Diversification strategy of Samsung: Samsung is a well-known brand today, it is well known for its genuine attempts at innovation, its high class of products, and its popularity. Samsung has concentrated mostly on 3 core factors that have driven it to its success today. It has invested heavily in two main things. Even after being well known in the world, it still spends heavily on its marketing. It is important to note that although Samsung has taken a hit on sales figures and revenue stream, its marketing budget was reported to be the biggest in history in the fiscal year 2013.
It was an astounding $14 billion and constituted 5.4% of the company’s total revenue, while the marketing budgets of Apple and Microsoft in 2013 stood at $1 billion and $2.5 billion, respectively. This shows the level of importance Samsung gives to putting brand awareness across to its consumers.
It is visible that even whatever the consequences are, Samsung never neglects its marketing department. For any organization to grow, it must create awareness among the consumers of its services and all of its products through any means that is available to it. Samsung has created a genuine image through the same means.
Diversification strategy of Samsung
Now; there are many innovative methods and means when it comes to introducing innovation in the marketing of your product and your organization’s brand name. It is necessary to understand the main means of media that people are using at what stage of the generation. It would not be a wise choice to advertise much through radio, as there is no visual in this medium of marketing.
Most use of radio is now when people are using transportation. Radio is an old technology now so investing in it much would not a viable advice. Nowadays, people mostly use the internet to interconnect with each other social media is mostly used to communicate with each other, and through the world.
According to the CMO Council, the Global marketing trend through media is rising at the rate of 5.1 percent, and at the moment, it amounts to $1.6 trillion of the whole world. So it is visible why Samsung concentrates mostly on developing a strong marketing innovation management area in its organization, as it is the reason why today Samsung has beaten its competitors in the sales area.
Through marketing and brand awareness to its customers and that too with better and more efficient marketing strategies and innovation. Secondly, Samsung has concentrated on another core factor.