Marketing is a Crucial Component of a Business

Marketing is a Crucial Component of a Business

Introduction
Marketing is a crucial component of a business. To gain customers, one has to advertise their products or services in the best way possible. This requires research of the target market geared toward their preferences, tastes, location, and access (Armstrong & Kotler, 2019). Consequently, businesses must invest at least 10% of their budget in marketing. The marketing department should have qualified staff, including researchers, designers, packaging experts, and sales professionals. The most successful companies such as Coca-Cola, Nike, Amazon, Adidas, Apple, Microsoft, Samsung, Tesla, and Google have mastered the art of marketing. This report aims to explore Samsung’s, the leading smartphone company in the world, marketing strategies and product promotion. Samsung's success is due to a comprehensive product line, great distribution systems, promotion, advertising, and pricing.
Samsung is a South Korean electronics company headquartered in Suwon. It had a record high revenue of approximately $232 billion in 2021. According to Statistica.com (2022), the company has about 287,000 employees with $362 billion in total assets globally. Additionally, it has a current NYSE stock price of $57.7. Samsung Electronics has branches and factories in 74 countries. Samsung is the second largest electronics company after Apple Inc., even though it is the largest smartphone manufacturer (Yonhap News Agency, 2020). Consequently, Samsung electronics is the largest company in South Korea and greatly impacts the country's Gross Domestic Product.
Product
Samsung is well known for its Samsung Galaxy line of smartphones; however, the company has numerous products. Other products include displays, cameras, batteries, image sensors, and semiconductors. Notably, much of Samsung’s revenue comes from semiconductor manufacturing for other companies (Statistica.com, 2022). The smartphone segment is the second source of revenue for the conglomerate. Semiconductor manufacturing operations, displays, cameras, image sensors, and batteries are confidential as they are Business to Business (B2B) agreements with confidentiality clauses. However, Rosenblum (2019) identifies that some companies include Apple Inc., Nokia, Sony, and aeronautic and shipbuilding companies.
The Samsung smartphone segment is the cornerstone of the electronics company as its products are available and accessible to everyone. Samsung is well known for its phone products, that rival iPhones, Huawei, Google Pixel, and Xiaomi. The products include the Samsung Galaxy phones and wearables. The Samsung Galaxy phones position themselves as futuristic, with wide display, the best specification cameras, and capable android phones. The Samsung Galaxy phones are categorized into three specifications: The low-end, low-cost A and M series phones, the middle-high spec and cost S series phones, The professional high spec and cost Note series, and the new maximum spec Pro and Ultra series. Moreover, there is a new foldable category for the Samsung Galaxy Fold and Z Fold phones with maximum specification at a much higher cost.
The Samsung Galaxy name is aimed at presenting a futuristic brand. Galaxy means space and beyond and represents a no-limit feel and sentiment with a scope of technological advancement to get there. The A and M series generation phones include Samsung M03, A03, M13, A13, A13s, M23, A23, A23s, M33, A33, A33s, M43, A43, A43s, MA53, A53, A53s, M73, A73, A73s for the year 2022 (Samsung, 2022). While the naming may seem confusing, Samsung responded to the upcoming mid-range smartphone competition in 2019: including Chinese Huawei, Xiaomi, Oppo, Sony, and Google Pixel. Samsung realized it was well known for its flagship S series, Note, and foldable phones geared for the high-end market but not their low and mid-range segment. At the high end, Apple was the only competition. So in 2019, Samsung flooded the market with all sorts of low and mid-range -323851037428Source: Samsung (2022)Figure SEQ Figure \* ARABIC 1:Samsung Product Line00Source: Samsung (2022)Figure SEQ Figure \* ARABIC 1:Samsung Product Linephones. Today, at least one in two phones is a Samsung.
The incremental naming refers to an increase in the specification. For example, the A23 has a 90hz display, 25watts battery, and optical image stabilization over the A13 released on the same day, March 2022. Otherwise, all the other aspects remain the same, with the A13 going for $150 and the A23 at $178. For the mid and high-end market, Samsung has the S22, S22+, with a more prominent display, S20 Note, and S22 Ultra, the highest-end spec with an s-pen. Unlike the A series, the S series phones have premium built qualities, including a glass and metal body, 120hz screen refresh rates, Dex-support, s-pen support, highest specification cameras in the smartphone market, optical and digital image stabilization, curved screen edges, and 45watts battery. Contrary, the A and M series have plastic bodies. The S22 series costs $780, while the Ultra costs $1200.
Additionally, Samsung has a tablet series and foldable phones. The tablet series has been growing, including S8, S8+, which has a larger display, and S8 Ultra, which has all the high-end specifications. The foldable phones were a new leap for the Samsung Galaxy. The segment is not competitive as Samsung is the first company to successfully produce the Galaxy Fold and the Z fold. These screens can bend horizontally with the Z fold or vertically with the Fold. They are business oriented for content creators, artists, and professionals, starting at $1,899.
Samsung gives a 24-month warranty for all their products with service centers globally. The service centers are located in major cities in all war-free countries. The packaging is white and cheap for the M and A seri...