Samsung Electronics of Korea Essay Example | Topics and Well Written Essays - 500 words

Samsung Electronics of Korea - Essay Example The long-term vision of the chairman and their ability to exploit the potential of the changing preferences of the customers became the main mantra of Samsung’s success in the highly competitive field of electronic gadgets. Currently, Samsung’s products and services are known for their quality innovative product lines which are also cost-effective. It has developed its core competencies to a formidable extent and offers stiff competition to electronic majors like Sony, Nokia, Phillips etc. by continuously coming up with ever new features in all its products   The basis of Samsung’s current business model is its speed based innovative products. The company focused on its strategy of developing research and engineering skills so that it could improve and improvise innovatively on the electrical and digital products of Sony, Phillips, Matsushita, and Nokia. Samsung’s ability to launch its own products with added features with a great speed was a huge success with the target population. Samsung had geared its teams of professionals to keep a strict watch on the people’s pulse and was, therefore, able to anticipate their demands and used to come up with new products and features that were envied by its rivals.   Another factor that had contributed to its success was that it had realized early the fickle nature of peoples’ preferences which rapidly evolved with the changing times.