Samsung is the biggest company in the world in the electronic device market. Today we are going to go over a brief SWOT Analysis of Samsung and learn more about the business.
Samsung Strengths 2021:
- It is the world’s largest manufacturer of television sets, LCD panels, mobile phones and smartphones.
- They heavily invest into research and development. They operate 34 R&D centers around the world.
- They hold numerous awards. They have received 36 CES awards in 2018 along with 400 more awards within a period of 14 years. They also hold 7 wins at the (IDEA) International Design Excellence Awards.
- Very strong Brand Image. Apart from creating products that people love, they also have numerous environmentally friendly innovations that led them to be ranked 9th in the Top 30 Tech and Telecom companies of the EPA’s 2016 Green Power Partner list.
- Robust manufacturing and marketing capabilities.
Samsung Weaknesses 2021:
- Samsung is constantly making efforts to diversify the markets from which the sales are derived, but they are still very dependable on the U.S Market. As a result they are vulnerable in a possible downturn of the U.S economy.
- The competition is fierce, and other tech companies are catching up with the innovations Samsung has to offer. They are offering products with similar capabilities in much more affordable price ranges. Huawei Xiaomi is a prime example.
- Despite their incredible marketing efforts, Samsung has not been able to create the sensation of the iPhone devices for their Galaxy smartphones. A large portion of the consumers still view the iPhone as the most premium choice, and the Samsung as an inferior product no matter how many more capabilities it might have on paper.
Samsungs Opportunities 2021:
- The vast adaptation of wearable gadgets is a huge opportunity. Samsung has already done significant steps towards this sector. They have the chance to really dominate the space.
- The middle class in developing countries is increasing exponentially. As a result, the market for consumer electronics is increasing accordingly. Samsung could be the leading player in all these developing markets.
- The E-commerce market is on the tremendous rise and Samsung is already benefiting from it. They can focus on the further growth of this sales channel
- Samsung can also look into diversifying by buying other businesses in the Asian and European markets. They have a very strong brand name that they can capitalize on by acquiring new companies. In this way, they will not be as vulnerable to any significant drop in sales in the tech and electronics market.
Samsungs Threats 2021:
- Despite its strong sales volume, Samsung has not managed to compete with Apple in terms of overall reputation. The average consumer still believes that Apple products are more reliable and user friendly.
- Additionally, Apple has the momentum, power, and ability to enter markets where Samsung is traditionally dominating like home appliances and other consumer electronics like cameras.
- Competitors like Huawei and Xiaomi are offering devices that are competing directly with Samsung’s offering in a much lower price point.