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Essay / Samsung Marketing Strategy - 1623
Introduction At Samsung, our mission statement is “To inspire the world, to create the future” (Samsung). Samsung is therefore launching a new product called RobotMop. This product is an extension of our range of robot vacuum cleaners. We will determine our external market environment, competitors, customers and Samsung's SWOT. We will also determine the organization's marketing mix and its target market, such as: product plan, location or distribution plan, promotion plan and pricing plan. This marketing plan will help ensure the success of the innovative product, RobotMop. The first step is to assess customer needs and the external environment. Here in the United States of America, the economy is market oriented. This is where customers have the primary vote on what is produced. To determine Samsung's strengths and weaknesses, Samsung's resources and capabilities must be evaluated. Opportunities and threats are a combination of customer reactions, competition, and the external market environment. Samsung has plenty of resources and capabilities. The company is always at the forefront of new technologies. The company has the financial strength for the new product and the facilities to produce it. We already have the line of robot vacuum cleaners that work well. Samsung therefore has many strengths and few or no weaknesses. The company's opportunities are a large customer base, which prefers the Samsung brand over others. With the economy still in the recovery phase after the last recession, the external market environment is therefore conducive to the launch of the RobotMop. The type of opportunity will be product development, since we know the current needs of the consumer market through our robot vacuum cleaner. The main threat to the new product is competitors. Competitors will create a similar product soon after the release of our Samsung robot mop. We will therefore develop a differentiated marketing mix to ensure the success of our