Samsung: Leading Innovation in a Stiff Market - Essay Sample

Introduction

Stiff completion has always been one of the critical factors that determine the market share of many organizations and their strategic approaches towards maintaining their share. On the contrary, managing the global organization is an essential factor not only to the customers but also to the entire organization's growth and development, which has been a critical factor that most of the manufacturers have always played a significant concern. Samsung is one of the leading companies on innovation and expansion in different lucrative markets. The company has maintained a strategic process of analysis and evaluation to determine the strength and importance of the market to the company (Shuman and Wasserman 2019, p.5). The essence of maintaining a global organization is essential in many ways, which helps boost the overall growth and expansion of the company in different markets. The essay will critically evaluate the essence of the global market to a company, as well as analyzing the tools used by a company to determine the effectiveness of the market to the firm.

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Strategies and Analytical Tools

The use of Political, Economic, Social, Technological, Environmental and Legal (PESTEL), is an essential tool in determining the success of a business in a new market, considering the political approaches of the region. On the contrary, the economy of the region defines the success or failure of the new market due to the pricing. Technology, and the environment, define the competency of the product, where the use of current technology is essential to break through the market (Parameswar and Dhir 2019, p.179). Legal approaches are the barrier, to determine the success of the product, as harsh legislation, will quickly submerge the potentials of the market.

A special economic zone (SEZ) is one of the essential tools that is used to determine the difference of laws between one country to the other, with the essence of the increasing trade balance. Organizations willing to expand in the global market have to critically enforce and use this tool in determining their potential benefit in the new market.

For a better entry into the new market, companies are forced to use Porter's Five Forces is a tool for assessing their working environment (Taherdoost and Keshavarzsaleh 2016, p.71). The environment includes analyzing the company's competitive environment, the potential new market, customers, suppliers, product influence, and substitute products that may lead to profitability. The role of the tool is to ensure that a company understands the nature of the market before making decisions.

How Technology Helps the Company to Trade Good and Services

According to Zhao and Ferran (2016, p.12), technology has critically played an essential role in defining the performance of activities within the organization. On the contrary, technology has defined the form of services and goods offered by a company. In this case, a company with sophisticated technology has a driving seat in the market, which has led, most of the companies both locally and globally to adopt the concept of adopting and embracing every form of technology in the market (Kasemsap 2016, p.16). For instance, the introduction of telecommunication and online ordering of products is one of the current technologies that has increased completion in the fast-food industry. On the contrary, larger companies like Samsung have not been left behind on this concept (Sharma, Tam, and Wu 2018, p.6). Customers can make orders, and receive their ordered products at their doorstep, or their convenient places.

On the contrary, technology has played an essential role in ensuring that all possible products are being advertised and presented to the customers at their convenient platforms. According to Stevens (2017, p.7), nearly 98% of the businesses have adopted technology as its driving factor towards managing the increasing competition. The growth of a brand and its extension is conducted under a critical observation of the current technology in the market. The assessment has become an essential factor in dictating the level of a business. Globalized organizations have the mandate of ensuring that current technology is integrated within their system to ensure that the company runs parallel with the market (de la Hoz, et al., 2020, p.38). The essence of technology within a company is essential, no matter the size of the enterprise. Global organizations have critically explored the advantages of technology both tangible and intangible, making the enterprises to meet the demands of the customers.

References

de la Hoz Hernandez, J., Caraballo, H.M., Ventura, J.M., Palma, H.H., Herazo, J.C.M., Orozco, S.M.A., Toscano, A.R. and Silva, J., 2020. Good Practices in Logistics for SMEs: A Strategy for the Global Marketplace. In Marketing and Smart Technologies (pp. 35-43). Springer, Singapore. doi:10.1007/978-981-15-1564-4_40

Kasemsap, K., 2016. Advocating electronic business and electronic commerce in the global marketplace. In E-retailing challenges and opportunities in the global marketplace (pp. 1-24). IGI Global. doi: 10.4018/978-1-4666-9921-2.ch001

Parameswar, N. and Dhir, S., 2019. Global marketplace strategy and choice of interaction after termination of international joint venture. Strategic Change, 28(3), pp.177-184.https://doi.org/10.1002/jsc.2260

Sharma, P., Tam, J. and Wu, Z., 2018. Challenges and opportunities for services marketers in a culturally diverse global marketplace. Journal of Services Marketing.https://doi.org/10.1108/JSM-05-2018-0150

Shuman, M., Baron, A. and Wasserman, W., 2019. Community Food Enterprise: Local Success in a Global Marketplace. Gates Open Res, 3.https://doi.org/10.21955/gatesopenres.1115401.1)

Stevens, A., 2017. Screenwriting for Profit: Writing for the Global Marketplace. Routledge.https://doi.org/10.4324/9781315668659

Taherdoost, H. and Keshavarzsaleh, A., 2016. Critical Factors that Lead to Projects' Success/Failure in Global Marketplace. Procedia Technology, 22, pp.66-75. https://doi.org/10.1016/j.protcy.2016.01.151

Zhao, J. and Ferran, C., 2016. Business school accreditation in the changing global marketplace. Journal of International Education in Business.https://doi.org/10.1108/JIEB-02-2016-0001