Samsung: Project on Product and Service Development (Unit 22)

This project examines Samsung's product and service development processes, focusing on the stages involved in bringing new products to market. The report provides an overview of Samsung, including its product portfolio, and delves into the new product development process, covering idea generation, screening, and concept testing. A SWOT analysis is performed, and the marketing mix is discussed. The project also explores Porter's Five Forces, financial aspects, and provides recommendations. The product life cycle of Samsung products, including the introduction, growth, maturity, and decline stages, is analyzed, with specific examples such as Samsung TV, mobile phones, and the Galaxy series. The report concludes with a reflection on personal experiences and recommendations for future product development, highlighting the importance of innovation and market strategy. The project is designed to provide a comprehensive understanding of Samsung's approach to product development and market strategies.

PROJECT on product and service development
UNIT 22

Submission Front Sheet
Programme
Unit Title and Number: Product & Service Development (Unit 22)
Unit RQF level/Code Module Tutor
Name /Email
Credit Value Assignment Brief
Code
Cohort Name Assignment Date
Set
Student’s Name Student’s
Registration
Number
Submission Date Distribution Date
Is this a first submission Is this a referral
submission
Word Count
Learner’s statement of authenticity
I certify that the work submitted for this assignment is my own. Where the work of others has
been used to support my work then credit has been acknowledged. I have identified and
acknowledged all sources used in this assignment and have referenced according to the
Harvard referencing system. I have read and understood the Plagiarism and Collusion section
provided with the assignment brief and understood the consequences of plagiarizing.
Student’s Signature Date
1

Table of Contents
INTRODUCTION..........................................................................................................4
OVERVIEW ABOUT SAMSUNG............................................................................................................................. 4
PRODUCT PORTFOLIO......................................................................................................................................... 4
NEW PRODUCT DEVELOPMENT..............................................................................8
IDEA GENERATION...................................................................................................10
IDEA SCREENING.....................................................................................................10
SWOT ANALYSIS......................................................................................................10
CONCEPT TESTING:............................................................................................................................................ 11
BUSINESS ANALYSIS:......................................................................................................................................... 11
MARKETING MIX.......................................................................................................11
PORTERS FIVE FORCES.........................................................................................12
FINANCIAL OVERVIEW OF THE NEW PRODUCT DEVELOPMENT.....................13
RECOMENDATION....................................................................................................14
REFLECTION OF PERSONAL EXPERIENCE..........................................................14
CONCLUSION............................................................................................................15
REFRENCES..............................................................................................................16
2

3

INTRODUCTION
As a junior product manager of Samsung the report has been created over details about the
processes which is involved by an organization in development of new product or service that is
required to be formed by them. Along with this numerous stages are also involved within the
application of which company make developments in their new product and services. The main
objective is to earn profit and revenue within an organization. Due to this customer is been
attracted towards organization which creates value through making constant changes within
product and services. The organization that has been taken within the file is Samsung which is a
South Korean multinational organization having its headquarters in Samsung town, Seoul. It was
founded in the year 1938. Things to be covered in this file is based upon process involved within
development of organization through its new product and services which is been launched by
them. Also stages of improvement of new product are to be discussed. In the end critical
examination is done over it.
OVERVIEW ABOUT SAMSUNG
The Samsung Group this is a South Korean multinational corporation which has its
headquarters in Samsung Town, Seoul. Under it various kinds of businesses is been associated
and is bee unite within one name. Samsung has been formed in the year 1983 by Lee Byung-
chul. The organization has seen diversification within the area which includes food processing,
textile, securities, and retail. Samsung has started dealing within electronics in late 1960’s which
gave it high growth opportunity attained. Due to this an organization has been working towards
welfare of society for such purpose only needs and trends emerging within society are required
to be followed. Scope of developing new product is wider since it can impact organizations
capacity to expand itself within particular market. Later on after the death of the owner Samsung
was separated into five business group they are Samsung Group, Shinsegae Group, CJ Group and
Hansol Group, and Joongang Group. Since 1990, Samsung has increasingly globalised its
activities and electronics; in particular, its mobile phones and semiconductors have become its
most important source of income (Dinçer and Yüksel, 2018).
4

PRODUCT PORTFOLIO
Samsung has made its brand portfolio increase from time to time and has showed
enormous growth in the field of smart phone era which made it got global reorganization. The
company has wide range of products category which is air conditioners, LCD TV and TV. Also
contains smart watches and mobiles which have been sold within market by Samsung.
PRODUCT LIFE CYCLE MODEL AND APPLICATION ON SAMSUNG PRODUCTS
Figure 1 : Adopted from: (Kennedy, 2016)
Samsung has made its product to be categorized within various stages which is related to
life cycle wherein the organization and the management is able to identify the position of the
product in the market.
1. Introduction stage: In this stage new product is been launched by Samsung in the
market and for the purpose more branding, research, promotion and development is done
that makes best product to be formed. Also at the stage an organization faces the problem
of low sales within market because of new product launched by an organization within
the market. In this further both positive and negative impact can be seen after new
product launched by an organization (Kuo et la, 2019).
5

INTRODUCTION STAGE IN Samsung TV
Samsung launched its first television in the year 1969 and has been selling it till now.
Television of Samsung is considered as one of best TV’s in India. This popularity of the TV
enhanced more when LCD TV was launched within the market by organization. Further
observing that customer has been shifting towards new organization in relation to television
selling. All this made Samsung re-establish its Television by launching LED TV which helps in
attaining maturity within market. Further it lead over increasing of cost in relation to marketing
promotion of market while building of reputation again.
2. Growth stage: Under the stage profit of the organization started growing and customer is
been made are about product and services. The organization has been enjoying over
making benefit that is been attained by profit while increasing economic sales also. The
stage makes competition of organization released which increases price product for
modifying by organization.
GROWTH STAGE IN mobile and smart phones
Samsung mobiles are the brand within which that organization sells mobiles of all kind.
In this basic mobile phones and smart phones is been sold within market. Under it various
products is been launched by Samsung which made it more popular all over the world (Jaakkola,
and Hallin, 2018). The brand comes within the years 2004 after which various products has been
acquired so that company is able to attain competitive edge and stay ahead of its competitors.
Under it market and revenue has been growing at faster rate. Also it has been observed that
revenue of Samsung has increased after it started production of mobile. After launching smart
phones it was able to make more growth within the market and this made it sales increased. At
point of time it faced lot of trouble since its one model J7 was not up to mark. It made its product
quality reduced and sales decreased. The people started shifting to other brands which increase
expenses in relation to promotion and planning need to be done by the organization. It has made
organization attain sustainability within market by stabilizing its sales which made revenue and
profit generation possible in steady manner.
3. Maturity stage: This is the point at which the brand has developed itself in the market by
raising customer awareness of the goods and services, and the organization's focus is now
6

on growing its market share. In this management of Samsung should have made
improvement within its new products and service with the purpose to attain competitive
advantage in near future. At this point, the market also starts saturating as well as the
competition in the market also increases.
This is one of the most important stages that helps in making an organization like Samsung to
attain stability within the market and has been making organization like Samsung generate
revenue and profit from its range of televisions also.
MATURITY STAGE IN Samsung Galaxy
Samsung Galaxy is one of the most important parts of Samsung organization and has also
attained popularity within various segments of market including rich and middle class. This was
developed by Samsung in the year 2014 and has been major profit generator for organization like
Samsung. In his various mobiles has been launched which are touch and android based which
made customer attraction possible as customer satisfaction s created. It made Samsung attain
maturity at both global and international market at faster pace. This is one of the most unique
brands which sells mobile with unique design also for attracting new customers (Kuo,, Chiu,,
Hsu and Tseng, 2019).
For making dominance to be created within the market different strategies has been
formed due to which organization gains stability by making space for new variants launched
through making popularity achieved with in market and helped in staying ahead of its
competitors. Apart from this Samsung galaxy leads towards causing 8.1 billion dollar profit to
Samsung from all over the world (Kuo et la, 2019). In this stage Samsung galaxy is been facing
tough competition that made changes within market strategy took place. Also one of the main
advantages of this brand is that it made both survival and growth of organization possible due to
range of mobiles launched under the brand name. This made sales volume increase but at same
time made profit through reducing organizations cost over resources.
4. Decline stage: In this stage of product life cycle ends. As per it the products and services
which are of no used to an organization or to customers requires to make sure that these
product and services is not been sold by the organization again. In this organization
7

realizes position and makes sure that new creative and alternative method through
making organization attain sustainability in long run.
DECLINE STAGE IN Samsung J7
Samsung J7 was been launched by Samsung and comes in category of smart phones
which can be used for future purpose also. The main target of the product was only middle cast
people within the market. That is why it is been introduced as technological development
product. The brand has been originated within South Korea and has become one of the most
popular brands within Asian continent. The mobile phone has out bound its competitors which
were popular within the market. Further it has been observed that declining stage was been
achieved by J7 due its heating problem which made its competitors attain their position in market
again. This made its profit generating capacity reduced and sales decline of the product within
market. That is why management should be working over making analysis within market attain
its position back with reputation. Also management of an organization like Samsung is required
to develop the product through innovation which makes it attain more features. Further strategy
required to be prepared which makes J& attain more popularity in market of a country
INNOVATION
A new innovative idea could help J 7 to gain back its position in market and attain value
for its shares accordingly. Also technological advancement is going to make the product attain
more popularity. Also the mobile phone should be promoted in more effective manner by
increasing its value in market (Li, Wang, Chen and Zheng, 2020). It is required for making J7
provide satisfaction to customers from its quality.
8

NEW PRODUCT DEVELOPMENT
Figure 2. (Adopted from: Akrani, 2012)
This is the process by which an organization makes analysis upon critical aspects in
relation to business environment possible in order to make sure that new product and services is
been developed within the market in more impactful manner. Through the process management
within Samsung is been managed through making it work for long time period and growth within
market possible in order to make new product services enter within market. This makes customer
aware over this. The NDP means process that involves stages of product life cycle that makes
future development possible of product within market and makes customer attain awareness
about it. Under the process various kind of product life cycle stages is been covered which leads
upon development of new services or product possible upon alteration within it. Different phases
involved within have been explained as follows:
Idea: Under it two stages is been covered which is idea generation and screening of idea.
This stage new idea has been generating and screening is done for it. In these ideas is generated
from Samsung employee and market research. So, the best idea which has been marked out is
been suggested by “Idea Committee”. This committee suggested the ideas upon which product
like J7 can be developed. Reason for selecting this idea is based upon the changes which can be
brought in relation to product development or revival. If any competitors is creating problem
then idea competition can be reduce. The Committee has selected J 7 model to be enhanced with
better coolants and provide it faster processor. Also to enhance customers experience better
9

gaming facilities is been provided for it. Now the research is been conducted over product
development which is been conducted by research department.
Research: The concept includes testing and market analysis which helps in testing of
phases and makes management within an organization concentrate over analysis related to
management of organization which is based upon analysing of business and marketing possible.
Through this potential idea is been selected which makes identification in relation over different
features through helping an organization through success and growth. Then research team should
make selection of 100 people which makes testing of new J7 with extraordinary features or
upgraded features. The segment of market which is been targeted is youngster and senior citizens
which makes product development expansion possible in market. The concept makes testing
which returns promising results attained in relation to J7 which makes similar products give
competition. In team will start the Market Analysis which makes financial analysis through
projection over main competition within market (SONGKHLA and et. al.2021).
Product development: This makes financial development over product which takes
place upon idea that has been selected. Under it market has been gathering over ideas
considering place over finally making an organization leading toward development of new
product. In this stage all department makes finding and analysis result upon single department
through working making development of J 7 possible as per modern market trends in market.
Commercialization: In this testing marketing has been developed in the J 7 should be
tested. Under it management makes working in Samsung to be analysed in it necessary changes
which makes product that is available within market. New J 7 makes product being tested by an
organization. Under it market scenario helps in making sample group been selected which makes
trends developed which makes J 7 attain popularity market. Under it testing over helping through
final changes by making product and time launched in market. The phase decision develops
strategically new aspects for launching product within market. Phases and decision develop new
aspects kept in mind over proper marketing product and pricing.
Idea Generation
The competition within market is more for smart mobile phones and Samsung have
various competitors to deal. In order to capture market with its new product J7 Samsung is
10

required over develop various kinds of offers which makes success of product to be attained. The
idea has been generated through new initiative and feedback attained form customers.
Idea Screening
After idea is been generated which involves various kinds of funds over developing ideas
in order to achieve organizational goals. The idea generated by Samsung only when it saw that
its sales are getting impacted. So, it decided to introduce J7.
SWOT analysis
Strength
Being a new product it has opportunity over
capturing market and attract new customers.
Weakness
It should remove its defaults in order to attain
sustainability within market
Opportunities
As this is new product which makes
opportunity for Samsung regain strength within
market.
Threat
The major threat that can be faced by the
organization is its competitors like Motorola,
Nokia. So it should use the product very
carefully so that its competitors does not copy
product launched by it.
CONCEPT TESTING: in this potential customer is been provided with opportunity over
testing of product. Marketing testing is been done through launching the product in particular
segment of market and then feedback is attained for its customers. In this stage Samsung
examine the popularity of its new with getting an idea about response of J7 in market. For this
purpose STP model is required to be used which has been given as follows:
11