Question
In: Economics
What is the marketing mix of Samsung? (4 p's) please explain in details.
Solutions
Expert Solution
Marketing mix is defined as the set of controllable variables that constitutes a market offer.
These variables are known as four pillars of marketing namely:
A. Product
B. Price
C. Place
D. Promotion
Product Mix of samsung
Samsung invests huge funds on research and development to deliver best products to its customers. It offers various products in different categories. This include:
1. Mobile devices: smartphones, tablets, wearable, accessories..
2. Home appliances: refrigerator, washing machine, air conditioner, vaccum cleaner, microwave oven, etc.
3. TV/ AV : television, accessories etc.
4. Information technology: printer, monitor etc.
5. Memory/ storage: SD CARD, USD flash drives etc.
Price Mix
The company is the market leader in smart phones.
It uses two pricing policy:
1. Price skimming- initially when samsung launches new product it charges high prices, when the competitors bring the smartphones with identical features, it keeps the price low and avoids the shrinking of its market share.
2. Competitive pricing- LG is the market leader in electrical appliances. Samsung has not succeeded in becoming the market leader. In order to defend its position in the market Samsung follows competitive pricing model.
Place/ physical distribution mix
Samsung supplies product through retailers and dealers. The company follows one level channel of distribution.
Promotion promotion mix of Samsung
Advertising is the best form of promotional technique to influence its potential customers. In order to promote its new product Samsung uses print media like newspaper and digital media.
The company also endorse its product through big celebrities.
It also uses hoarding and posters.
Samsung also offers heavy discount during festivals.
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