Marketing Strategy Recommendation for Samsung Family Hub Refrigerator

This report provides a marketing strategy recommendation for the Samsung Family Hub refrigerator. It begins with an executive summary highlighting the importance of marketing strategies in the current business environment. The report identifies the highest Q consumer segment as the target market, emphasizing their purchasing power and lifestyle preferences. It then focuses on brand positioning, suggesting strategies to create a strong brand image through the unique features of the Family Hub. The marketing mix (4 Ps) is analyzed, recommending specific pricing, product design, placement through online retail, and promotional activities. The report also discusses the product life cycle (PLC) and the diffusion of innovation, along with different types of consumer products. Finally, it offers detailed recommendations for the marketing mix elements to enhance the product's market presence, brand positioning, and overall profitability. The report concludes by summarizing the key recommendations and emphasizing the importance of effective marketing strategies for achieving a competitive advantage.

Title: marketing strategy recommendation for Sumsung
family hub
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Executive summary
The contemporary business scenario is core dependent upon the marketing strategies adopted by
the organisations which ensures the company’s sustainability and growth in the competitive
environment. In relation to develop an effective marketing strategy for Samsung family Hub
refrigerator, from the household segment the highest Q consumer segment could be selected. In
the context of Samsung Family Hub the brand positioning strategies could be developed while
keeping the target market in mind. A strong brand positing indicates a strong presence of the
brand in the minds of the consumers with unique features and sustainable image. In this regard,
the highest Q consumer segment would be subjected to be introduced with the brand as the
product will be able to attain their luxurious requirements with effective practices. The purpose
of this report is to deliver an effective recommendation in order to develop an efficient marketing
strategy through which Samsung family hub would be able to set its firm foot into the target
market. Thus, through recommending the marketing mix the brand positing would be justified
while competitive advantage and profitability could also be delivered in this regard.
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Table of Contents
Executive summary.........................................................................................................................2
Introduction......................................................................................................................................4
Target segment.................................................................................................................................4
Brand positioning.............................................................................................................................5
Marketing mix 4 ps..........................................................................................................................7
3.1 PLC and the Diffusion of Innovation....................................................................................7
3.2 Type of Consumer product....................................................................................................8
i) Convenience products.......................................................................................................8
Recommend a marketing mix..........................................................................................................8
Conclusion.....................................................................................................................................10
References......................................................................................................................................10
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Introduction
The contemporary business scenario is core dependent upon the marketing strategies adopted by
the organisations which ensures the company’s sustainability and growth in the competitive
environment. The marketing strategies are also meant for directing the organisational activities
into a right direction and gain competitive advantages at the same time (Lippincott, 2006). Here,
the report would be highlighting the recommended marketing strategies in relation to Samsung
family hum refrigerator under the brand name of Samsung. The purpose of this report is to
deliver an effective recommendation in order to develop an efficient marketing strategy through
which Samsung family hub would be able to set its firm foot into the target market. Therefore,
through a clear depiction of the target market, brand positioning strategies and marketing mix the
aspects could be moulded as per the market demand in a suggestive manner (connected-hub,
2017). Thus, the aspects are being evaluated in the following components.
Target segment
The target market comprises of the consumers who possess the ability to purchase the brand and
product while delivering profitability and competitive advantage to the organisation. In relation
to develop an effective marketing strategy for Samsung family Hub refrigerator, from the
household segment the highest Q consumer segment could be selected. The reason behind
choosing such target segment is that it has the sheer potential and capability to deliver
profitability to the respective company (Woodall, 2007). On the other hand, as the Highest Q
consumers segment spends a luxurious life and have to purchase in accordance with the
requirement and demand of their lifestyle. The nature of this consumer segment is that they often
search for luxurious products and purchase in order to match their status instead of fulfilling their
requirements. Through the below table the target market segmentation attractiveness could be
understood.
“Market
Attractiveness
Criteria “
Size & Growth Structural
Attractiveness
Company Objectives &
Resources
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Segment Segment
Size
Segment
Purchasing
Power
No of
Competitors
(Home
Appliance
Market)
Suitability
of Brand
(Samsung)
Suitability
of Sub
Brand
(Family
Hub Fridge)
Lowest Q ✔✔✔ ✘ Many
competitors = ✘
✘ ✘
Second Q ✔ ✘ “ ✘ ✘
Third Q ✘ ✔ “ ✔ ✘
Fourth Q ✔ ✔ “ ✔ ✔
Highest Q ✔✔ ✔ “ ✔ ✔
In the above table it could be realised that the selected market segment has a potential purchasing
power that would help the organisation in attaining its profitable objectives. As almost 79% of
the population belongs to the highest Q consumer segment and is likely to purchase more than
other segments in the market (Wymer, 2011).
Brand positioning
Brand position is the form of marketing practices through which the organisation places its brand
image in the minds of the consumers. It generates a scope for consumers to think about the brand
at the time of purchasing and the brand would be the first priority of the consumers in this
manner (Baines, 2011). A strong brand positing indicates a strong presence of the brand in the
minds of the consumers with unique features and sustainable image. In the context of Samsung
Family Hub the brand positioning strategies could be developed while keeping the target market
in mind. In this regard, the highest Q consumer segment would be subjected to be introduced
with the brand as the product will be able to attain their luxurious requirements with effective
practices. Thus, the strategies could be stated in terms of highlighting the unique feature of
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combining internet and electronic technology at the first hand (Marketing mix, 2013) . The
aspect is evident from the fact that through Samsung Family Hub refrigerator the consumers
could enjoy the benefits of internet and technology at the same time. The brand and the product
could be considered as appropriate as the highest Q consumer section mainly belong to the high
level of society that purchase thing not out of necessity but out of desire. Apart from this, it
would also be successful in drawing a unique image of the brand due to its unique features like
shop groceries directly from the fridge. Thus, from a competitive point of view the product along
with the brand would evidently be able to satisfy consumer needs (Doyle, 2013). Through the
brand positioning maps the availability and ability to match standards could be understood.
High awareness
Samsung Family Hub
LG
GE
Low Availability
High availability
Low awareness
Figure: brand positioning map
Source:
The above brand positioning map has successfully manifested the awareness rate of Samsung
Family Hub to the target consumer market due to its unique features and extraordinary services
and through such feature it would be able to create a unique brand image to its potential
consumer markets.
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Marketing mix 4 ps
Marketing mix is one of the most significant elements in the marketing concept that are
contributed to the right placement of the brand as well as the product in front of the target
market. The marketing mix comprises with four main elements such as products, price,
promotion and place that are conjointly known as the 4 P’s of marketing mix (Faisal, 2016).
Thus, in relation to the proposed brand positioning the below 4 P’s of marketing mix could be
recommended in the following manner.
Price: price refers to the financial value of the product that the consumers are subjected to pay at
the time of purchasing the product. Samsung has likely to set its entire product’s price while
keeping the target market in mind. Surprisingly, the price for Samsung Family Hub could be set
between $5,000 and $6000 (Ferrell, 2016). Such price is also affordable for the target consumers.
Product: the product segment refers to the commodity deliverable to the target consumers in
exchange of price. Samsung Family Hub has presented with a high technology aided product
that would be able to attain the desires and requirements of the consumers (Riezebos and
Grinten, 2012). The specification of the products is that consumer could enjoy shopping while
working in the kitchen.
Place: place refers to the position or medium through which the company is able to deliver the
product to the consumers. Hence, the Samsung Family Hub refrigerator would be available to the
potential and selected consumer markets through Samsung stores and relative dealers.
Promotion: promotion refers to the act of creating awareness among the target market through
using various media. Hence, the company and the brand have concentrated upon developing
promotional activities print media and television.
3.1 PLC and the Diffusion of Innovation
The product life cycle involves the evaluation of several stages and through the stages the
product has to pass in order to accomplish its complete development. The PLC includes four
important stages within the entire cycle such as, introduction, growth, maturity and decline.
Here, the discussed product of Samsung family hub refrigerator is in the growth stage of its PLC
as it intends to create a potential market. On the other hand, the Diffusion and innovation theory
would help in identifying potential target market for the brand. Thus, within the theory diffusion
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refers to the identification of the approaches that influence the group of people to adopt new
ideas, products or practices (Hauser and Shugan, 2008). But innovation contributes in developing
the assessment of individual who do not accept ideas or product only based on prior existing
information. Thus, based on the Diffusion and innovation theory the Highest Q target market that
is consumer belonging from high level of society would be appropriate in this regard.
3.2 Type of Consumer product
The types of consumer’s products could be referred to those products that are purchased by final
consumers for their personal use. In this context four types of consumer product could be
detected such as,
i) Convenience products
ii) Shopping products
iii) Speciality product and
iv) Unsought products
In this regard, the Samsung family hub refrigerator could be categorised in shopping products for
the specific target market.
Recommend a marketing mix
Product: in this regard, the recommendation could be delivered in terms of product design. Thus,
for attracting the target market the product design would be delivered in the following manner.
Product Recommendation Explanation
Samsung Family Hub
Refrigerator
The product should be presented
with touch screen door locking
and should be equipped with
apps for smart screen locking.
The design is proposed in order
to incorporate security to
personal use or the digital door
locking system could also save
children from accidents or any
other misshape.
3.4 Place: in order to incorporate recommendation for placing the products through which the
consumers could purchase the commodity. Thus, the place could be determined as online retail
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stores (Peter and Olson, 2010). The place has been chosen as the target market is more likely to
surf online retail stores and purchase products. This platform will help in creating an effective
brand positioning as the online retail store would be promoting the features of the product in
details.
3.5 Promotion; in case of promotion, it could be suggested that the products should be promoted
through social media marketing and advertised on the social networking sites that help in
attracting more number of potential consumer to the brand (Keohane, 2014). Along with this,
brand placement through movies and billboards would be effective in relation to promote the
product.
3.6 Price; the pricing strategy in relation to the product would be based on three things,
Price skimming: in this regard the price should be set around $ 7500 and later reduced in $6500.
Price penetration: in this case the initial price should be $5500, but later should increase with
$7500.
These strategies would help in realizing the brand positioning as it would be delivering an
evident quality image of the products.
LG price Samsung Family Hub price
$5499 $7,499
Summary Table of your Marketing Mix
Marketing mix Explanation
product The product would be designed with touch screen
door lock.
Place Online retail stores
Promotion Social media marketing
Price Between $5500 and $7500
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Conclusion
In conclusion it could be stated that the marketing strategies are also meant for directing the
organisational activities into a right direction and gain competitive advantages at the same time.
The Samsung family hub has evidently created awareness among its target market and through
effective marketing strategies the product would be placed to the target market for more
competitive advantages and profitability at the same time. Hence, it is evident that through the
recommended marketing strategies the respective product is expected to gain desired competitive
advantages.
References
Lippincott', 2006. Evidence-Based Case Management in a High-Risk Pregnancy???A Case
Study. Lippincott's Case Management, 11(5), pp.247???248.
Marketing mix, 2013. Marketing mix. Johannesburg: Systems Publishers (Pty) Ltd.
connected-hub, 2017. connected-hub. [online] Samsung Electronics America. Available at:
<http://www.samsung.com/us/explore/family-hub-refrigerator/connected-hub/> [Accessed 9
Aug. 2017].
Baines, P., 2011. The political marketing mix. Los Angeles [u.a.]: SAGE.
Doyle, P., 2013. Value-based marketing. Hoboken, N.J.: Wiley.
Faisal, A., 2016. Marketing Strategies in Online/Digital Marketing. Account and Financial
Management Journal.
Ferrell, O., 2016. Marketing strategy. [S.l.]: Cengage Learning.
Fifield, P., 2012. Marketing Strategy. Hoboken: Taylor and Francis.
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Hauser, J. and Shugan, S., 2008. Defensive Marketing Strategies. Marketing Science, 27(1),
pp.88-110.
Keohane, K., 2014. Brand and Talent. Kogan Page.
Peter, J. and Olson, J., 2010. Consumer behavior & marketing strategy. Boston: McGraw-Hill
Irwin.
Riezebos, R. and Grinten, J., 2012. Positioning the brand. London: Routledge.
Woodall, T., 2007. New marketing, improved marketing, apocryphal marketing. European
Journal of Marketing, 41(11/12), pp.1284-1296.
Wymer, W., 2011. Developing more effective social marketing strategies. Journal of Social
Marketing, 1(1), pp.17-31.
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