Video Segment 1: Seoul Success http://www.mhhe.com/business/management/videos/BW
ID: 362569 • Letter: V
Question
Video Segment 1: Seoul Success
http://www.mhhe.com/business/management/videos/BW/Flash/SeoulSuccess.html
Video Summary:
Samsung attributes its global success and meteoric rise in Business Week’s ranking of the top 100 global brands to measuring its business outcomes and staying true to its brand mission. The company uses a multitude of factors to measure success including revenue, profitability, and brand attitude studies from a local level to a global level. Samsung’s brand mission is to become the number one provider of the best digital lifestyle experience across business, home, and mobile products.
The company believes that brand is a promise to consumers and consists of many related attributes including support, service, on-time marketing, image, and design. These variables must work in tandem to deliver the “best of breed” to consumers. Samsung’s brand philosophy is demonstrated by the company’s constant interaction with consumers before approving the final design of its products. For example, Samsung’s DLP technology was created as a result of intense focus groups with consumers who wanted a brighter TV picture, a lighter television that could be moved room to room, and a less-expensive price point than plasma TVs. Working with Texas Instruments, the company was able to develop and design TV products that have been a “runaway success.”
Samsung believes it is critical to “infatuate” consumers with its brand so consumer loyalty crosses over to other Samsung products. For example, as a cell phone leader, Samsung brought out a new cell phone model every two weeks that worked faster and had more capabilities and cutting edge technology than other phones. This short product life cycle and Samsung’s ability to bring out newer and better products quickly has allowed the company to keep consumers loyal to its brand. Please put your paper in APA format. A Professor Sample APA format is placed on Moodle. At minimum the format includes cover page, common font family, introduction, conclusion and bibliography.
Following the APA style (including 6 references and in-text citations), write a 750-1000-word analysis by answering the following questions:
What makes Samsung’s approach so successful?
Samsung’s meteoric rise comes at the expense of some of its global competitors. How can other companies gain back some competitive advantage?
What are some leadership strategies in Samsung that make them successfu
Explanation / Answer
1.Successful Samsung's Approach: Samsung finds a way to differentiate its own product by offering new and unique software and services that compete the world. Its decentralized structure makes it difficult to create unified software platforms. Samsung's success mantra is purely on "INNOVATION"
- Initially new management is applied in the area of its employees to redefine themselves and work ethically.
- Always be the first in new product development
- Its commitment towards innovation become stronger than ever.
- started working with alliances to expand its market.
- Rather concentrating on quantity terms, Samsung do it in qualitative terms.
- Samsung's goal is to maximize brand equity through superior design, marketing and customer service.
2. Competitve Advantage:
3.Samsung's Leadership Strategy:
Samsung strategy on leadership is by both Cost leadership and differentiation startegy.
Initially they followed cost leadership strategy to attract customers, later it concentrates on product differentiation.
Differentiation startegy - Cutting edge products with the highest margins, products to target niche markets.
Cost leadership strategy - Cheap labour,use of new design rules,better sourcing.
And also they believe more on the work of Human resources of the company.
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