The Secret of Samsung's Success Essay Example | Topics and Well Written Essays - 1000 words

The Secret of Samsung's Success - Essay Example Samsung claims to have the largest share in the global smart phone market, which is because of the Galaxy smart phones by Samsung. In 2012 it was awarded as a world’s ninth best brand (Tek, n.p). Samsung now stands among the top tier global corporations, possesses good ranking in the superior management, and provides innovation in design along with improving its sales and earnings (Lee, 9). In 2012, the company’s sales were about $ 42 billion and it made a 50% profit in the same year making Samsung the best electronic company amongst its potential competitors Apple and Sony. This paper puts across the secrets of the success of Samsung Company over the years. Samsung’s goal is to establish every inch of customers starting from their homes, new phones, tablets, televisions, washing machines, cameras, dryers, refrigerators, computers among others unlike Apple that focuses on laser electronics. Samsung does a variety and it does it very well. In 2011, Samsung was the world’s top television maker with a market share of 22%. It also had grown in washing machines from 7% to 9% in 2009 and 2011 respectively. The company introduces a variety of products that best serve the customers. Samsung Corporation has successfully blended speediness, imagination and affordability in their offerings to capture the consumers’ attention. It has invested huge sums on extensive research and development to gain and maintain competitive market, Samsung spent around US$ 2.3 billion on research and development (Roll, 154) while its competitors Apple used only 2.4 percent of its revenues on innovation (Roll 154). Focusing on research and development of a variety of products such as refrigerators, tablets, televisions, cameras, new phones, washing machines with features that best suit public demand is the secret behind the success of Samsung. The secret of Samsung’s success is attributed to quality investment and manufacturing. Samsung introduced Sam sung galaxy, Smart TV, Smart Phones each with a new feature. The Smart Phones had quality Cameras, enabled the user to access information faster and used a variety of font sizes as preferred by the user. The problem of their competitor Apple has been lack of constant innovation. It has been around 3 years since Apple released the iPod, the company’s last breakthrough product. Its latest products have been iterations of existing gadgets. The iPad Mini is just a smaller iPad and not something new. Samsung’s success is therefore because of its constant innovations of new products such as galaxy S II. Samsung poses great motivation to its employees that make them work even harder for the achievement of the company’s success. It manages the working hours of its employees to ensure no worker is overworked. Their system tallies overtime hours daily by individuals and communicates to the human resource managers. Samsung SDI recommends employees to take leaves available for them. The leave- use record is controlled at the individual level by the system and the employees are only allowed to take their leaves as indicated in the system. To domestic employees, the company provides pension scheme, health insurance, industrial accident insurance, employment insurance, mortgaging support, medical expense support, personal scheme assistance, fitness facilities and recreation facilities