Principles of Marketing: Samsung

Integrated Marketing Communications

Global competition, technological and social changes as well as media development have changed the market image and the modern communication principles and objectives. However, as Keller (2016) notes, at the center of this, integrated marketing communication has not changed and businesses are looking for new methods to enhance the integration of marketing. Ideally, integrated marketing communication is a method that allows consumers interact with the brand and attempt to join aspects of marketing communication such as direct marketing, public relations, sales promotion, and advertising among others to ensure they work together as a force. Consequently, Keller explains that there are several different modern and traditional communication options available as well as different ways to combine the options to make good marketing communication decisions. In light of this, considering the Samsung S product and the target market of between 17 and 20 years, the most appropriate communication platform is the use of online and social media marketing as well as mobile marketing.

Usually, online and social marketing communication involves the use of websites, E-mail, Search ads, Display ads as the media channels. The other components include company blogs, third-party chartrooms, blogs, and forums. Unfortunately, while these components are great for communication marketing, they are not effective. Thus, we will consider the use of Facebook and Twitter messages, YouTube, and online videos to reach the target market. The other platform is the use of mobile marketing, which involves sending text messages, online marketing, social media, and Apps marketing. In light of this, the company will consider the use of text messages, social media marketing, and Apps marketing to effectively market the products.

Marketing Communication Objectives

The AIDA model is a process used by advertisers to describe the various phases of consumer engagement with an advertisement (Moriarty, Al, & Wells, 2014). Thus, based on the AIDA framework the first marketing communication objective will be to ensure that we capture the attention of at least 60 percent of the target market and market to them the various Samsung S products. The second marketing objective is to generate interest by ensuring that at least 20 percent of the target market interacts with the sales people online through messages and page posts. The third marketing communication objective is to get 15 percent of the target market purchase the product.

Promotion Mix

Promotion mix involves the use of various promotional variables by marketers to market a product and help a company achieve its sales goals. According to Open Textbook Library (2015), a promotional mix is the allocation of resources based on five primary elements, which include advertising, sales promotion, direct marketing, personal selling, and public relations. In this case, Samsung will promote the Samsung S products to the target market through the following elements. For the first marketing communication objective, we will use social media and YouTube channels to reach out to the target market. The company will create sponsored adverts on Facebook targeting the 17 to 20 years age group. The adverts will focus on various products under Samsung S group including their specifications and various functionalities. For marketing communication objective number two, Samsung will respond to customer queries in their inboxes and send promotional messages to give special offers to the group that shows interest in the products. For the marketing communication number three, the company’s online sales representative will engage the target market and convince them to make sales by offering sales promotions and persuade customers using the right strategies to make a sale.

Media Strategy

Media strategy is the process by which advertising product broadcasting messages are delivered to consumers or niche markets (Kurtz, 2014). The strategies are often divided into digital strategy, which uses technology-based initiatives to market products, and traditional media strategies, which rely on print media, TV, radio, and yellow pages. In this case, Samsung will use a digital media strategy, with a major focus on social media. More specifically, the company will use Facebook, Twitter, and YouTube channels to advertise their products and reach the target market. Currently, the company has a huge online presence, which makes it easier to reach a large audience, within a short period. The company will also use sponsored posts, where they can easily customize them to reach the specified age group within the geographical area selected. The other social media tool that will be used is Twitter and YouTube channels to promote and advertise the products and reach the specific target market.

Special Topics in Marketing

B2B Marketing

B2B also referred to in full as Business-to-Business marketing involves marketing products to businesses or organizations for use in the production of goods or for resale to other consumers such as the case of the wholesaler to retailer. The B2B market segment is different from marketing to the consumer market in that, it has fewer customers, derivative demands, and complex transactions. Thus, for any B2B marketing strategy to be successful, it must be geared towards lead generation, which might be a challenge and everything could end up being wrong. Nonetheless, as Open Textbook Library notes, with the right strategies B2B can be a successful marketing option for the companies.

Samsung is a producer of electronic products and is likely to be targeted resellers. It is also important to note that, Samsung has always sold most of their products through dealers who are dispersed around the globe. It is also important to note that Samsung has been committed to enhancing their B2B marketing. For instance according to Frearson (2016), in 2016, Samsung embarked on a journey to step up their growth plans by launching their B2B marketing in the UK. The strategy targeted retailers, who have since the launch has admitted increased sales, which translates into revenue for the company. Consistently, retailers could be a target market for the company. Along with that, Samsung technology is being used to improve customer service in a considerable number of industries around the globe. Another B2B target market for the company could be large organizations that are likely to buy the products in bulk for their employees or the health industry.  

Segmenting B2B Markets

Researchers Harrison, Hague, and Hague theorize that compared to the Business-to-Consumer markets, there are few behavioral and need-based segments in B2B markets (Open Textbook, Library, 2015). More specifically, this is because the B2B markets are made up of a few customers as compared to the B2C markets and businesses are not as unpredictable as consumers. Instead, businesses are interest in products that will ultimately generate more profits for their businesses. Therefore, the segments in B2B include a price-based segment, a quality and brand-centered segments, a service-oriented segment, and a partnership-focused segment. Consistently, the most appropriate segmentation scheme appropriate for Samsung includes a quality and brand-based segment and second in line, a partnership-centered segment. The quality and the brand-focused segment will focus on companies that want the best possible products and are willing to pay for them. Consequently, the partnership-centered segment will focus on creating a lasting, trusting, and reliable partnership between the company and suppliers for the continuity of their business.

Marketing Information Systems

Marketing information systems are strategies used by companies to manage the huge amount of information collected by firms to help them make informed decisions about the business. Usually, marketing information systems range from simple paper-based systems to sophisticated computer systems depending on the size of the company and the amount of data the company has held on. Consequently, a marketing information system includes the following components, a system to generate internal data and reports, to collect market intelligence, marketing analytics software to help in the decision-making process, and to record marketing research information. In the case of Samsung, the company will require a system to collect market intelligence, marketing analytics software, and a system to record marketing research information. Virtually, market intelligence includes various activities used to collect information about the market and competition trends that may be important in the decision-making process. Samsung needs to know what is going on outside their company including the state of the business environment, the competition facing the company, what changes are taking place and how they affect their business among others. Some of the sources that Samsung will use to gain market intelligence include competitors’ websites, search engines, publications, salespeople, suppliers and industry experts among others.  Along with that, analytics software will help the company analyze and make sense of internally generated information. According to Open Textbook Library (2015), the software uses various statistical methods to help managers answer different questions to help them make better and informed decisions. Lastly, marketing research will help the company answer any questions that cannot be answered by the other two types of information. As Open Textbook Library notes, marketing research is used to answer specific questions such as what consumers think of a newly launched product. Consequently, it is important to note that, marketing research is not a continuing process, but done on a need-only basis. 

Marketing Metrics

Ideally, financial metrics are key statistical indicators that reflect the financial status of a company (RolstadåS, 2012). Companies can use the three financial statement, which includes the balance sheet, income statement, and cash flow statement to understand important metrics. On the other hand, performance metrics are used to determine the behavior and performance of the organization (Badiru, 2017). For Samsung, the company will use the income statement to monitor the company’s strategic marketing plan for the marketing efforts identified. Additionally, the company will use productivity indicators to indicate outputs generated by the marketing strategies, profitability indicators, which will indicate the relationship between profit and total sales, and effectiveness indicators, which will reflect the efficiency of the marketing strategies.

Marketing is the activity or processes initiated by a company to create awareness of a company’s product, communicate, deliver, and exchange offerings with the aim of delivering value for consumers. Understanding how to relate integrated communications concepts with a company’s products is important for effective marketing strategies. Consequently, understanding the concept of market segmentation and the various ways to gather and use information help business leaders to make better and informed decisions.

References

Badiru, A. B. (2017). Handbook of Industrial and Systems Engineering, Second Edition. New York: Taylor & Francis Group.

Frearson, J. (2016). Samsung has ambitious B2B growth plans for the UK market. Business Reporter. Retrieved from: https://business-reporter.co.uk/2016/03/16/samsung-has-ambitious-b2b-growth-plans-for-the-uk-market/

Keller, K. L. (2016). Unlocking the Power of Integrated Marketing Communications: How Integrated Is Your IMC Program? Journal of Advertising, 45(3), 286-301.

Kurtz, D. L. (2014). Contemporary Marketing. Australia: South-Western Cengage Learning.

Moriarty, Al, S. E., Wells, W., Crawford, R., & Brennan, L. (2014). Advertising. Sydney, P. Ed Australia.

Open Textbook Library. (2015). Principles of marketing. Minneapolis, Minnesota: University of Minnesota Libraries Publishing.

RolstadåS, A. (2012). Performance Management: a business process benchmarking approach. Dordrecht, Springer Netherlands.