Question

How did Samsung eventually overtake their competitors?

Answer 1

While Samsung was once a not-so-famous company specializing in none, slowly things started to turn around for the company. It started when the company introduced its touch smartphones while other companies including the top company of the time Nokia relying heavily on physical keypads. This paved the way for Samsung to establish itself as the new market leader in electronic devices

By diversifying its product lines and using economies of scale to manufacture and sell products at a lower cost than other competitors, Samsung started becoming the go-to-brand for many consumers who wanted premium quality products at low or affordable prices.

This helped the company in gaining market share in the industry which helped in increasing its revenues and profit margins. The company also started investing heavily in research and development programs to bring in new features for its existing as well as developing products. All of this led to the company becoming one of the most profitable companies which helped in establishing it as one of the most sought brands in the world.