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Complete 1 page APA formatted essay: Iclude 2 in-text citations and place the reference on the reference page.the company launches in the market having many variations, Samsung is confident that their
Complete 1 page APA formatted essay: Iclude 2 in-text citations and place the reference on the reference page.
the company launches in the market having many variations, Samsung is confident that their customers will never run out of choices in terms of the products that will truly satisfy their needs and preferences. Samsung has a wide variety of businesses including advanced technology, semiconductors, skyscraper and plant construction, petrochemicals, fashion, medicine, finance, and hotels (Samsung, 2012).
The impact of new competition on Samsung’s financial performance is more of a negative one. This is because the new competitors have only forced the company to spend more in order to produce more differentiated products and keep up with the intense competition. Unfortunately, the new competitors of Samsung especially from China have been able to establish a strong presence in the markets, which has contributed to the decline in the sales of Samsung’s products and a decline in profitability (Siegel, 2009). The negative impacts of the recent economic crisis do not help Samsung at all, as majority of the consumers have decided to spend less and save more. Thus, it is safe to say that Samsung has really become troubled by the emergence of new competitors and the threats that they continue to pose to the financial profitability of the company.
A new marketing strategy that Samsung should consider in reaction to new Chinese competition is one that will highlight the excellent quality and significant value of its products. It is important for Samsung to emphasize on its marketing strategy that not one of their competitors can be able to match the superior quality and value that their products are able to provide. This should help in gaining the trust and confidence of the consumers to try Samsung products and personally experience their benefits. Aside from this, Samsung has to be willing to spend for advertisements as a form of a marketing strategy, which will help to inform the public about the superior quality and value that their products are able to provide (Grant,
