Develop a marketing plan for Wayfair

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Develop a marketing plan for Wayfair


EXECUTIVE SUMMARY

Samsung is a very vibrant company which has reputed in the field of electronics and also software business. The company’s earlier products were calculators, television and they also provided refrigerators to their market. Samsung developed and launched its first mobile phone in market which led to the expansion of the target market. Samsung started with very inferior products just like any other company which led to very poor sales. The company later started doing exceptionally well by selecting the strategies to design their components. Samsung heavily invested on technology which pushed the company to forefront in globe of electronics to be able to compete with other companies like Sony. The developed technology led to the inventory of new products and developing the existing ones leading to products which caters several generations and also satisfies different people with different needs. Within the time the company has produced high quality products that appeal to a wide market. The Samsung has joined and created a store where the customers can test the newest products and also offering training in the company concerning mobile products. The company also has qualified experts who deal with all the problems the customers experience while using their products. Samsung also put into place strategies to examine its suppliers to make sure that products are of a good quality. Samsung emerged not only in making batteries which could be used by digital devices but become the global leader and also can deliver products which are truly changing by using several approaches in innovation. The company has learned the secret in use of improved technology in innovation which leads to a great boost in demand leading to high profit in the Samsung Company.

 SITUATION ANALYSIS

Market summary

Samsung at first came up with the idea of a retail trader and developed and established the experience shop (Song & Lee, 2014). Samsung produces and sells products like phones, computers, and music players. The Samsung has improved sales by emerging new markets like the middle east were handsets where very cheap and popular. (Song & Lee, 2014) Compared to the past there is a wide positive change in Samsung consumers where the targeted group is the teenagers and the adults since they have a more spending power. (Song & Lee, 2014).

Market demographics

Samsung has different products which make it easy for the company to target a wide range of demographics. The company advertises its products to the market and also trains its customers on how to use their products which help in reaching the most suitable demographic (Song & Lee, 2014). Samsung also motivates their customers to buy their products and also they have many distribution channels for example retail, online, and whole sale which helps in targeting a wide demographic. This is why many consumers of electronics use the Samsung products.

Market needs

Samsung has extensively on its research for consumer needs and preferences. Through the use of new technology Samsung develops new products yielding high benefits to the consumers. Samsung also invests more in technology this is reflected on output which is more than normal which makes sure Samsung products are very available anytime the consumers require (Song & Lee, 2014).

Market Trends

The Samsung Company has employed the latest technological advancement in its latest devices so as to remain viable in the market (Kim & Mauborgne, 2014). The South Korea based company has expanded its innovation in its mobile devices to give their customers the best products. It has gone further to ensure that water and dust is no longer a threat to its mobile device customers (Kim & Mauborgne, 2014).  It has gone an extra mile to produce a water and dust resistance device in their latest release in the market which is Samsung S8.

Samsung through its wearable devices have enhanced the fitness and general well-being of their customers. It has come up with mobile wearable devices which enables customers to keep track of their health such as blood pressure and heartbeats (Kim & Mauborgne, 2014)). This Samsung wearable device compliments their present customers need since people have become more conscious with their health. Samsung has tried to advance in its business analytics. It has tried to come up with devices which relies customer feedback for any further improvements. Samsung is offering the best fusion technologies in multi-chip packages. “It has incorporated different memory die within a single chip” (Kim & Mauborgne, 2014). Samsung has produced devices with new biometric authentication access method. The latest devices make use of iris scanners to access the device apps.

Market Growth

The Samsung company has been growing at a very high rate through is faces a very stiff competition from Apple Inc. Samsung has extensive worldwide market reach because of its online selling of its products(Kim & Mauborgne, 2014). Through the use of third party networks such as wholesalers, suppliers as well as retailers in reaching the entire world market. The rapidly growing market owes to the production of high quality and user friendly products.

SWOT Analysis

Strengths

Samsung company enjoys a wide range based on its products portfolios such as Tablet, Mobile phone, TV/Audio/Video, Home appliance, Camera, Pc, Printer, Memory cards, Camcorder and other accessories. However, it holds a great significant market share in almost all the product categories. Specifically, people like this company because being the best in terms its features, design, and technology (Ying, 2016). It becomes the first company to introduce the dual screen mobiles. Additionally, due to low production cost, the company allows providing its products to the customers at a lower price more than its competitors. Moreover, Samsung has been achieving strong reputation brand by offering products which are of quality and at a low price. The company has highly skilled employees all over the globe and also has the strongest intelligence based on market capabilities. Samsung really enjoys the first of its mover advantage based in terms of the introduction of advanced features in a refrigerator, LCD, Air conditioner, as it introduced the smallest MP3 player in the world.

Weakness

Samsung Company always keeps the low-profit market as there are a lot of competitors based on this industry. However, there has been damaging to image due to infringement. This is from the few of recent incidences that affected its image brand in a negative way. There is a lot of work taken by the company when the product portfolio is a large one (Ying, 2016). Apple is seen to be doing much better than Samsung when it comes to quality. However, there is dependence based on the customer’s electronics as it is higher compared to other manufacturers. Samsung has been trying so hard in order to make a more qualitiful Android but perfection for the Smartphone still lacking.

Opportunities

Smartphone market is fast growing as become are becoming much more technology dependent together with if being the most communication tool currently. However, there is a high increase in demand for the smart phone. Many of the people usually use feature phones which make the switch based on the smart phone. Additionally, there is a growth of the advanced phone due to technology as demand increases (Ying, 2016). Samsung Company has been doing its business for a quite number of years and has secured a strong position financially in the market. Specifically, Samsung will be able to make some better investment based on the future. There have companies being acquired by Samsung as is to ensure for future growth (Ying, 2016). The company is planning so as to make air-condition based on the product category a stronger one having a unique technology known as ‘Triple protection proposition.’ The company Home and Mobile appliance have plans for the future in launching the customized products based on the Indian market. However, this will help to improve on the market share around a rural market.

Threats

Samsung Company basically is known to have a wide variety based on product failures, lines of a product as it will have some impact on the other together would be resulting to brand dilution. However, some of its competitors such as Nokia seem to be focused on the basis of one segment. There are threats from the Chinese products and also the entry of foreign players into India, being likely high. Samsung has a large portfolio and this also makes it be at high risk.  However, when the products do not harm any customer, they definitely affect the brand and therefore would grow negatively and qualities others. In addition, many of the people nowadays look for better quality products (Ying, 2016).

Competition

Competition is very crucial for the success of a business organization. However, a company should not fall to the competition and loose its brand name (Kim & Mauborgne, 2014). Competition induces the urge to come up with products of higher quality as compared to those of the competitors. Samsung top competitors in the market are Apple Inc. Microsoft as well as Google (Kim & Mauborgne, 2014). To deal with this competition, Samsung ensures it produces high quality and user friendly products incorporating the latest technological advancement so as to maintain loyalty among its customers (Kim & Mauborgne, 2014). The Samsung devices are relatively affordable as compared to those of their competitors such as Apple Inc.

Samsung uses technology, quality and cost to deal with the stiff competition in the market (Kim & Mauborgne, 2014). It makes use of user friendly android software which is highly preferred by the customers in the market than other software. People are keen with the latest technology, they are always waiting for the new release in the market. Samsung ensures that it has always the device with the latest technology in the market. This results to increased preference by customers which translates to increase in sales. For instance, Samsung Company has the only mobile device using the new SoC and Snapdragon 835 chip in the market. People tend to buy the products with the outstanding feature just like the case of SoC and Snapdragon 835 chip in Samsung (Kim & Mauborgne, 2014). It also relies on the minor technologies such as display and storage to maintain brand name and differentiate it from the rest of other brands. It also has wireless charging and ability of storage expansion thus making it unique brand in the market.

Macro environment.

Samsung Company deals with several products which have their position in the markets greatly influenced by a number of these external forces which are uncontrollable by the company. These macro factors include; political, technological, social, legal and environmental factors (Kassem, &Succar, 2017).Political factors include government regulations, set tax regulations, safety programs issuance, issuance of contracts by government and international rules like, tariffs and trade agreements which influence market supply thus demand as well. Technological factors greatly influence products markets, for instance, change of current technology either due to improvements in the technology or machinery chips and programming, or the emergence of or a new machine due to market dynamics and high investment in research and development and even desire by producers to offer varieties to customers’. Samsung, therefore, must ensure that its products are modern and competitive in markets thus have to meet customer preference and specifications (Kassem et al, 2017).

Demographics in a population and various lifestyles in every society make up social macro environmental forces for any product markets. For instance, the pattern of the working force plus the population structure, that is, the different composition in each age group clearly can determine products market share and needs (Kassem et al, 2017). Samsung Company to succeed in the market should properly get its target market. Legal factors compose of legislations set at local, regional and international levels thus affecting all categories of markets. For instance, the introduction of new health and safety laws may force the company to purchase new equipment or employ new supervisors. Even with labor law limits especially for minor employees can reduce the working hours, this affects production thus supply. Ecological concerns are usually important to organizations (Kassem et al, 2017). For the time being, things like cataclysmic events can hinder creation and supply, or even devastate organization resources.

Target markets.

Your target clients are the individuals who are well on the way to purchase from you. Oppose the enticement to be excessively broad in the expectations of getting a bigger cut of the market. Samsung Company offers different electronic devices enabling the company to have a wide range of customers. Including teenagers and adults; low, middle and high-earning customers, this achieved by developing products which suit the above-mentioned categories, for instance having cheaper devices favors low earners in the society (Amos, 2016).

The magnificence of target advertising is that by pointing your showcasing endeavors at particular groups of purchasers it makes evaluating, and movement of your items and benefits less demanding. While market division should be possible in various courses, contingent upon how you need to cut up the pie, three of the most widely recognized sorts are: Demographic Segmentation. Demographic gathering depends on quantifiable insights, for example, sexual orientation, age, wage level, conjugal status and education race religion. Statistic Division is typically the most imperative criteria for recognizing target markets making the learning of statistic data vital for some organizations (Amos, 2016).

The geographic division totally includes dividing the market in consideration of the area. Places of residence are one locality.