Marketing Plan for Samsung's New Drone Product

This report presents a marketing plan for Samsung's new drone product by analysing micro and macro factors, creating a marketing strategy using STDP framework, and implementing the marketing mix. The report includes an overview of Samsung, statistics of sales and profits, details of the new product, micro and macro analysis, marketing strategy, and marketing mix.

Principle of marketing

Table of Contents
Executive summary..........................................................................................................................1
INTRODUCTION...........................................................................................................................1
Overview of chosen company.....................................................................................................1
Current operations of the company – statistics of sales of profits...............................................1
New product background.............................................................................................................1
Micro analysis..............................................................................................................................2
Macro analysis.............................................................................................................................4
Marketing strategy.......................................................................................................................6
Marketing Mix.............................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

Executive summary
Marketing plan is consider as the crucial document of business that is effective for providing
accurate direction to employees for successfully and effectively conducting business practices. It
is essential that company is creating proper marketing plan by analysing macro and micro
factors. In this report market plan is developed for new product by determining micro analysis
and macro analysis. In this marketing strategy is developed with the consideration of STDP
framework. Marketing mix includes 4 P’s that help in developing effective strategies for
business.
INTRODUCTION
Overview of chosen company
For this report chosen company is Samsung. This is one of the well known organisation that is
conducting its practices in Conglomerate industry. Samsung company was developed in year
1938 and founder of this organisation is Lee Byung chul. Head office of Samsung company is
located in Seocho District, Seoul, South Korea (Кулик, 2020). This company is providing
different types of products and services such as clothing, automotive, chemicals, customer
electronics, medical equipments, home appliances, advertising, financial services and many
more.
Current operations of the company – statistics of sales of profits
Samsung company is effectively performing its business practices that lead to directly
enhance sales or profits of business. It has been analysed that global smart phone market as grew
to 19 % but it has been declined by 7% in QoQ as 323 million units is shipped by Samsung
company. This company has retained the number one position with the shipments reaching 58
million units in Q2 of 2021. The global smart phone shipments revenues has crosses the $ 100
billion mark for the first time for a March ending quarter in order to reach $ 113 billion.
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New product background
The new product to be launched
Samsung company is planning to introduce new drone product in market area. This is
very high quality and effective product which is significant for meeting several needs of
customers.
Details of the new product to be launched
Drones are controlled by the remotes ground control system and this is also referred to as
a ground cockpit. This is very new and creative products that includes function of flight and
navigation (Roncati & Roncati, 2021). The frame of the drone is developed with the lightweight,
composite material with the motive of reducing weight of the product as well as increase
maneuvrability during flight.
Reason as to why this new product idea is viable
The main reason for Samsung company to develop this new product is to provide high
quality and new products to meet with the demand of customers. There are several uses of drone
technology products such as photography, shipping or delivery, gathering information for
disaster management, geographic mapping as well as search or rescue operations.
Micro analysis
Micro analysis includes the various factors of business that is related to internal aspects of
business. These factors could be controlled or managed by organisation as well as lead to have
crucial impact on successful launching of products and services in market area. by analysing
micro factors respective company is able to evaluate and identify its strength and weakness in
order to influence business practices. Micro analysis is significant for analysing factors which are
nearby the organisation which directly affect the firm. These factors could work as in favour or
against organisation.
 Strength – Samsung is one of the largest and the successful organisation that is providing
high quality products and services in order to meet with the demand of customers. The
major strength of this company is that is offering various types of products which is able
to satisfy customers needs. Employees of Samsung company can be consider as its major
strength as it helps in enhancing overall performance of business. Its employees have
capability and potential to improve sales and profitability of organisation. Through the
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support of capable employees respective organisation will be able to successfully develop
high quality products and provide effective services to potential customers.
 Weakness – There are some weakness of respective organisation that lead to have
significant influence on business activities. The major weakness of Samsung company is
that lack of effective marketing practices (Lyeonov, S. & et.al. 2021). Due to ineffective
marketing activities, this company is not able to provide information to customers about
key features and quality of business. Because of ineffective marketing respective
organisation will not be able to successfully promote or advertise its products in market
area.
Opportunity Threat
There are several opportunities for
respective company. it is important for
Samsung company to provide proper
training to its employees so that they can
enhance marketing practices. This
company have opportunity to consider
digital and social media to increase its
marketing activities.
Samsung company have major threat from
rival companies. this company is
conducting its business practices in highly
competitive market area which lead to
increase threat for respective organisation.
Direct competitors of business
There are different companies that are dealing in this respective sector. Samsung
organisation is performing its activities in highly competitive market area which affect strategies
and functioning of business. The direct competitors of Samsung company is Apple ad Xiaomi.
Both of these organisation is providing high quality product in order to meet demand of
customers. Apple company has gain large market share as well as developed strong relationship
with potential customers in order to meet with the demand of customers. This will lead to have
direct impact on strategies and functioning of business.
Existing customers
The existing customers of Samsung company are those who have potential to purchase
high quality products and services of business. This company includes current customer base of
the people who are between age of 15 to 45 as well as follow technological trends. Samsung
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company is considering customers who have lifestyle to use new and creative technology in their
living such as TV, phone and digital media.
Key influences of buyers behaviour
There are several factors which is affecting buyers behaviour to purchase products and
services of company. It is essential for organisation to analyse and determine different factors
such as cultural, social, personal and psychological factors. Personal factor is the key influence
as Samsung company is offering products such as Smart phone, TV and other electronic media
that is able to meet with personal needs (Havidz & Mahaputra, 2020). Social factors is also key
influencer of buyers behaviour as family and friends and other individual of the society is
considering services and products of Samsung company. This will lead to have major influence
over buying behaviour of organisation.
Customer social and other media feedback
Samsung company have positive and effective relationship with its customers this will
lead to influence performance of business. due to effective functioning and offerings of
respective company, its customers, social and other media have positive feedback about
company and its offers.
Macro analysis
Macro analysis includes various factors of business which is majorly consist of external
factors. This will lead to have major impact on overall functioning and performance of business
in order to attain desired goals and objective. Macro analysis includes different factors such as
political, economical, social, technological, legal and environmental. These factors will lead to
have crucial impact on overall functioning and strategies of business (Ahmad, Rosman &
Ismail, 2021). It is important that Samsung company is analysing these factors with the motive of
taking right and accurate decision to enhance business performance. The crucial factor which is
associated with micro environment are company, suppliers, customers, marketing intermediates,
public, competition and many more.
Factor Impact
Political - This factor consist of different rules and
policies developed by government or political
party in order to provide accurate direction to
company. In Singapore there is effective rules
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develop for easy trading practices. This is
beneficial for business as it will be able to
conduct effective trading activities. The rules
and regulation of Singapore can be consider as
beneficial for Samsung company in order to
enhance overall performance of organisation.
This will lead to increase functioning of
respective company as it will be able to
increase its trading practices. It has been
determined that high trading practices will lead
to have positive impact on overall sale and
profitability of business.
Social - Social factors can be describe as the elements
that includes beliefs, trust, customer needs,
culture and various other aspects. This factor
will lead to have crucial impact on effective
and efficient functioning of business as well as
increasing sales (Kukartsev & et.al. 2020). It is
important for Samsung company to consider
social factor and determine attitude of
Singapore customers in order to meet with the
requirements of customers and enhance overall
functioning of business. Samsung company is
developing or creating different types of
products and services that is effective for
successfully meeting various needs of
customer. Through this, respective organisation
has developed positive relationship with
customers and able to meet with their
expectation level. This factor of external
market area will have significant influence on
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increasing sales or profitability of business. by
offering high quality products and meet with
the needs of customers Samsung company is
able to enhance its customer base and attract
more and more customers to purchase products
or offerings of respective company.
Technological - Technology play significant role in overall
functioning and performance of business.
Through effective and efficient technology
respective company will be able to improve the
performance level of business and attain
desired goals (Yadransky, Latypov & Chumak,
2020). Technology will influence the capability
and potential of company to enhance its
productivity. Samsung organisation is
considering high technology in order to
increase performance and productivity level.
Singapore is consider as the one of the world’s
most technological savvy nation. This will help
in increasing performance or capability of
employees to conduct business task in effective
and efficient manner. Through this
productivity of business will be increased and
Samsung company is able to gain competitive
edge over other rival companies. Through high
or innovative technology sales and productivity
of business will be enhanced.
Marketing strategy
Marketing strategy can be describe as the strategy which is consider by organisation to improve
marketing practices as well as attract more and more customers towards business. This is
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consider as the overall game plan of business for researching prospective consumers along with
this turning them into potential customer of business (Yadransky, Latypov & Chumak, 2020). It
is crucial for Samsung company to consider effective marketing strategy that contain value
proposition of business, key message of the brand as well as data on target customer
demographics as well as other high level elements. It has been analysed that through proper and
accurate marketing strategy respective organisation is able to improve sales and profitability of
business. For developing appropriate marketing strategies it is significant for Samsung company
to consider Segmentation, targeting and positioning of business. This will assist in providing
accurate direction to business in order to attain desired goals.
STDP marketing strategy
This is effective framework that will assist in developing significant strategies of business
along with this accomplishing desired objectives. Samsung segmentation, targeting,
differentiation and positioning strategy includes various practices that is performed in sequence.
This is mention below in detail –
 Segmentation – This can be describe as the process in which company is dividing large
customer base into smaller parts in order to take correct and accurate decision for
business. Segmentation of customers can be classified on the basis of different needs or
requirements of customers. This is majorly done on the basis of geographic,
demographic, behavioural and psychographic factors. The classification of customers on
the basis of different aspects assist company to effectively understanding customers
needs or requirements in order to improve sales. Samsung company is classifying
customers on the basis of behavioural needs, psychological needs and demographic
needs.
 Targeting – When segmentation of respective company is successfully performed on the
basis of different elements then it is crucial to determine targeted customer base of
company for influencing sales (Kogan, Herbon & Venturi, 2020). This company is
majorly targeting customers who have financial capability to purchase products or
services offered by respective company. This will lead to have crucial impact on overall
functioning and practice of business to per This company includes current customer base
of the people who are between age of 15 to 45 as well as follow technological trends.
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Samsung company is considering customers who have lifestyle to use new and creative
technology in their living such as TV, phone and digital media.
 Differentiation – This is refer to the uniqueness in the products or services of Samsung
company. it is crucial that respective organisation is offering differentiate and unique
products from the current available products and services in market area. Differentiation
will lead to attract large number of customer base as well as gain competitive edge over
other rival company. Samsung company is offering different or unique products form
other companies in market as it is considering innovative technology in its products
which is eco friendly and easy to use for customers.
 Positioning – Positioning can be describe as the practice of business for creating positive
and unique image of company and its products in market area. This will lead to have
significant impact on business. Samsung company is positioning its products as user
friendliness and simplicity of the products that includes creative or unique features to
meet customers requirements.
Marketing Mix
This can be describe as the effective tool that is helpful for business in order to determine
different elements that impact on organisation. This consist of 4 P’s that is product, price, place
and promotion. Form the support of this respective organisation will be able to take accurate
decision and develop effective strategies for business development.
 Product – This is consider as the goods or offering of company that is provided to
customers for meeting their demand. There are different types of high quality products or
services are offered by Samsung company that includes mobile devices, home appliances,
TV, information technology and so on. These products and services are created to full fill
the needs of customers in significant manner.
 Place – This is refer as the area through which Samsung company is offering its products
and services (Junaydulloyevich & Rasulovna, 2021). Samsung organisation is directly
selling its products to retailers and service dealers. This strategy of respective company is
significant in order to provide timely products to customers and meet with their demand.
 Price – This can be describe as the value that is charged by company for providing its
products and services in potential market area. It is important for respective company to
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consider accurate pricing strategy for increasing sales or profitability of business. This
company is considering skimming pricing policy. This pricing strategy is significant for
attracting customers as well as gaining competitive edge over other rival companies.
 Promotion – This element of marketing mix is effective for providing information to
potential customers about the products and offering of the company. Respective company
is considering both modern and traditional promotional practices for influencing large
customer base. Promotion of Samsung company products could be done by new paper
advertisement, TV promotions, social and digital media platforms.
CONCLUSION
From the above report it could be concluded that there are several elements and aspects of
business which should be consider by organisation in order to develop high quality products. It is
essential to analyse micro and macro factors as it will lead to have major impact on decision
making and strategies of business. Marketing strategy play significant role in influence large
number of customer base and providing offering of company. Marketing mix is useful tool for
Samsung company for developing high quality products and meeting with the needs of business.
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REFERENCES
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pandemic. Journal of Public Health Policy, 1-4.
Lyeonov, S. & et.al. (2021). Green brand as a marketing instrument: principle, features and
parameters. International Journal of Global Energy Issues, 43(2-3), 147-165.
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DECISION: ANALYSIS OF PRICE PERCEPTION AND PROMOTION (LITERATURE
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Finance & Accounting, 1(4), 727-741.
Ahmad Bakri, A., Rosman, S. H., & Ismail, S. (2021). Success factors of marketing strategy in
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Pedersen, C. L. (2021). Empathy‐based marketing. Psychology & Marketing, 38(3), 470-480.
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Yadransky, D., Latypov, R., & Chumak, E. (2020). Personnel-marketing as a direction of
development of personnel agricultural complex. In E3S Web of Conferences (Vol. 222). EDP
Sciences.
Kogan, K., Herbon, A., & Venturi, B. (2020). Direct marketing of an event under hazards of
customer saturation and forgetting. Annals of Operations Research, 295(1), 207-227.
Junaydulloyevich, A. A., & Rasulovna, K. N. (2021). PRICE FORMATION IN MARKETING:
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Online
Global Smartphone Market Share: By Quarter. 2021. [Online]. Available through:<
https://www.counterpointresearch.com/global-smartphone-share/>.
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