Established in the late 1960s, Samsung is one of the largest corporations in South Korea dealing in electronics. Through its products, the multinational has achieved enormous growth mainly in its exports. Dating back to the 70s, the corporation grew into a multinational brand that has commands its desired market and still continues to implore more with its appliances. It manufactures a wide range of electronic devices such as phones, telecommunication devices, and home appliances. With the vision "Leading the digital convergence revolution," the company continually manages to remain unique as well as relevant to the market needs catapulting it to success (Jung, 2014). Its mission Digital electronic company seems simplistic but has ensured that its values continue to be reflected in its products and environment. This paper focuses on the recommendations on strategic management of the company.
After any organization has formulated strategies believed to steer it to success, they have to be implemented. However, strategies differ because there are growth, stability and cutback strategies among others. As a result, it is imperative to understand how to implement each of the strategies in the business. Strategic management also requires that a business is strategically positioned to rise above the competition by setting a unique selling position. Considering that Samsung has exploited the conventional markets, there is a need to focus on emerging markets (Yoo and Kim, 2015). It is from this premise that this essay will lay focus on social media marketing as part of Samsungs positioning as well as market segmentation in overcoming competition.
Changes in Target Markets
The various changes driven by the rise of technology and globalization have in many ways influenced markets based on consumer awareness levels. Many of these factors are based on the psychological influences on the consumer buying behavior. The levels of education and access to technology have changed and improved lifestyles, attitudes, health status as well as personal interests among other social aspects. It is from this background that many consumers are more informed on what suits them best in their buying decisions.
The internet age is a phenomenon that many marketers are yet to embrace fully and the advent of social media complicates it further. However, the rise of social media presents businesses with immense opportunities for growth considering it is a huge unexploited market. With social networking, consumers are better positioned to consult widely through the search of information regarding products which is significant in building brand trust. There is a connection between social values and target marketing in influencing the society and its value systems (Lev-Ram, 2013). To change these values, the role of social media as a communication channel and its impact on buying decisions in providing feedback as well as peer review has been significant. To sum the transformations in target marketing with the influence of social value changes, it is important to the point that consumers have transitioned from the age of mediocrity out of exposure to make informed choices.
Marketing is aimed at placing a business strategically in a bid to influence consumers. It is from this understanding that a business should implement an integrated marketing communications strategies to tap the immense benefits it provides in improving brand identity.
Social media marketing continues to raise a new frontier though it remains to be fully exploited. There are various social media networking platforms that every business organization can utilize to its benefit. Considering that Samsung is a technology-based corporation, it can utilize its power of innovation to devise new avenues. However, there is need to build the level of aggressiveness considering that competitors are investing immense resources for the same.
Strategic planning is used in marketing for various reasons that include enhancing growth, increasing market share or capturing new frontiers among others. Considering that Samsung has existed in the market for several decades, it is important to chart a new path in its marketing strategy. From this background, it remains important to focus on value creation frontier where a different business model is utilized to attract maximum value.
Mechanisms such as websites, mobile apps as well as social media platforms are used by businesses to position themselves to appeal to a wider customer base. With many consumers adapting to the advancement of technology, it will be difficult to appeal to the same group with an outdated model. The same is in light of the increased completion as indicated where many other competitors are adopting very competitive strategic management practices (Jung, 2014).
When effectively managed, the new frontier will place Samsung at a competitive advantage to attract above average profitability. Many organizations lose their competitive advantage due to the lack of capacity to continuously outperform rivals while at the same time maintaining value creation frontier. To effectively capture markets through value creation frontier, organizations are required to have a more high-value proposition than their competition.
With the Samsungs desire enshrined in its mission statement, it endeavors to create innovative technology that is accessible to all and adaptable to individual needs. To attain this in the global marketplace, Samsung is required to integrate its efforts and streamline operations considering its wide scope. Therefore, it is important to develop a generic strategy that is centered on social media to support the grand strategy to become the global leader in electronic consumables. The leaders are required to have a high level of skill and understand how to exercise the same in developing a strategy that has a holistic approach.
Strategic management demands that the identified strategy is integrated into the overall strategy while others are used to augment its functionality. To arrive at recommendations for the adoption of social media as part of its strategic management, it is important to establish whether its impact will result in the desired change and create a competitive advantage. The main elements that should be characterized by the social media platform to be adopted include the creation of customer segments, channel identification, revenue streams as well as value proposition (Lee, 2005). It should also rope in the identification of key activities; create a cost structure, resources as well as vital partnerships that will facilitate growth and utilization of the social media platform. From the above, the following recommendations are made:
Setting social media objectives
Samsung should start off by setting goals and objectives on what it desires to achieve through social media positioning. In this case, the platform of choice should be well aligned with its management and overall strategic plan. It is also significant to find the proper platform and when setting the platform understand the basic factors that quantify the return on the invested platform. These include among others lead generation, customer acquisition, clicks, revenues as well as contested entries. Samsung has the necessary human resource to strategically innovate solutions that provide it with a focus beyond the revenues sourced from social platforms to effectively enhance its customer experiences which are the core of strategic management.
Establishing the most appropriate platform
Strategic positioning is a vital factor in advancing businesses meaning that the choice of the social platform will significantly determine the projected success. However, it is necessary to ensure that the platform aligns with its strategy as indicated above. Therefore, Samsung will be required to identify and research on the most appropriate social media platform that is popular with its audience. Consequently, it should set actionable milestones for its marketing strategy in spite of the social media platform chosen.
Tracking time spent and costs related to activities that touch on marketing objectives such as advertisements and campaigns is highly important. Such tracking proves important in tracking the returns from investments. It is also essential in accounting for the advantages associated with the social media platform as well as the functionality of its tools. Tools such as Google Analytics can be utilized in the social media page or website to make tracking possible through links. After that, Samsung will be in a position to set goal tracking to follow every online conversation or activities to help it close the loop that facilitates tracking the returns on investment from the social media platforms (Zubair, 2015).
Giving reports on a regular basis is a vital aspect of any strategic management drive to help the corporation review its progress in this new frontier. The reporting should be timely and to the right entities who in this case should be the management. Reporting should also be set to match the timelines set for proper evaluation and quantification of the success associated with the implementation of social media platforms.
Evaluation and resetting goals
The above phase is essential in providing statistics that help in measuring all the necessary pointers. The evaluation process is important in determining the effectiveness of the social media platforms as a marketing tool. With the results obtained, the review team will be positioned to allocate value to the social media platform chosen. Accordingly, Samsung will be empowered to effectively determine the most appropriate social media platform to integrate into its marketing strategy.
After evaluating these factors, it can be concluded that there is need to have a social media strategy to strategically position Samsung in it lead position as an electronics consumables producer. Many organizations face complications in establishing social media strategies in positioning their brands. The challenge faced by these organizations touches on changing of algorithms, implementation of new tools to utilize in the dynamic industry as well as client assurances on return on investments. To have the best model, Samsung should consider the factors that it currently attributes to its success. The other factor is the detection of signals indicating the need for restructuring of the current model. Potential value to be derived from changes in the adoption of social media marketing. When the above is accomplished, Samsung will be positioned to have a model that brings in the value proposition, create customer segments and most important grow the social media platform as a unique strategy for future growth.
Jung, S. C. (2014). The analysis of strategic management of Samsung Electronics Company through the generic value chain model. 8(12), 133-142. Retrieved from http://www.sersc.org/journals/IJSEIA/vol8_no12_2014/12.pdf
Lee, G. (2005). Samsung Global Marketing Strategy. Retrieved from http://www.samsung.com/us/aboutsamsung/ir/ireventpresentations/analystday/downloads/analyst_20051103_1600.pdf
Lev-Ram, M. (2013). Samsungs road to global domination. Fortune magazine. Retrieved from http://fortune.com/2013/01/22/samsungs-road-to-global-domination/
Yoo, Y. & Kim, K. (2015). How Samsung Became a Design Powerhouse. Retrieved from https://hbr.org/2015/09/how-samsung-became-a-design-powerhouseZubair. (2015). Social Media Strategy Review- Samsung. Retrieved from https://www.whizsky.com/2015/04/social-media-strategy-review-samsung/
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