A few reasons why Samsung is successful
Samsung has succeeded where SONY has failed. the biggest reason Samsung found more success compared to most other consumer electronics and smartphone brands is its focus on consumer oriented innovation.
The company makes a heavy investment in research and development every year and does not let its focus on innovation fall. Its ability to understand customer needs and preferences has also given it an edge.
Samsung does not just make get products like Galaxy smartphones or appliances like Televisions, but instead it offers great consumer experiences.
It has grown into a highly respected brand globally with a large consumer base. Good quality products, marketing and customer focus are the main factors apart from innovation driving its success. At least for SONY, there are one or two things it needs to learn from Samsung.
Samsung is more innovative and flexible and its wide product portfolio has several great products. Strategy is also a key factor that enabled higher success for Samsung. Its global business strategy and product strategies are far better than most competitors. While Apple is the leader in terms of innovation, Samsung has proved itself a fast paced organization in terms of innovation, culture and product ideas.
There are some other factors too that have made Samsung successful including its resilient business model, supply chain management and focus on brand image. Samsung’s business model is highly resilient. It has also managed its supply chain very well which is key to manufacturing great products. Apart from that, its brand image in almost all corners of the world is quite strong which is crucial to winning in the international market.
Samsung has overcome several flaws that other brands including SONY could not. It did not remain stuck in a rut or rely on limited products to find success globally. It has moved fast with time and fast paced innovation helped it penetrate global markets deeper. Samsung’s global growth and success are now well known. However, in a highly competitive market environment, its focus on research and development is a critical factor that has helped it maintain its edge and avoid loss of market share.
In a hypercompetitive and fast changing market environment, having a futuristic business strategy and not relying too much on past successes is important for growth and long term success. It is an area in which Samsung offers a lesson for other smartphone and consumer electronics brands.