Marketing Plan of Samsung Ltd Research Paper
Write the Marketing Plan of Samsung Ltd company
Follow the report format for the Marketing Plan closely. Write in business report format using full paragraphs unless otherwise stated. It is crucial to follow various major concepts in the textbook to devise your plan and strategy for each section. In other words, use major parts of each chapter to discuss details for each section. The length of the assignment should be between 6-10 pages, not including an appendix. A minimum of 3 scholarly sources including your textbook ( Kotler, P. T., & Armstrong, G. (2020). Principles of Marketing. Pearson) must be cited using any recognized citation style. Use in-text citations throughout the paper.
It is recommended that you review the grading rubric attached to this dropbox before submitting your assignment.
Report format for the marketing plan:
Table of Contents
- Use the headings show in this example as your table of contents.
Introduction to Organization and Product/Service and Microenvironment
- Background and explanation including the one or two products/services you are focusing on
- Include main actors in the microenvironment (incorporate relevant aspects of Dropbox 2 into this part; see chapter 3).
- Include a discussion of the main forces in the macroenvironment (incorporate relevant aspects of Dropbox 2 into this part; see Chapter 3).
Basic Marketing Research
- What marketing research does the organization plan (incorporate relevant aspects of Dropbox 2 into this part)?
- Strengths, Weaknesses, Opportunities, Threats – a chart format is OK for this section – see SWOT section in the Sample Marketing Plan in the etext.
- See the Competitive Review section in the Sample Marketing Plan in the etext.
- Be specific, preferably measurable objectives, explain – see Objectives and Issues section in the Sample Marketing Plan in the etext.
Positioning, Target Market, and Segmentation
- Create a positioning statement or improve upon the one the organization currently has (this can be a short phrase or one-liner – ). What is the segment and who is the target market? Prepare a small chart similar to Table A1.1 in the Sample Marketing Plan in the etext.
Marketing Mix Strategies
Describe strategies for all 4 P’s of marketing, or how to improve what a company is currently doing; See the Marketing Strategy section in the Sample Marketing Plan in etext but describe these in further detail with full analysis for each separately – this may be your largest section of the report.
- Promotion and Integrated Marketing Communication (also incorporate Dropbox 5 into this area)
Ethical, Legal, and Privacy Considerations
- What ethical and legal issues present themselves? Consider any of these as relevant and describe how you would address these.
Explanation & Answer length: 6 Pages
Dropbox 5 Steve B. For any company, promotion helps to create awareness of the company’s products to its potential consumers. Promotion is perhaps the most crucial factor of the marketing mix because it increases awareness of its product, thus prompting the sale. It would not make sense to price a product effectively and package it without knowing about it. Promotion, therefore, helps to meet marketing objectives by exposing the product to consumers in the marketplace. This paper will analyze how Samsung can use a blended mix of two promotional tools, namely personal selling and sales promotion, to meet advertising objectives and increase sales. Personal Selling Personal selling is a type of advertising strategy where our company uses its sales force to sell products to consumers on a one-on-one basis.
Mostly, representatives of the company will present the product to potential clients and negotiate its sale face to face. The sellers promote their products through appearance, attitudes, and the specialists’ knowledge of the product. The salesforce normally aims to persuade customers to buy the product or at least try it. I believe that personal selling will come as an advantage to Samsung in marketing its product. Samsung company is innovative and continues to provide products on a periodical basis that are an improvement of models produced before. Personal selling will help the company provide sufficient information for clients to decide to purchase the product. For example, the company has produced a new phone model, Galaxy S11, an upgrade from the S10 model. Most people would have limited knowledge of the upgraded features in the S 11 model that would encourage them to purchase the product.
Through personal selling, the company can use qualified sales personnel to explain the advantages of this new model over the old one, thereby encouraging consumers to purchase the product. Sufficient knowledge provides autonomy to the consumers allowing them to be in better positions to make decisions on the phones to purchase. Sufficient information also improves the clients’ confidence in the company’s product, thereby improving chances of closing the sale. Personal selling will also be advantageous for Samsung because it can prompt an Impulsive purchase of the product. Personal selling provides an opportunity for consumers to try out the product before deciding to buy it. By trying out the product, it appeals to consumers’ emotions, thereby increasing chances of them purchasing the product on instinct compared to other forms of advertising that would not provide the chance for them to try out the product. Personal selling also provides the potential opportunity for developing positive relationships between the client and the company, engages high consumer tension, thereby improving chances of selling the product, and increases interactivity between the consumer and the sales representative for Samsung.
Because of one-on-one interaction, the sales representative can directly answer questions posed by the client, thereby improving consumer satisfaction and increasing customer relationship management. Sales Promotion Sales promotion is a form of advertising where a product is promoted using short-term incentives that attract customers and stimulate demand. I would suggest that Samsung uses sales promotion, especially for introducing new products to the market. Some of the possible strategies to employ include gifts, discounts, tradeins, and wavering off shipping fees. For example, Samsung can provide a free pair of earphones for every new phone a person purchases or provide discounts for the product. Another strategy of sales promotion that would help Samsung is allowing trade-ins, especially for upgraded models.
For example, using the same hypothetical example where Samsung has introduced Galaxy S11 as an upgrade to Galaxy S10, it could offer trade-in for people who have Galaxy S10 to trade it in with an S11 and provide extra cash. Sometimes, people are discouraged from purchasing products because of the high shipping fees. A way to promote sales is by providing options for free shipping. Such incentives will ensure consumers who are skeptical about the shipping fees place orders on the products. Sales promotion would serve Samsung to advertise its products on many fronts. To begin with, it will increase consumer demand for their products. Many times, consumers have limited funds or feel like the product is too expensive.
When Samsung introduces a limited period where consumers can buy the product for a discounted price, it increases the consumer demand for the product through the scarcity principle. Increased consumer demand will drive sales of the company’s product, thereby allowing it to attain profitability. Sales promotion will also stabilize the sales volume according to marketing campaign objectives. For instance, if Samsung’s marketing campaign was to drive sales for the short term, sales promotion will stabilize sales volume, thereby allowing it to reach its short-term goals. It will also stimulate the trial of the product. For consumers who are influenced by public opinion, sales promotion will act as an advantage to increase the trial of the company’s product. With an increased number of sales, most consumers will want to try out the product because of increased publicity on its use. Finally, sales promotion will help to increase brand awareness about the company’s products.
By buying the product at discounted prices and the increased consumer demand for these products, consumers will spread information to other consumers about the brand. Increased brand awareness is an advantage for Samsung because it increases its market penetration ability. Sales promotion will be fit for Samsung to introduce a new product into the market. Because of the highly innovative team at Samsung technologies, more products being introduced into the company will effectively penetrate the market with sales promotion by providing penetration pricing through sales promotion. It will also allow the company to remain competitive in the short term by increasing sales of its products relative to that of competitor companies like Apple. Sales promotion helps to meet the advertising objective of persuasion by providing incentives for consumers to purchase its products. Advertising Objectives The types of advertising objectives that I would recommend for Samsung are to introduce a product, increase sales, create desire, brand building, acquire customers, and differentiate company products in the market (Bhasin, 2019).
The main objective that Samsung can use personal selling for is introducing a product. The company can use sales promotion and personal selling to introduce a new product to the market by increasing awareness for the product and providing discounts. Sales promotion increases the chances that its introduction to the market will be successful. Sales promotion and personal selling also help in brand building and brand awareness. This advertising objective will help the company drive its products by providing awareness of the company’s products. Also, sales promotion will help ensure it has met its advertising objective of increasing sales in the company. As initially stated, sales promotion increases consumer demand for the company’s product. Increased demand for the company’s product helps drive such products’ sales, thereby increasing accounts receivable. Personal selling will help in the differentiation of company products from that of its competitors in the market. By having sales personnel skilled in the company’s products, they can explain the differences between the company’s product and that of its competitors, outlining the unique value proposition for consumers.
Personal selling will act as an avenue to differentiate its products, thereby allowing it to stand out in the market. Use of Cloud-based CRM tool Current CRM systems are used to gather all aspects of consumer information by companies and avail them in a single space (Vyas, 2018). A cloud-based CRM system would be useful for Samsung on multiple fronts. First, it will improve the efficiency of marketing because of its ease of access. Users can access Cloudbased CRM software anywhere at any time. It allows for integrated information to be accessed from multiple locations at the same time.
This increases marketing efficiency because the company can dispatch different sales teams to diverse locations, and they can access the company’s information simultaneously. The cloud-based CRM tool will also help Samsung provide statistics for consumer behavior and segmentation that will help the company identify the best strategies to employ given diverse populations. Statistics on demographic characteristics will help Samsung develop effective advertising campaigns that will drive successful sales or meet advertising objectives. References Bhasin, S. (2019) 11 Objectives of Advertising – What are Advertising Objectives? Marketing91. Retrieved from https://www.marketing91.com/objectives-of-advertising/ Vyas, P. (2018) 6 Benefits of a Cloud-Based CRM. Retrieved from https://synoptek.com/insights/it-blogs/benefits-of-cloud-basedcrm/#:~:text=A%20cloud%2Dbased%20CRM%20(or,information%20at%20the%20sam e%20time. DROPBOX 2. Steve B. The company we choose is Samsung Ltd. Samsung was founded by Lee ByungChul. In 1938 Samsung was born as a company that was dealing with fruit & vegetable and dried fish. The company was exporting its product from South Korea to Beijing in China.
In 1969, Samsung Electronics was born. From there, the company started acquiring and creating different business establishments including a hospital, paper manufacturing plant, life insurance company, department stores, and many others in 1974, Samsung electronics acquired half of Korea Semiconductor -this made it the leading electronics manufacturer in the country. Samsung is the mobile cell phone manufacturer in the global market and has been well known for its product quality. It has captured the global market in the smartphone manufacturing category. 1) Firstly, our work is to acknowledge and analyze Samsung Ltd’s marketing environment (micro and macro environmental factors) for the company to be more favorable in the market. Political Factors: Samsung is a technology corporation that has to deal with the current that pre-existing regulatory legislation. If there is political turmoil, earnings may drop, and expenses should increase. In certain situations, volatility may lead to businesses removing their products from foreign markets.
The implications may be catastrophic for the financial success of a company. Interestingly, Samsung has lost and has gained from the manipulation of political instability. Samsung supported two rival political groups in South Korea and faced terrible consequences after being associated as a supporter of the first female president of South Korea. Samsung turned over billions to the Uri Party during that year’s presidential in 2002 (Ji-young, 2010). Furthermore, Looking at the political environment, as much as Samsung is a good company not everybody sees like that, due to the strong competition between Apple and Samsung it ended up involving government in other countries. American government trying to stop Samsung influences the Eurozone to block Samsung to have a market around Europe. Specifically, in Germany Samsung was forced to withdraw its Galaxy tablet. Economic Factors — This aspect is especially important for Samsung because the opening up of several markets in the developed world has made it possible for the organization to extend its global footprint.
However, this aspect is also a problem, considering that the global economic downturn has significantly eroded customer buying power in many developed markets, pushing Samsung to pursue lucrative projects in emerging markets. The primary spot to be evidenced is that the macroeconomic environment in which Samsung works globally is brimming with instability and volatility, causing the company to adjust its strategies accordingly and continuously. The impressive Samsung strategy of the business is that it has adapted very effectively by spreading into new and growing markets due to the consumer’s reduction of income in the industrialized sector. This is why Samsung has started an ambitious drive into developing markets, hoping to cover for missed revenue in the developed world. At the current economic crisis, caused by the coronavirus, the corporation will need to adapt itself again and develop strategies to mitigate the negative impact on its business.
2) Consider what marketing research the organization has done or can conduct in the future. Include at least one specific primary data collection and one specific secondary data gathering. Also, what marketing decisions have been or could be made with that marketing research? Samsung Electronics uses Market research to collect and gather data to improve their service and products. Usually, they use quantitative and qualitative (qualitative normally takes longer to record as opposed to quantitative research. This is because qualitative research requires opinions and more detailed methods to collect information and is mostly done in the retail store when customers are buying goods).
Therebefore, their primary data collection mostly takes place in a store where the associates always try to engage a conversation with buyers about their experiences with their previous products, their likes or dislikes on Samsung products, and how they can improve in the upcoming products. Samsung also uses secondary data collection by researching social medial and the internet or even government information to have the reactions and the feedback of their current’s customers or even on their competitors. Thus, the marketing strategy decision that could be done by Samsung is that they should have their OS and software. Unlike Apple, for example, Samsung doesn’t have its OS and software and they are heavily dependent on android which is operated by Google. Another Decision will be to explore the home entertainment device market sector. In 2018, the market size for global home entertainment devices was valued at USD 225.0 billion, and with such a popular brand that has to build a strong name like Samsung, it can be easy for them to higher their profit by getting into that sector at least for the next 5 years. References: Kotler, P., & Armstrong, G. (2018). Principles of marketing (17th ed.). Pearson. https://www.itechfy.com/marketing/6-lessons-to-learn-from-samsungs-marketing-strategy/ Ji-young, K. (2010, April 6). Former Roh aide admits to receiving Samsung funds. Retrieved from http://www.koreaherald.com/view.php?ud=20051216000027 https://news.samsung.com/global/category/press-resources
Do you have a similar assignment and would want someone to complete it for you? Click on the ORDER NOW option to get instant services at EssayBell.com