Samsung Successful Marketing Story
Samsung is the company that has exhibited massive success in its story regarding expansion to become a global brand. Samsung has stuck to developing products that suit consumer needs based on conducting extensive research on what customers prefer. The approach is successful in business, as evidenced by the numerous associated benefits. The paper will evaluate Samsung’s case study, examine the position of customer needs and wants, and the international business and manage the cross-cultural environment.
Samsung, the multinational conglomerate, is based in Samsung Town, Seoul, and was founded on March 1st, 1938, by Lee Byung-Chul (Dunlap, 2017). The company has employees in more than 80 countries globally, and it ships millions of products daily to consumers (Dunlap, 2017). The company does not use a universal approach in developing its products. Instead, Samsung attains success by developing its products according to customers’ needs in different parts of the world. The plan of action grants people diverse options that meet their varied cultural and regional needs (Dunlap, 2017).
The case study provides insight into Samsung’s tactics of localizing its products for the numerous markets around the world, with specific examples from various parts of the world. Within the past year, the company developed five Lifestyle Research Labs in San Jose, London, Delhi, Singapore, and Beijing purposely to predict ways of future living and identify opportunities for innovation (Dunlap, 2017). The product innovation teams utilize research to identify specific customer needs and tailor products according to these needs. When developing a product, Samsung ventures into the field to perform research and view the world from the perspective of users before refining the ideas to create innovative opportunities (Jang et al., 2019). Examples of innovations suited for various regions include the US French door refrigerator with a water dispensing function, the Turkey Top-mounted …………………….