Technological development is one of the fastest paced global industries in the world today. Soon after a consumer has purchased the latest and greatest electronic device, within six months the device has already been replaced by something newer and better. Since its beginning in the 1970's, Samsung electronics is no stranger to this market. This paper will explore a macro trend analysis of Samsung Electronics and how understanding macro trends has helped the company survive for the past 40 years.
Samsung – A Macro Trend Analysis
Before getting into the details of Samsung, it is important to clarify what a macro trend is and the subcategories they entail. According to the Business Dictionary, a macro environment is “The major external and uncontrollable factors that influence an organization's decision making, and affect its performance and strategies” (businessdictionary.com) . Mullins and Walker (2010) state that this microenvironment can be divided into six major components: “demographic, sociocultural, economic, technological, regulatory, and natural environments” (p. 74). Each of these areas have a trend associated with them and those trends need to be understood, whether favorable or unfavorable.
[...] Samsung A macro trend analysis Samsung A Macro Trend Analysis Technological development is one of the fastest paced global industries in the world today. Soon after a consumer has purchased the latest and greatest electronic device, within six months the device has already been replaced by something newer and better. Since its beginning in the 1970's, Samsung electronics is no stranger to this market. This paper will explore a macro trend analysis of Samsung Electronics and how understanding macro trends has helped the company survives for the past 40 years. [...]
[...] Technological trends, where a company like Samsung would spend a majority of their time understanding, is exactly how the name implies, it deals with the technology development in a given field. Regulatory trends are the governing body's rules and regulations of that particular area. Lastly, the natural environment deals with the resources available and even particular climate changes that can affect the market. All of these trends are important to understand if a company is going to survive for the next five years, let alone, has survived for the past 40 years. [...]
[...] From a demographic and sociocultural standpoint, Samsung has changed its image to a stylish, high-quality brand to be more attractive to consumers, a product everyone can rely on. To be competitive in the economic and technological environment, despite pulling their products out of the low- cost stores like Wal-Mart and Target, Samsung has used education techniques to build customer awareness and help the public see that Samsung products have the latest cutting edge technology and that they are worth the money. [...]
[...] In the case of Samsung Electronics, even in tough economic times, has proven time and time again that it has the knowledge and know-how to survive in any market. Samsung has been around for the past 40 years and will continue to strive for the years to come. References Macro environment. BusinessDictionary.com. Retrieved March from BusinessDictionary.com website: http://www.businessdictionary.com/definition/macro-environment.html Mullins, J., Walker, O. (2010). Marketing Management, A Strategic Decision- Making Approach, (7th Edition). New York, NY: McGraw-Hill Irwin. [...]
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