The Marketing Mix of Samsung tells the 4ps (Product, Price, Place, and Promotion) of the Top South Korean multinational electronics corporation – Samsung!
The Samsung Group is a global South Korean corporation based in Seoul’s Samsung Town. It is a multinational corporate conglomerate that comprises numerous connected enterprises, the majority of which are united under the Samsung name.
Lee Byung-Chul established Samsung in 1938. They began as a trade concern and have since expanded into textiles, food production, insurance, and other areas. Samsung entered the electronics sector in the late 1960s and has been steadily growing since!
Unfortunately, following Lee’s death, the corporation was separated into five corporate groups: Samsung Group, Shinsegae Group, CJ Group, Hansol Group, and Joongang Group.
Samsung will employ 287,439 people by 2020, with assembly plants and a sales network in over 75 countries.
Let’s start with the Marketing Mix of Samsung to learn more about its product, price, promotion, and distribution approaches.
Products in The Marketing Mix of Samsung
Samsung spends a lot of money on research and development to ensure that its consumers get the finest products possible. Samsung provides a diverse range of products in a variety of areas. Samsung marketing mix products provide a wide range of services.
There are five categories in which the items can be classified:
- Mobile Devices – Samsung is one of the most well-known mobile phone manufacturers. Smartphones, tablets, wearables, and accessories, among other things, make up a large portion of Samsung’s portfolio.
- Television – Samsung provides televisions, audio, and video solutions, as well as various accessories. Aside from manufacturing televisions, the brand has a strong digital camera portfolio.
- Home Appliances – Refrigerators, washing machines, cooking appliances, air conditioners, vacuum cleaners, and other consumer electronics are among the products supplied by the company.
- Storage/Memory – Samsung is also recognized for producing high-quality SSDs, portable SSDs, memory cards, and USB flash drives, among other things.
- Computer & IT – The firm also sells laptops, printers, multifunction devices, monitors, and other computer peripherals.
Price in The Marketing Mix of Samsung
Samsung is the industry leader in mobile phones and a major participant in the home appliance and smartphone markets. It employs two pricing structures, which are described below.
Samsung’s marketing strategy includes a competitive pricing approach. Samsung has not been able to establish itself as the market leader in other product categories. Even in the ‘home appliances’ category, Samsung is a reliable brand.
Samsung must employ competitive pricing to avoid flanking attacks from its market competitors. Samsung is also not a market leader in these product categories, thus it must protect its market position.
All of this aids in comprehending Samsung’s price strategy in the marketing mix. Samsung has a price-skimming strategy as well.
For example, when Samsung introduces new products with various storage capacity options, the price of the device rises. When other competitors release a smartphone with equal characteristics, Samsung reduces the price and easily avoids losing market share as a result of the competitor’s launch.
Place in The Marketing Mix of Samsung
Samsung is present in the market through a variety of methods. It operates based on a three-part channel marketing strategy. Dealers in sales and service, modern retail, and distributors.
Samsung’s sales and service dealers are in charge of critical accounts and corporate sales. These dealers may also open Samsung showrooms that are exclusive to them.
Large retailers like Croma, Hypercity, Vijay Sales, Vivek’s, and others who operate in the modern electronic retail chain are included in the modern retail section.
Because Samsung is such a well-known brand, shops are obligated to provide it as an alternate or primary product to their customers.
In the case of Samsung, the distribution network is the most intriguing. Samsung has a single distributor in numerous cities that distributes throughout an area. For example, Samsung has SSK distributors in Mumbai that distribute all Samsung items.
This distributor has made a significant investment in Samsung, the distributor and the corporation work together to sell Samsung’s products. As a result, Samsung’s whole product line will be sold to a single distributor, who will then sell it to retailers.
Promotions in The Marketing Mix of Samsung
Samsung advertises in a variety of ways. Samsung, as a firm, believes in attracting customers through advertising while also employing aggressive techniques to push products to customers through sales incentives.
On the one hand, Samsung employs a variety of marketing vehicles throughout the year, both during the festive season and outside of it. On the other hand, it provides several incentives and discounts to its business partners to encourage them to sell Samsung above the competition.
As a result of this approach, Samsung’s brand is growing, and both the pull and push methods are working at Samsung at the same time.
The marketing mix of Samsung is a lesson to marketers on several points. First, having multiple products at the same time can help your business expand since each of these products may become an income generator. Second, while the Pull technique is more costly, it is significantly more advantageous in the long run.
I hope you have gathered all the required information about the Marketing Mix of Samsung and the 4 P’s of Samsung. Stay tuned for more Marketing Mix Articles.