Marketing Plan for the Samsung Galaxy Tablet

Introduction Marketing refers to â€Å"the set of institutions, activities, and processes for creating, communicating, delivering, and exchanging goods and services that have value for customers, partners, and the society†. Thus, marketing aims at identifying and satisfying customers’ needs effectively.Advertising We will write a custom essay sample on Marketing Plan for the Samsung Galaxy Tablet specifically for you for only $16.05 $11/page Learn More Marketing is crucial to an organization’s success. It enables an organization to â€Å"integrate and align its resources and functions to an overall goal of customer satisfaction†. Effective marketing requires a marketing plan. A marketing plan refers to â€Å"a written document that describes how an organization intends to reach its target market†. It entails a situation analysis, an organization’s goals, marketing strategies, and marketing mix decisions. This pap er discusses the marketing plan for the successful development, commercialization, and introduction of the Samsung galaxy tablet into the market. Situation Analysis Strengths In the past decades, Samsung has emerged as one of the most competitive companies. Samsung boasts of several strengths. First, it focuses on producing electronic devices with a hardware system, which is compatible with most software and operating systems. This has enabled Samsung to have an edge over its competitors such as Apple. As a result, â€Å"Samsung’s Android mobile phones and tablets have gained a huge market share as opposed to Apple’s iOS and OS X†. Second, Samsung is one of the most innovative mobile phone companies. For example, â€Å"in 2011 Samsung was among the top patent assignees in the United States of America†. The acquisition of several patents has enabled it to surpass most of its competitors. Additionally, the company has won several awards for its productsâ₠¬â„¢ designs, which are user friendly and unique. Samsung also has a major focus on designing environmentally friendly products.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Third, the company has a strong financial base because it has a significant market share in a number of its products’ categories. Moreover, Samsung’s manufacturing firms are located in countries where the cost of production is relatively low. As a result, it incurs low costs of production; hence, it can offer its products at a lower price. Fourth, Samsung has managed to market its brand effectively. It is among the top rising brands. â€Å"From 2011 to 2012, the company’s popularity rose by 40 percent†. This rise was mainly attributed to strategic marketing techniques. For example, the company uses varied avenues such as sporting events to market its products. Weaknesses Despite its streng ths, Samsung faces a number of challenges. First, the company lacks its own software. Software production can enable a company to attain a high profit margin. It also helps to popularize a company’s product and promote its brand loyalty. Therefore, Samsung is disadvantaged compared to its main competitors such as Apple. Second, the company has businesses in a number of industries. Thus, â€Å"it might lose focus by competing in several industries†. In the past years, Samsung has been found guilty of patent infringement. Consequently, this has had a negative effect on its reputation. Third, Samsung is one of the largest electronic companies in the world. Nonetheless, the company experiences a relatively low gross profit margin due to the company’s aggressive price cuts on its products. Opportunities Samsung has numerous opportunities that it can seize in order to enable it expand further. For instance, â€Å"the smartphone market in India is one of the least pen etrated among the Asian countries†. Therefore, its strong presence in India can enable it to maximize gains in India’s smartphone market. The introduction of smartphones and tablets has led to a major increase in the demand for application processors. Fortunately, â€Å"Samsung is one of the main manufacturers of application processors for tablets and smartphones†. Therefore, Samsung stands a better chance of meeting this demand because it has a superior experience in the production of processors.Advertising We will write a custom essay sample on Marketing Plan for the Samsung Galaxy Tablet specifically for you for only $16.05 $11/page Learn More Samsung is also one of the dominant players in the tablet market. Therefore, the company has high chances of expanding its niche in the tablet market by producing unique and high quality tablet models. Samsung has a large patents portfolio. As a result, it has a competitive advantage over it rivals. Therefore, it can be able to acquire more patents through acquisition of other firms. Threats Samsung faces a number of threats to its business operations. First, the smartphone market in the developed countries is highly saturated; hence, it might not reap major gains in the developed countries. Second, rapid technological change is also a major threat to the company. Currently, Samsung is under pressure to keep on producing new products at a faster rate. However, this is often difficult whenever a company aims at being innovative and successful because innovations take considerable time. Third, Samsung is prone to experience major price wars. For instance, the company has been offering its products at a relatively lower price compared to its competitors. Therefore, its competitors may also follow the trend. Unfortunately, this will significantly erode Samsung’s profit margins, which are already low. Industry Trends and Competition Samsung is one of the major compan ies in the tablet industry. Others include Apple, Asus, Acer, and Nokia. All the players in the tablet industry have continued to produce new tablet models. For example, at the beginning of 2014, Asus introduced the Transformer Book TD300. â€Å"The new tablet model by Asus switches instantly from Windows 8.1 to Android and back†. In a similar manner, Apple has also developed new tablet models such as the iPad Air, which â€Å"has a thinner aluminum body chassis, identical to the iPad mini†. Furthermore, the tablet market is likely to expand due to an anticipated decline in the use of laptops. A number of people have adopted tablets because of their convenience.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Tablets are portable and effective compared to laptops and desktops. Consequently, there has been a rise in the demand and supply of tablets in the market. This has led to a stiff competition among various companies. Therefore, the price and quality of a tablet plays a critical role in determining customers’ purchasing patterns. The Organization’s Mission Statement A mission statement is a statement of purpose. It explains the reason for the existence of an organization. It guides the decisions and actions of an organization. A mission statement for a commercial company should comprise three major elements. These include â€Å"the key market, the contribution of the organization, and the distinction of its product or service†. Therefore, Samsung will adopt the following mission statement: â€Å"to be the most successful electronic company in the world by developing user friendly tablets that brings a lively experience to all internet users.† Performance g oals The company will pursue the following goals. First, the company aims at realizing a monthly turnover of $500,000. Second, the company aims at supplying the Samsung galaxy tablet to the major online stores by the end of the first month after its launch. Third, the company plans to distribute the Samsung galaxy tablet in all Asian countries within the first six months. Marketing strategy A marketing strategy should â€Å"enable an organization to concentrate its resources on the optimal opportunities with the major aim of increasing sales and achieving sustainable competitive advantage†. A marketing strategy is one of the most essential elements of a marketing plan. A number of marketing strategies are often developed as long-term plans. In such a case, an organization is often required to develop a tactical plan. A tactical plan spells out what an organization aims at achieving within a period of one year. There are different types of marketing strategies that a company c an adopt. The choice of a particular marketing strategy is largely determined by the situation analysis. For instance, the strengths and opportunities identified in the situation analysis determine the strategy that a company adopts. In most instances, a company’s success is determined by its strengths and opportunities. Similarly, the choice of a marketing strategy depends on an organization’s mission statement, as well as, the company’s goals and objectives. Some of the marketing strategies include the product differentiation strategy, cost leadership strategy, and the market focus strategy. The product differentiation strategy involves the creation of a product or service that is distinct from one’s competitors. Therefore, a company that adopts this strategy will have to ensure that its product has specific attributes that are unique from other products in the market. On the other hand, the cost leadership strategy is intended to enable a company to at tract cost-sensitive customers. Thus, a company will sell its product at a relatively lower price compared to its competitors. This strategy is most suitable for a company, which incurs lower production and marketing costs. The market focus strategy requires a company to describe its market scope. Thus, a company can choose to have a narrow market scope or a broader market scope. Additionally, â€Å"a company may opt to specialize in the production of a particular product in order to meet the unique needs of customers in a given market segment†. Samsung will adopt the product differentiation strategy. This strategy will be most suitable for commercialization and introduction of the Samsung galaxy tablet into the market. The Samsung galaxy tablet has a distinct model from other tablets in the market. Its model is user friendly and can enable internet users to enjoy lively internet browsing. For instance, the Samsung galaxy tablet has a wider screen, which can enable a user to perform multiple tasks. Additionally, the Samsung galaxy tablet is lighter; hence, portable. Market Segmentation Samsung targets people who are eighteen years and above. The company targets adults because the galaxy tablet will facilitate their activities. For example, the tablet has several applications with varied functions. The Samsung galaxy tablet will also be suitable for both male and female users. For instance, the galaxy tablet has different colors such as black, yellow, and silver. Thus, users have a chance to make a choice between the colors available. Additionally, the Samsung galaxy tablet is lighter. As a result, it can easily fit into a jacket’s pocket or in a handbag. Samsung also targets all professionals in various fields. For instance, the galaxy tablet will be suitable for businesspersons who use the internet several times in a day to communicate with clients. It is also suitable for professionals who may wish to prepare and make presentations. The galaxy tablet will also be suitable for professionals who travel regularly. Therefore, the Samsung galaxy tablet can enable them to work while travelling. Integrated Marketing Mix Product Samsung galaxy tablet is seven inches long. It has two cameras and is compatible with a flash disk. â€Å"The Samsung galaxy tablet uses Android 2.2 with market support†. It also has a number of pre-installed applications. Finally, â€Å"the Samsung galaxy tablet has five default home screens†. Price The Samsung galaxy tablet will cost approximately $600 to $500. However, the price will differ from one country to another. One of the major price determinants for the Samsung galaxy tablet will be the market situation in a given country. For instance, factors such as market competition and cost of operations incurred by distributors will influence the local prices in various countries. Location and Distribution Samsung dealers will distribute the Samsung galaxy tablet to all regions within thei r respective countries. The tablet will be available in the major retail stores in various countries. In addition, customers will also have the privilege to purchase the tablet from online stores. Promotion Samsung will use various advertisement channels to market its galaxy tablet. For instance, Samsung will use both print and electronic media for advertisement. The company also intends to organize major sales promotions in the first three months. Summary and recommendations for the execution of the plan This marketing plan aims at maximizing Samsung’s profits. It provides a detailed description of the company’s strengths such as a large market share, superior experience in the production of electronic devices, and sustained innovation. The company intends to use the product differentiation strategy as its marketing strategy. The company should take note of the following factors in order to execute the marketing plan effectively. First, the company should conduct regu lar evaluation in order to determine progress. It should use the evaluation results to make improvements where necessary. Second, the company should ensure a timely distribution of the tablets immediately after the launch of the galaxy tablet. Third, the company should minimize costs in the execution of the marketing plan in order to increase its gross profit margin Conclusion From the above discussion, it is evident that a marketing plan is a crucial tool that enables a company to have an edge over its competitors. It provides a situation analysis that spells out a company’s strengths and opportunities. Therefore, a marketing plan helps to focus a company’s operations, goals, and decisions. References Jurevicius, O. (2013, May 13). SWOT Anayses. Retrieved from Strategic Management Insight: https://www.strategicmanagementinsight.com/ Proctor, T., Chernev, A. (2002). Strategic Marketing: An Introduction. Psychology Press: London. Samsung. (2013). Galaxy Tabs. Retrieved from Samsung: https://www.samsung.com/us/ Whalley, A. (2010). Marketing Definition. London: Bookboon. This essay on Marketing Plan for the Samsung Galaxy Tablet was written and submitted by user Marlee Ratliff to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.