group has grown to be a world leader in technology. The company now wants to market a Galaxy Mini S, a tablet combining state-of-the-art computer and smart phone features. In order to effectively market the product, Samsung's marketers will need to obtain, analyze and use as much external and internal information as possible. Using multiple processes, marketers can formulate highly effective marketing objectives and strategies to attain those objectives.
The Samsung Galaxy MiniS
Samsung Group started as a small export business in Taegu, Korea in 1938 (Samsung, 2014). In the ensuing decades, Samsung joined with other companies, crossed international boundaries and moved into technical/communications industries (Samsung, 2014). Samsung's business philosophy is to devote its talent and technology to the creation of superior products/services contributing to a better global society through 5 core values: people, change, integrity and co-prosperity (Samsung, 2014). Over more than 80 years of growth and innovation, Samsung has become one of the top 10 global brands and a worldwide technology industry leader (Samsung, 2014). One of Samsung Group's companies is Samsung Electronics, which began mass marketing the Samsung Galaxy S, an android with smart phone and other features that has currently gone through 5 phases of upgrade/development as of 2014, and Samsung mini handsets that have currently undergone 4 phases as of 2014 (Samsung, 2014). Samsung also manufactures and sells tablets called Galaxy Tabs (Samsung, 2014) but now wishes to introduce a tablet called the Galaxy MiniS. In order to effectively market the Galaxy MiniS, the external and internal environments will be analyzed.
b. Situational Analysis
i. External and Internal Analyses
Several key external factors affect Samsung Electronics. Samsung must know its customers in multiple aspects: customer needs and values and how both can be satisfied; their behavior and their decision process for buying; how they view the brand and the level of their loyalty to the brand; and segmentation, targeting and positioning in the technology industry market (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know its competition in the target market: how many competitors and how they are concentrated; how profitable they are; their strengths and weaknesses; and their marketing plans and strategies (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know the culture of its target customers: their beliefs/religions; their standards and average educational levels; their lifestyles; and the essential features of consumerism in their culture(s) (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know applicable demographics of its target customers, including but not limited to: age ranges; gender composition; and population levels (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know the technological types and levels of advancement in the target customers: their information systems and use of internet/mobile technologies; how their goods are made; and how technology and media are used for marketing to them (Friesner, Marketing Audit - Marketing Teacher, 2014). Samsung must know the economic conditions of its target customers: average disposable income; taxation; inflation; interest rates; exchange rates; and unemployment (Friesner, Marketing Audit - Marketing Teacher, 2014). Finally, Samsung must know the laws and politics affecting its target market: applicable laws and regulations, such as copyright, patent, quotas and tariffs, and labor laws, all of which can affect the company's ability to market and do business in the target market (Friesner, Marketing Audit - Marketing Teacher, 2014). A thorough analysis of these external factors will make Samsung far abler to effectively market and do business in a targeted area. The internal analysis will examine Samsung's resources for marketing, commonly known as the five 'M's: Men (meaning labor); Money (meaning finances); Machinery (meaning equipment); Minutes (meaning time); and Materials (consisting of production factors) (Friesner, 2014).
ii. Vision Statement
Samsung Electronics has a vision statement of "Inspire the world, create the future." The vision statement is part of the company's "Vision 2020" strategy that builds on Samsung Electronics' 3 major strengths: new technology; innovative products; and creative solutions (Page, 2010, p. 2).
iii. Current Strategy
Samsung Electronics' current strategy is to focus on convergence and integration of its resources and aggressive marketing to introduce the latest technologies and sustain or even increase its market share. It devotes considerable human and financial resources to Research and Development: in 2008 -- 2009, the company invested almost 5% of its revenue to Research and Development and uses approximately 42,000 researchers in 42 facilities worldwide (Page, 2010, p. 13). One of the results is the Samsung Galaxy Mini S, a state-of-the-art product that combines the functions of a tablet with the easy portability and multiple uses of a mini smart phone. Having developed a cutting edge device, the company must focus on effective marketing through S-T-P analysis.
iv. S-T-P Analysis
Considering the innovation of a Samsung Galaxy Mini S, the S-T-P process may entail: segmenting (Friesner, Segmentation - Marketing Teacher, 2014) possible consumers into individuals likelier to readily adapt and be able to purchase the newest technology vs. consumers less likely to readily adapt and purchase new technology. Those segments may be: a subset of young adult white educated men who are likeliest to want and afford the newest technology vs. other segments of the population. Targeting (Friesner, Targeting - Marketing Teacher, 2014) the young adult white educated men market (Page, 2010, p. 1), Samsung Electronics should position (cultivate a perception of) itself in the target market (Friesner, Positioning - Marketing Teacher, 2014) by packaging and advertising that will appeal to young adult white educated men.
Though Samsung Electronics is one of the industry leaders, it has considerable competition from other companies' mini tablets, such as Apple, Inc.'s iPad Mini (Apple, Inc., 2014). Furthermore, Samsung and Apple have been involved in ongoing patent suits for the past 3 years regarding their smartphones. While the 2 companies have agreed to drop their patent suits outside the U.S., the battle will presumably continue in America (Silicon Valley, n.d.). Consequently, Samsung can expect continued patent wrangling, at least with Apple, Inc., over the Galaxy Mini S' integrated technology.
d. SWOT Analysis
In order to best determine marketing for the Galaxy Mini S, Samsung could also conduct a SWOT Analysis of the company's strengths, weaknesses, opportunities and threats.
Samsung Electronics' strengths include its high level of constant innovation, brand reputation, Research and Development, and ample human and financial resources (Page, 2010, p. 12).
ii. Weaknesses Samsung Electronics' weaknesses include the fact that it is not readily associated with the most innovative tablets on the market, its possibly perceived encroachment on Apple, Inc.'s mini-tablet territory and its relatively high prices (Silicon Valley, n.d.; (Page, 2010, p. 14).
iii. Opportunities Due to Samsung's strong position in the technology industry, global presence and ample human and financial resources, the company is able to make strategic partnerships that will strengthen its brand, advertising and market share (Page, 2010, p. 14).
iv. Threats The clearest threat to successful marketing of the Galaxy Mini S is Apple, Inc.'s iPad Mini (Apple, Inc., 2014). Apple is already a leader in mini tablets, has considerable brand recognition for tablet manufacture and sales and has proven itself to be a determined legal opponent regarding patents (Silicon Valley, n.d.). Consequently, there is a sizeable threat posed by Apple, Inc. In this marketing endeavor.
Samsung is dedicated to state-of-the-art technology, has strong brand recognition and ample human and financial resources, and can make strategic alliances, all to successfully market the Galaxy Mini S. Simultaneously, the company faces weaknesses in brand recognition connected with a tablet, as well as extremely aggressive competition from Apple, Inc.
e. Marketing Mix
Samsung should carefully detail the product features, advantages and benefits in its marketing (Page, 2010, p. 17).
ii. Pricing While higher quality certainly entitles higher pricing, Samsung is in a healthy financial position to lower prices and/or offer a wider range (Page, 2010, p. 18) of the Galaxy Mini S with variable pricing.
iii. Promotion Samsung Electronics has ample advertising dollars and promotes through television, newspapers, magazines, and the internet (Page, 2010, p. 18). Consequently, the company should be able to allocate sufficient resources to multiple media for marketing the Galaxy Mini S.
iv. Place Samsung Electronics typically sells online and through specialty electronics stores such as Best Buy and HH Gregg (Page, 2010, pp. 18-19). The Galaxy Mini S can also be sold in this manner, so clients will be able to compare the product, read reviews and make arrangements for delivery.
f. Market Research Findings
i. Mini table market
Samsung Electronics will need to research the mini tablet market to see the most recent reported sales revenues in the U.S. And other countries for the mini tablet, as well as projected sales (Page, 2010, p. 19).
ii. Capability of Selling in Mini table market
Samsung will also need to assess the health of mini table sales in targeted countries and projected sales (Page, 2010, p. 19).
iii. Focus Groups
Samsung Electronics should assemble a focus group of individuals sharing…