But how did it gain such a strong reputation? What advantage does this brand have that makes it so popular within the market and its audience? Let’s find out!
Samsung and its competitive advantages
Samsung phones and electronic devices have cemented a very good position in the market. But what’s the reason for this?
Some of the major advantages that this brand holds over other brands are its advanced technology, brand marketing, and supply chain. These advantages are some of the reasons why they are at the top! Let’s look into each of these advantages and more in detail!
Over the years, the computing and smartphone industry has become very competitive. Hence, to sustain here, one has to keep bringing something new and that’s exactly what Samsung does!
The brand invests a huge amount into innovation and research which helps in the advancement of its technology making it one of the best in the industry.
The brand, along with being one of the most known smartphone brands, is also a leader in the chip industry.
Their research and development in technology-related issues like privacy and security have kept them up with the customer’s trends and choices!
Brand image and brand equity play a significant role in the global success of any brand. You can definitely say the same in the case of Samsung where branding became one of the reasons for their success in the international market!
Their branding strategies are usually customer-centric and revolve around customers’ preferences and choices. This makes them keep up with the market and their changing trends!
A strong marketing strategy can not just help a business attain huge profits but can also give them a competitive edge over the others. For the very same reason, Samsung doesn’t hesitate to invest a large sum of money in their marketing. The marketing strategy of Samsung majorly focuses on the quality of its products and customer satisfaction.
Their good marketing strategy seems to have played its role quite well as over the years their sales and demand have increased in good numbers making them hold a good position globally in the competitive industry.
A business works well if its bottom line is strong. From a product’s production, to smooth operations and delivery, everything should move swiftly and effectively. If the supply chain is strong enough, it can come out as one of the strongest points for a business in the competitive market.
The same is the case with Samsung, its strong supply chain adds to one of its major competitive advantages. Samsung has its suppliers all over the world. It obtains its raw material from around the world and manages and operates it with its digital technology and 2,500 suppliers around the world.
It has even put efforts into developing and innovating for engaging its suppliers and building its supply chain stronger.
One of the important factors that have given Samsung an important competitive edge over others is its pricing. Samsung has products with prices ranging from high to low-end markets. This has created a large customer base for them as well as their products that are affordable for many people!
It is not amusing to see Samsung as a global brand with a large customer base. This large customer base is again one of the competitive advantages that this has over others!
Some of the main reasons why they have such a large customer base are that they always try to innovate and develop their products to keep up with their customers’ preferences. They even work on their pricing making it affordable for a large number of people!
Customer loyalty is one of the strongest points for a brand in the market. It makes a brand strong making it easily stand its position in the competitive industry.
Over the years, Samsung has not just managed to build a large customer base but has also helped in creating strong customer loyalty. This was possible because of their huge investment in the aspects of innovations, research, marketing, and development.
Conclusion
Samsung is a Korean company that has become one of the largest producers in the global smartphone and electronic industry. However, the major reason for the brand to hold such a strong position in the market is due to the competitive advantage that it has over the other competitor brands.
Some of these competitive advantages include their strong supply chain and marketing, their advanced technology and customer base, and loyalty.
