Discuss about the Report for Samsung Galaxy Market Analysis.
The market analysis is one of the fundamental aspects of the startup on any marketing strategy. Appropriate execution of the market analysis gives the company a clear roadmap for the implementation of its strategy (Goi, 2009, p. 3). Additionally, an outstanding market analysis will enable the company to attract new investors, overcome the challenges in the environment of the business and as well attract a new pool of customers (English, 2001, p. 22). This paper aims to carry out the market analysis of Samsung Galaxy Company. To address this aspect, the paper focuses on the company’s marketing scope and objectives.
Industry Market Overview
The smartphone industry is dominated by the variety of the industry players. This is because Android operating system is open to new entrants who may be willing and have the potential to enter the industry. This calls for the existing players in the industry to establish robust marketing strategies to compete successfully with new entrants as well as among themselves. The key leaders in this industry include Motorola Solutions Inc. LG Electronics, Apple Inc., and Samsung Electronics.
Samsung Galaxy Market Analysis
For many decades Samsung has been a global leader in mobile phone market. This success is attributable to the company cost saving mechanisms as well as provision of unique products to its customers (Bhasin, 2016). This has helped in placing the company in the leading position in the industry of smartphone. Additionally, the demand for the company products has increased with the majority of the consumers of the company products being the population group aged between fourteen and forty-nine years. The demand for the company products in the market is determined by the consumer spending, product price as well as success and timing of introducing the new product into the market. However, the customers have been arguing for the highly quality products at cheap cost. This becomes difficult because of the costly components used to manufacture the smartphones.
Market Analysis Scope
For an extensive and comprehensive exploration of the Samsung marketing analysis, this paper focuses on the principles of marketing applied by the company. This area of scope has enabled the company to attain effective and sustainable competitive advantage. Some of the aspects that have facilitated the continued prosperity of Samsung Galaxy are as discussed below:
Segmentation of the market for any organization is very vital as it helps the company to design the product as the preferences of the target market (Ali & Talwar, 2013, p. 24). Market segmentation is the process whereby the company thrives on having a clear knowledge of its target market (Tynan, et al., 2010, p. 1159). The segmentation process helps the company in meeting satisfactory the demands of the target customers. For Samsung, marketing segmentation has been faced on the various variables such as behavioral, psychographic, demographic and geographic segmentation.
Geographic Segmentation: Samsung targets the customers both in the domestic and in the foreign markets. To perfect its marketing strategies the company adopts different strategies for different regions. For example, to attract more customers in the target market of India, the company created a keyboard with nine Indian languages (Author, 2014).
Demographic Segmentation: demographic segmentation entails designing the products according to the tests and preferences of the various age brackets within the population (Vallaster, et al., 2012, p. 38). Samsung has effectively and successfully adopted this technique by coming up with the different brands of products for different members in the target market. For example, it was the first company to come up with “mini”, “mega” and “zoom” aspect in the marketing of mobile (Author, 2014).
Psychographic segmentation: This segmentation technique involves the use of common traits such as personality and lifestyle among the target market customers. Samsung Galaxy targets the customers of the high lifestyle and that it way it manufactures high quality as well as expensive smartphones.
Behavioral Segmentation: This aspect of marketing targets the customers who portray similar behavior. For example, Samsung Galaxy targets the behavior of the customers during festive seasons when they are likely to spend on the purchase of the smartphones as the gifts to their loved ones.
Samsung targets a variety of the customers ranging from the daily consumers of the company products to the businesses (Essay UK, 2016). The key target group in the population are the consumers within the age bracket of fourteen to fifty years or even order. However, teenagers, as well as young adults, are appealed by the company products and thus the company also targets the youths between the ages of fourteen to twenty years. It is crucial to note that the age group ranging from twenty-six years to fifty years form the largest target market (Bhasin, 2016). The reason behind Samsung Galaxy targeting this group, it is because the marketing trends portrayed this group as having more purchasing power.
Samsung Galaxy Market Analysis Aim
Market analysis is a very critical aspect as it helps the organizations to understand the trends in the market (Allen & Fjermestad, 2001, p. 17). Aftermarket evaluation the company comes up with strategies which it can adopt to take advantage of the opportunities in the market. Besides, it helps the company to strategize to overcome the ineffectiveness in its marketing techniques (Möller, 2006, p. 445). Similarly, Samsung Galaxy has realized the importance of market analysis and time to time carries out market analysis to review its strategies whether they are in line with the trends in the market. Through market analysis, Samsung has been able to come up with the specific strategies such as targeting various segments of the target market. Alternatively, marketing analysis has enabled the company to design to design different products for its customers.
Market analysis is a very fundamental aspect of any aspect irrespective of the size or nature of the business. It through the analysis of the market whereby the company manages to establish competitive advantage strategies. This is well evident in the scenario of the Samsung Galaxy. Through market analysis, this company has been able to identify various opportunities in the market which in turn it has used to build its competitive advantage. Alternatively, the company has been able to outperform its key competitors such as Apple Inc. and LG Electronics Inc. by the use of the market analysis strategy.
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