Strategy for Sumsung Family Hub-Free-Samples-Myassignmenthelp.com

Question: Discuss about the Marketing Strategy Recommendation for Sumsung Family Hub. Answer: Introduction The contemporary business scenario is core dependent upon the marketing strategies adopted by the organisations which ensures the companys 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 follo wing 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 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 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. 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. 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 Ps of marketing mix (Faisal, 2016). Thus, in relation to the proposed brand positioning the below 4 Ps 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 products 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. 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 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 soc iety would be appropriate in this regard. Type of Consumer product The types of consumers 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, Convenience products Shopping products Speciality product and 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. 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 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. 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. 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 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 PregnancyA Case Study.Lippincott's Case Management, 11(5), pp.247248. Marketing mix, 2013.Marketing mix. Johannesburg: Systems Publishers (Pty) Ltd. connected-hub, 2017.connected-hub. [online] Samsung Electronics America. 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