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Samsung’s marketing strategy focuses on developing newinnovative products that are supported by strong branding andpromotional campaigns. Mr. Yun initiated a new competitive strategywith the goal of developing and marketing superior products whilealso building an image of Samsung as a stylish, high-quality brandworthy of a premium price. The objective was to establish a uniqueposition using technical innovation while designing more appeal toa younger generation, as well as upscale customers around theworld. Yun argued that to continue to compete on price wouldeventually be their downfall. Samsung chose to invest heavily intechnical innovation and Research and development. In order to havea competitive advantage driven by innovation, Samsung had to becomea pioneer in developing new technology. During the 90’s, Sony hadan advantage in consumer-electronics, but it was rooted in analoguetechnology. The digital world required new products andconsequently, the firm shifted substantial resources intodeveloping large-area LCDs, chipsets, and cell phones. Fast-forwardto the economic crisis of 2018-2019, Samsung spent over 7 Billiondollars for nearly 6% of the unit’s revenue into research anddevelopment, and at the time more than 25% of the company’sworkforce engaged in R&D. Understanding that cutting-edgetechnology does not always guarantee market success, Samsung alsofocused on product development and design. Their goal was to createproducts that deliver benefits that at least some segment ofconsumers will consider to be worth the price. Since many productbenefits may be subjective – attractive styling, say, or a coolimage, or maybe the quality of camera - new product development atSamsung usually involves a team of designers who collaborateclosely with the firm’s engineers, manufacturing teams, andmarketers. Last and certainly not least, Samsung’s marketingstrategy focused on creating a promotional campaign to buildSamsung’s brand image. Revamping their marketing efforts was justas critical to the success of a new competitive strategy becauseeven the most technically sophisticated and well design productsare likely to fail unless customers know they exist, can acquirethem easily, and think they’re worth the money. The revampedcompetitive strategy and marketing programs that Samsung designedand implemented have been a huge success. The global value ofSamsung’s brand increased by more than 200% from 2013 to 2018, andit took over Sony as the most valuable consumer-electronics brand.Source:https://proechosolutions.com/asheville- ... powerhouse
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Question 1 (20 Marks) According to the case study, Samsung choseto invest heavily in technical innovation, Research anddevelopment. Critically discuss the importance of marketingresearch.