The 4p's Framework In The Marketing Strategy

In this essay, I am going to effectively explain the importance of the 4P’s framework in the marketing strategy of Samsung. Firstly, I am going to briefly go through the history of Samsung as a firm. Samsung electronics was founded in 1969 and quickly became a competitor in Korean market. During this period there was a surge in the home electronics industry and this allowed Samsung to diversify into the electronics industry. During the late 1970’s and the early 1980’s, Samsung electronics expanded globally and they continued to focus on electronics. This led to Samsung creating two leading research and development institutes. I’m going to focus on the 4P’s approach of the marketing mix which include price, product, place and promotion …show more content…
In the book "Principle of Marketing" Philip Kotler et. al came up with an alluring concept of building gains for products. Kotler came up with a scope that if you view a product on three levels it will help you figure out all the benefits that your product offers. These 3 levels include the core, augmented and secondary levels. Samsung provides various products and is present in several different product categories. Some of these product categories include smartphones, televisions and fridges. The brand image driver for Samsung is the Samsung Smartphone’s. Samsung has gained a large following because of how well their products have performed. When consumers buy a Samsung smartphone, they know that their smartphone will work effectively. In the modern world, the current trends that are characterizing demand are variety and the individuality of a product. For a product to make it in the present competitive market, firms have to create a product that tends to the consumers wants. Various reports concentrate on vertical differentiation. Samsung have continued to release improved models of their smartphones to meet the needs of their consumers and to separate them from their competitors. These models show the same particular situations where firms incur increased fixed costs with the aim of increasing the customer’s willingness to pay for their respective products. These include investment in research and development to improve the quality of a product and advertising which aims to improves the customer’s perception of the quality of the product. In a breaking paper, Shaked and Sutton [1982] demonstrate how the difference in the quality of a product relaxes price competition between competing firms so that they attain profits in