Free Report Sample on Market Segmentation

Introduction

Samsung Electronics is a South Korean multinational conglomerate company established in 1983, which remit $211.8 billion in revenue as of 2017 (Jurevicius 2020). The strong, trustworthy, and successful brand that the company has established over the decades has also driven the massive profitability of the company (Michell 2010, p. 4). For instance, Samsung’s profit increased from $20.092 billion in 2016 to $37.298 billion in 2017(Jurevicius 2020). The company focuses on consumers between the 23 years and 45 years mostly, youths and young adults (Michell 2010, p.26). As young adults constantly interact with the digital media, Samsung electronics strive to establish a new Galaxy series that provides a life-changing experience to the targeted population (Jang et al. 2019, p. 6). Hence, the target market has substantially enabled the company to penetrate the U.S and international market irrespective of diverse segmentation differences (Michell 2010, p. 33). Additionally, through the decades of operation, Samsung Electronics market segmentation has propelled a deeper understanding of the needs of the consumers enabling the company to creatively advance its products to suit the rapidly changing needs, wants, and desires of the consumers (Jang et al. 2019, p. 6).

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The company’s massive investment in the research and development gives it a significant overview and understanding of the market trends that propels it readjusts its business strategy to increase sales and profitability (Michell 2010, p. 10). With its consideration of different segments like demographic, geographical, behavioural, and psychographic segmentation, it effectively taps into the values, interests, experiences, and lifestyles of different consumers irrespective of their age, gender, race, income, or location (Jang et al. 2019, p.4). The report aims to critically evaluate the goal-based persona that Samsung Electronics utilises to understand the needs and demands of the consumers. It aims to avail the vitality of understanding the market to enables the company not only to provide satisfactory products or attain consumer loyalty but also to attract more customers and increase sales for durable success (Jang et al. 2019, p.4).

Moreover, intending to conduct a market mix analysis, the report explores the diverse market elements from the product, prices, promotion, packaging, place, positioning, and people, which are critical marketing models for the company to elevate its sales and achieve competitive advantage over other rivals (Khan 2014, p. 96). Nonetheless, the report faced some limitations due to inadequate funds preventing deep physical or practical analysis of all the Samsung subsidiaries. Therefore, the analytical assessment of the target market persona and market mix based on the 7Ps model provides a detailed comprehension of Samsung Electronics’ understanding of consumers’ needs, desires, and expectations.

Target Market Persona

Personas are archetype users of a good or service that developers design to identify and understand the characteristics, desires, and needs of the targeted market (Ki-Aries Faily 2017, p. 664). The approach of persona developed as a strategy for comprehending the different market segmentation and designing suitable products that captivate and attract consumers (Ki-Aries Faily 2017, p. 664). The personas allow organisational developers to establish products that are aligned to the motivations, behaviours, attitudes, and interests of the users (Ki-Aries Faily 2017, p. 665). For example, Samsung Electronics focuses its new Galaxy series on the market based on demographic segmentation (Jang et al. 2019, p. 6). As it focusses on young adults, it must utilise the appropriate persona to depict and account for the valuable variables that influence the purchase patterns and brand preference (Jang et al. 2019, p. 11). Personas are fictional models and representations of the general market, which an organisation creates after conducting analytical research to represent a user’s perspective (Ki-Aries Faily 2017, p. 665). Different perspectives allow comprehension of the diverse models. For example, goal-based personas focused on the goals that the user wants to achieve when utilizing the product (Ki-Aries Faily 2017, p. 665).

Goal-Based Personas

A goal-based persona is a perspective of a persona that emphasizes the results, goals, and objectives that the user needs to achieve with the products (Ki-Aries Faily 2017, p. 665). As an organisation develops its goods and services, it must conduct market-based research to understand the goals that the target customers would like to achieve and align their products to facilitate such objectives (Ki-Aries Faily 2017, p. 666). Goal-based personas result in highly focused designs that efficiently align with the goals and objectives of both the business and users because it embraces the attitudes and contacts of clients (Ki-Aries Faily 2017, p. 666). Additionally, understanding the interests, drives, expectations, and attitudes of the users as they interact with a product is essential in building designs that guarantee customer satisfaction (Junior &Filgueiras 2005, p. 277). Today, many young adults, which fall within Samsung’s target market, rely on smartphones for research, communication, entertainment, and status regardless of their medium income abilities (Jang et al. 2019). Acknowledging such dynamics propel the company to develop a goal-based persona that accommodates such attributes to build an innovative and powerful product to attract the group. For example, the new Samsung Galaxy A Series is affordable for the target market and offers innovative and creative features for formal and informal duties, fast app performance with no interruptions, utmost security, wide and comfortable displays, and more reliable batteries that allow users to attain their preconceived goals without barriers (Jang et al. 2019, p 11). Therefore, personas, especially goal-based persona, is an essential phenomenon and tool in understanding the market and readjusting the company’s products to instigate customer satisfaction and profitability of the organisation (Junior &Filgueiras 2005, 278).

Savvy’s Life

Savvy’s day is a combination of motherhood and professionalism. Her morning starts at 6 am when she wakes up and ensure everything is ready before her daughter wakes for school. Since the company opens at 8 am, she often arrives in the office 30 minutes earlier to conduct her research on the trending investment portfolios and engage in online reading to advance her knowledge of the financial field. As a senior manager, she faces pressure on ensuring the subordinates conduct their duties and remain motivates in the job. By 8 am, she converges the teams into small groups and assigns them their responsibilities for the day. She engages them closely and helps them with emerging questions. She must be conversant with immense knowledge to support her team. In the afternoon, she reviews the financial statements of the company and ensures company compliance. Her afternoons are also dominated by the ratification of new revenue standards, like evaluating technical accounting issues, contract formations, stakeholder coordination, and drafting white papers. Her office hours end at 5 pm when she leaves the office after sorting the schedule for the next day and assessing the task delivered by her team. When she reaches home, she helps her daughter with homework and later engages in online research before retiring to bed at 10 pm.

Conclusion

Savvy has substantially high goals to enable her to achieve her dreams and ambitions. Her financial goals include making the maximum contribution to her account annually. As a senior financial manager, she yearns for financial stability and maturity, which prompts her to make maximum contributions to her account while engaging in market evaluation to understand investment trends. She also has a goal of developing a new and challenging portfolio whenever she feels in complete control. Lastly, to understand the impact of her contributions, she financially supports personal causes (Tinyloud. Co. 2020).