In the present day, the accomplishment of a business depends not just on the product quality rather on how efficiently and effectively the value of the product is presented to the clients at the last part. When it comes to this aspect, Samsung Company has taken big steps in its development, whether financially or operationally.
In order to improve the product value of the company, the following are some of the branding strategy of Samsung that other business owner must kept in mind:
• Establishing identity on the product
• Cost involved in the repositioning of the product
• Reaction from opponents or competitors
• Techniques adopted in costing
• Research and development
When it comes to cost efficiency, it was taken care of which the rules adopted by company were not “cost prohibitive”
• Also it was observed that company strengths leverage has lead in acceptable dividends and which it leads to “focused hard works.”
• Keeping a proper channel connection causes the results of sales to be relatively strong. The incremental sale also yields a strong return.
• To put the company as a technology leader in the business world.
Result of Branding Strategy Samsung Adopted
Past few years, Samsung Company adopted a lot of measures in order to make its existence felt worldwide. Some of them include:
Sponsoring
One such significant instance was when Samsung sponsored the 1998 Seoul Olympics. Samsung had made an agreement together with the International Olympic Association.
The business executives anticipated that through sponsoring special and worldwide events and by means of embracing different marketing methods as well as investments, the product of value of the company would be improved. Because of this the value of the product of the Company escalated by almost 200 percent, obtaining $8.3 billion in 2002 from 3.1 billion dollar in the year 1999.
Valued through Interbrand Incorporation
The different measures obtain by the company didn’t go in waste because Samsung was listed amidst the topmost products, the product being evaluated by the Interbrand Incorporation. Among the non Japanese products, Samsung Company was the only company from Asia.
Adding other accomplishments was when Samsung rank #34 in the 100 best companies all over the world. This listing was again conducted by Interbrand incorporation.
This showed in the earnings obtained by the business when the company product recorded 1.7 billion net profits in the year 2002 and 2003 compared to 425 million in the year 2001.
The branding strategy of Samsung was to develop something the same to other business product but to make it more effective and much better, lower cost and faster.
Heavy investments with this company have not been a concern: it once protected low cost loans from banking sector controlled by the government sociable to huge company and the days draws on its personal coffer that are sloshing with money.
At this moment Samsung is considered one of the leading electronic companies all over the world. They produced state of the art gadgets that conquer the world of mobile phones and consider one of the sought after brand of mobile phones nowadays. This is because of the branding strategy of Samsung that is continuously changing in order to meet the needs of every individuals.