Samsung Corporation: Mission, Goals, History, Market Strategy, and Marketing Mix

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Samsung Corporation.
a. Mission statement.
Samsung’s mission is to “inspire the world with innovative technologies, products, and
design that enrich people’s lives and contribute to social prosperity by creating a new future”
(Vision 2020). This means Samsung is continually aiming to revolutionize how people interact
with technology so as to facilitate the everyday lives of customers.
b. Goals and objectives.
Samsung has divided its objectives into two parts. One, creation of the best products and
services. In this objective, Samsung looks forward to developing products and services that
provide customers with utmost satisfaction (Philosophy Goals). Two, positive contribution to
society. Samsung is prepared to contribute to society for in order to enrich life.
c. Brief history/background.
Samsung began as a trading company where it exported products from South Korea to
China. The company was founded by Lee Byung-Chul in 1938. As years went on, Samsung
expanded to Seoul in 1947 and began refining sugar before going into textiles and construction
(Burris). The diversification soon became a growth strategy for the company, and therefore,
Samsung expanded into retail, securities, and insurance. In 1960, Samsung entered the

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electronics industry and formed its several electronic divisions. By 1970, the company had built
its initial facility and began producing the black and white televisions (Burris). In between 1972
and 1980, the company expanded its electronic divisions by introducing washing machines and
microwaves. In 1980, the company entered the telecommunications business and since then has
grown its engineering, chemicals and electronics industries.
d. Market strategy.
Samsung targets customers with various products ranging from industrial standard
equipment to normal day to day devices (Kang et al., 114). The average target group ranges
between twenty and fifty years of age. For instance, Samsung targets young adults ranging from
the age of fourteen to twenty-five with its smartphones since they are mostly tech-savvy. In
recent years, spending power of this target group has grown as compared to the past. On the
other hand, we have adults ranging between the age of twenty-six and fifty. This group has the
ability to purchase any product offered by Samsung hence being the largest portion of Samsung’s
target market (Kang et al., 114). This age group is expected to continue growing in the coming
years.
Marketing mix of Samsung.
The marketing mix elaborates the product, placing, pricing and promotion strategies used
in Samsung. The strategies are typically known as the four P's of marketing. To begin with, we
have the pricing strategy. Samsung is a dominant player in both the consumer electronics and
smartphone market and therefore uses two pricing schemes. One, skimming price. In this pricing
strategy, as Samsung releases new products with new functionalities, the products are priced
higher (White). However, when competitors release a similar product, Samsung reduces the price

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of its products so as to maintain its market share. Two, competitive pricing. Even though
Samsung is a leader in some categories, it still has some problems becoming a leader in other
product categories due to competition. So as to withstand this competition, the company uses
competitive pricing to defend its position (White).
Secondly, we have placing strategy. Samsung uses channel marketing since it sells
directly to service and retail dealers. Service dealers in this setting are responsible for corporate
sales (Samsung Marketing Mix). Retailers generally include Samsung in their offerings since the
brand is famous. Thirdly, we have promotion strategy. Samsung is a firm believer in
advertisements but the brand also incorporates various promotional tactics. They include
discounts, festivals and sponsor events. Lastly, we have product strategy. Samsung invests
heavily in research and development so as to design high-quality products that offer satisfaction.
e. SWOT analysis, Segmentation, targeting, and positioning.
Samsung SWOT analysis.
Beginning with the strengths, Samsung has a strong research and development
infrastructure that ensures the company has strong patent portfolios (SWOT Analysis of
Samsung). Secondly, Samsung has a high design capability of producing innovative products.
On weaknesses, Samsung market share in developed markets such as in the US is low compared
to brands such as Apple. Secondly, high dependence on consumer electronics reduces the
potential of Samsung growth.
On opportunities, introduction of new technologies has assisted Samsung to develop new
products including wearable tech products. Secondly, increased market growth for tech devices
in developing regions such as Africa is boosting Samsung’s revenue. On threats, Samsung faces