Product Management and Samsung Essay

From Gallop to Run – Samsung started in 1939 in South Korea. – In 1960 they started producing calculators and black and white tv’s by copying other brand technology. – In 1993 Samsung unveiled a ‘new management.’ – Their goal was to dethrone Sony as the biggest electronics consumers brand. – Samsung wanted all it’s products to pass the ‘Wow!’ test. – The interbrand list ranked Samsung in 2012 at the 19th place – However the 2012 list ranked Samsung on the 9th place. – A quote from the interbrand website is: †Samsung is one of the biggest successes of 2012, marked by a meteoric 40% rise in brand value.† – Samsung reached it’s goal to become more famous then Sony, with Sony staying 30 places behind Samsung. – Samsung has plans to go further in developping mobile devices which can connect to home devices. Samsung Technological History Key person: Lee Kun-hee From Copycat Brand to Product Leader Hiring of new designers New products -bold – beautiful – sleek – stylish Lifestyle works of artâ€Å" = New interpretation of electronic use Strategy Change of strategy = Expensive and stylish =  product Is Samsung’s product development process  customer-centered? Team-based? Systematic? Samsung’s product development process is team based. They develop a lot of products at the same time. All the products are developed by specialized teams of designers who make the product from start to finish. However they have combined their approach with the customer centered approach to gain a competitive edge by getting new products to the market faster. This is probably why BusinessWeek places them higher on their list of most innovative company’s every year. Samsung’s  technological History „New managementâ€Å" New goal Change of target group High-end user High investigations Customer-centered – Completely new products – Made to solve costumers’ problems – Wow effect Team based – 1 team of designers/developers from start to finish – A little bit late on the market but with better quality than competitors – High quality Systematic – Collects ideas from customers, employees etc. – Innovative products. – Small selection out of many ideas Product Life Cycle and challenges for Samsung – Short PLC – Freshest innovations – Must be faster and better than the rest – Stay focused on the needs, wants & demands of the customer Questions? Will samsung likely achieve its goals in markets where it does not dominate such as smartphones?