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Samsung Case Study - the process of the introduction of new products

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Introduction

NELSON MANDELA METROPOLITAN UNIVERSITY SAMSUNG ELECTRONICS CO. AUTHORISED BY: VINCENT HAU-YOON STUDENT: JOAN-MARIE STEENKAMP STUDENT NUMBER: s208034231 DUE DATE: 20 October 2011 TABLE OF CONTENT 1 INTRODUCTION 1 2 DISCUSS THE ROLE OF CONSUMER RESEARCH IN GUIDING SAMSUNG'S INITIATIVES DESIGNING LEADING EDGE NEW PRODUCTS 1 3 DESCRIBE AND EVALUATE SAMSUNG'S INITIATIVES FOR DESIGNING LEADING EDGE NEW PRODUCTS 2 4 EXAMINE AND EVALUATE THE EXTENT OF CENTRALIZATION OF NEW PRODUCT DECISION MAKING AT SAMSUNG 3 5 DESCRIBE HOW SAMSUNG HAS SUCCESSFULLY BUILT UP A GLOBALLY RECOGNISED BRAND BY REFERRING TO OTHER SOURCES 4 6 HOW IMPORTANT ARE COMPETITIVE THREATS FROM OTHER ASIAN COMPANIES TO SAMSUNG? 5 7 WHY SHOULD ESTABLISHED KOREAN MANUFACTURERS LIKE SAMSUNG IN GENERAL, WORRY ABOUT CHINA WHEN THEY HAVE SURVIVED AND SUCCESSFULLY CONQUERED COMPETITION FROM JAPAN? 6 REFERENCE 7 1 INTRODUCTION Samsung Electronics, a Korean company, started off as a small export business in Taegu, Korea. Today, Samsung is one of the world's leading electronics companies, specialising in a wide range of fields from digital appliances to system integrations (Samsung's History, 2011: �1). 2 DISCUSS THE ROLE OF CONSUMER RESEARCH IN GUIDING SAMSUNG'S INITIATIVES DESIGNING LEADING EDGE NEW PRODUCTS Consumer research plays a valuable role in any business, as this can give the company a competitive advantage and also make it the trend-setter. ...read more.

Middle

4 EXAMINE AND EVALUATE THE EXTENT OF CENTRALIZATION OF NEW PRODUCT DECISION MAKING AT SAMSUNG Samsung has a unique way of inventing new products. Managment sets a goal, and then does all it can to accomplish this goal. In order to make this happen, Samsung's chief executive, Yun Jong Yong, set up the Value Innovation Program. The Value Innovation Program (VIP) is a facility at Suwon. This is where specialists from all departments gets "locked up" for a couple of weeks to work on a project. These specialists brainstorm, design, argue, do the maths and finally create new products of value for Samsung and its customers. The teams work against a deadline, which ensures that they make difficult decisions in a timely manner as not to hinder product launch dates (Cravens & Piercy, 2009: 537- 538). 5 DESCRIBE HOW SAMSUNG HAS SUCCESSFULLY BUILT UP A GLOBALLY RECOGNISED BRAND BY REFERRING TO OTHER SOURCES Over recent years, Samsung has grown to become one of the leading home appliance suppliers. In 2009, the company's third-quarter profit doubled the total of its nine Japanese competitors combined (Samsung Electronics' Success, 2009). In 2010, the Financial Times (January, 2010) stated that Samsung Electronics has overtaken Hewlett-Packard as the world's biggest technology company in sales. ...read more.

Conclusion

This shows adequate growth potential. An increase in foreign investments will boost China's economy to further develop industries, thereby increasing the threat of competition. China has also recently been ridding itself of the stigma of poor quality goods, and regulatory bodies (such as the PROQC) are available to check the quality of various products and manufacturing facilities in China. Since China shows such a potential for growth and is receiving better reviews by customers, companies from other countries will have to keep an eye on the rising industries. REFERENCE Samsung's History, 2011. Samsung. [Online] Available at http://www.samsung.com/africa_en/aboutsamsung/corporateprofile/history.html (accessed 18 October 2011) Samsung Electronics' Success, 2009. Korean Times. [Online] Available at http://www.koreatimes.co.kr/www/news/opinon/2009/11/202_54800.html (accessed 19 October 2011) The Korea Harold, March 2010. From Obscure Company to Electronics Giant. [Online] Available at http://www.koreaherald.com/business/Detail.jsp?newsMLId=20091102000090 (accessed 19 October 2011) The Financial Times, January 2010. Samsung beats HP to Pole PositionI. [Online] Available at http://www.ft.com/cms/s/2/c48d477a-0c3b-11df-8b81-00144feabdc0.html#axzz1bDjSjenf (accessed 19 October 2011) Ranking the Brand, 2011. Rankings per Brand, Samsung. [Online] Available at http://www.rankingthebrands.com/Brand-detail.aspx?brandID=518 (accessed 19 October 2011) Olga Kharif, January 2011. Samsung, LG take Aim at Whirlpool with Smart Appliances. Business Week. [Online] available at http://www.businessweek.com/technology/content/jan2011/tc20110126_265727.htm (accessed 19 October 2011) Michael Robinson, August 2010. China's new industrial revolution. BBC News [Online] Available at http://www.bbc.co.uk/news/business-10792465 (accessed 19 October 2011) Mindful Money, February 2011. Is China still an Emerging Market? [Online] Available at http://www.mindfulmoney.co.uk/3278/investing-strategy/is-china-still-an-emerging-market.html (accessed 19 October 2011) Cravens, D. & Piercy, N., 2009. Strategic Marketing (9th ed.) Singapore: McGraw Hill ...read more.

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