Samsung Electronics is a company integrated to offer a multiplicity of products and services. Initially, Samsung offered electronic goods such as televisions, washing machines, and refrigerators. Today, the company offers a wide variety of technologically advanced products such as mobile phones, laptops, tablets, printers, and monitors. Samsung’s commitment to innovativeness has resulted in the production of technologically advanced products that have a competitive advantage over the competitors. The company’s ability to produce innovative products stems from the company’s desire to fulfill its customer needs. In addition, Samsung offers financial services in its conglomerate companies in life insurance, securities, and investment management.
An overview of the electronics industry indicates an enormous growth and a series of problems associated with environmental degradation. National and international environmental regulations have been implemented to address these challenges. The increase in environmental awareness has contributed to the design of electronic products that are less toxic to the environment and minimized consumption of power (Holston, 2011). For example, Samsung specializes in the production of products that produce less carbon print while maintaining its brand quality. The greatest source of competition to Samsung electronics is the other electronic companies such as Nokia and Apple. The increased competition from these companies in the same industry has influenced the growth in electronics industrial differentiation. Samsung’s goal is to become a first-class electronic company ahead of its competitors through the production of innovative products.
The growth in competition in the electronics industry by the entrant of new companies and the expansion of the existing ones has necessitated Samsung electronics to devise production and marketing strategies that enhance a competitive advantage (John, Linvill, Annette, & LaMond, 2008). These include the adoption of technologies that enhance low production costs and establishing partnerships to enlarge its customer base. The electronics industry presents a set of opportunities in consumer needs and applications. The increase in internet applications has forced many businesses including Samsung to adopt efficient production and marketing techniques. Web-based trading such as electronic datasheets and product videos has enhanced the efficiency and effectiveness of the firms that operate in this industry. Variations in the consumer markets and technological growth have prompted new production techniques, packaging, and procurement systems. The electronics industry faces challenges linked to changing regulations, logistics, counterfeit products, and growing competition from similar firms.
Samsung Electronics uses both market approach and technology-driven marketing and production strategies. However, the growth in competitive innovative products has influenced the company to focus mainly on technology-driven production (Josh, & John, 2011). Also, the company uses a market-driven approach strategy in meeting individual customer needs. Samsung Electronics operates in an industry where innovations are important in winning customers. The production of technologically innovative products by Samsung has promoted customer loyalty and satisfaction. Currently, Samsung owns the list of most innovative mobile phones, television models, and other electronics. Its ability to attain low-cost production and differentiated products has been enhanced through research and development policies.
An annual ideation technique for Samsung electronics should involve incorporating several techniques that enhance individual and group creativity. In order to achieve innovation, the company should work with other global organizations. It should also engage proactively in idea challenge competitions and design explorations. Generation of ideas should involve brainstorming among the employees, and working with unsuccessful ideas to provide groundwork upon which to build successful innovative developments. Strong awareness of quality product designs, interior design techniques, and building design shops that provide ideation techniques can also enhance the generation of innovative products.
In summary, the electronics industry provides unique opportunities due to growing consumer markets. The provision of creative ideas through idea proposals and support can enhance the growth and competitive advantage of companies in this industry including Samsung. The challenges faced by companies in this industry are related to increased competition and government regulations. Samsung’s competitive advantage should relate to the operational strategies. Therefore, creativity and the adoption of advanced technology should be enhanced by the business in order to remain relevant in the market
Holston, D. (2011). The strategic designer: tools & techniques for managing the design process. New York: University of Toronto Press.
John, G., Linvill, W., Annette, M., & LaMond, R. (2008). The Competitive Status of the U.S. Electronics Industry: A Study of the Influences of Technology in Determining International Industrial Competitive Advantage. New York: Cengage Learning
Josh, L., & John, W. (2011).Disciplined dreaming: a proven system to drive breakthrough creativity. London: Routledge publishers.