New Product Launching Process For Samsung and Apple

Thus, this report will going to discuss theoretical concept which is necessary for understanding that company is comping up with some new product within existing market area. In addition to this, for respective new product concept SMART objectives will going to frame within this. iPhone is purchasing by only those people who want to spend huge amount in maintaining there living standards. On the other hand, person who don't want to spend huge amount on mobile phones but want all features by spending less amount purchase Samsung phones.

Essential Theoretical Concepts

Ansoff matrix model is essential for strategic marketing planning it can be implement for looking at opportunities to grow revenue for company by developing new products as well as services or through tapping into new market (Gurcaylilar-Yenidogan and Aksoy, 2018). There are four different growth strategies provided by Ansoff's matrix explanation of this in relation Samsung and Apple Inc. are as follows :-

• Market penetration – This strategy utilise by firm to for achieving growth by their existing product within present market segments as well aim behind this is to increase market share. Market penetration is least risky as it leverage many companies existing resources and capabilities.

• Market Development – In this strategy company growth by coming up with existing product in new market segments (Dawes, 2018). For an organisation development of new market for their product may be good strategy if core competencies of business firm are related with specific product than to its experience with particular market segment.

• Product Development – This strategy of Ansoff matrix state that firm develop new product by targeting their existing market segment. For an organisation product development strategy will be suitable in case when strength of business are related with specific customer instead of specific product itself. Samsung Company is implement product development as their growth strategy because they are coming with new product in existing market area i.e.,  depth sensing cameras in galaxy series. By implementing this growth strategy respective business firm want to enhance their business profit by 5% within 6 months.

• Diversification – In diversification firm grow through diversifying within new businesses by developing new product for new market area (Siano and Cantu, 2018). For business firm diversification is most risky because this strategy need product and market development as well as may be outside core competencies of company.

Thus, from above mention four growth strategy Samsung is using product development because they are coming up with new product in their existing market area i.e.depth sensing cameras in galaxy series. Motive behind bringing this new product is to increasing business profit by 5% within 6 months.  

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SMART Objectives

Smart objectives of Samsung - “To introduce depth sensing cameras in galaxy series within 6 months in order to enhance business profit by 5%.

Smart objectives of Apple Inc. - “To introduce price penetration strategy for the products launched before last year to increase the sales revenue by 10%.”

Porter's Generic Model 

Porter has suggested four generic business strategies which implemented by an organisation for gaining competitive advantages (O’Hare, Stewart and McColl, 2018). Michael Porter introduce this theory in his 1985 book i.e., ‘Competitive Advantage: Creating and Sustaining Superior Performance’. Basis of this overall model was formed by three strategies which are cost leadership, differentiation and focus. Later on focus in classified within two categories i.e., cost focus and differentiation focus. There are four generic strategies explanation of these in relation to Apple and Samsung are as follows :-

• Cost leadership – In this generic strategy company set out for becoming the low cost producer within industry. Moreover, sources of cost advantages are varied as well as depended on structure of industry. Cost leadership may involve the pursuit of economies of scale, preferential access to raw material, proprietary technology and several other factors (Mucheru, 2018). In industry low cost producers find out all sources of cost advantages. As well if an organisation attain and sustain over cost leadership then they will be above average performer within overall industry. Apple Inc. is using cost strategy as they are implementing price penetration strategy within their working for existing product within existing market to increase sales revenue by 10%.

(Source: Porter's generic strategies, 2019)

• Differentiation – In this strategy company seeks to be unique within the industry they are working along some dimensions which are valued by buyers. Within simple term, differentiation strategy simply means that product and services offering by company have to be different from competitors and able to attract customers in more effective manner. For success of differentiation strategy there is requirement of conducting good research, development and innovation (Liew, 2018). Samsung is focusing on differentiation strategy as they are offering  introduce depth sensing cameras in galaxy series for enhancing business profit by 5%.  

• Cost focus – It refers to an organisation which seeks to develop low cost advantages but it should be only within small market segment. Cost focus products are generally basic as well as average market leading goods and these are expected by sufficient number of population (Taha, 2018). For instance, budgeted food items or any other household tools which are stocked by small and local supermarkets.

• Differentiation focus – In this strategy business firm look for developing product differentiation but only for small market segments. As such companies have identified a smaller consumer group to focus on, they can more specifically appeal to the requirement of this group than could an organisation which is attempting to differentiate for a wider population.

Time Management

Time management is related to the way of managing time in effective manner so that right time is allocated to each and every activity. In simple term, effective time management allow particular person to assign specific time slot to activities according to their importance (Yuan and Wang, 2018). Although time management refers to making best use of time as it is always limited. Not only in organisation but time management play important role in conducting daily basis operations in effective manner. Below mention are some techniques which help in managing time within more effective manner explanation of these are as follows :-

• Plan activities in advance – planning is first, best as well as most proven of time management techniques. Because it help in proper organising work within effective manner. In addition to this there are numerous way to plan and organise work such as calender and personal organizers, notepads, apps, tools and many more.

• Prioritize tasks – For proper management of task it is necessary to prioritize them in better manner so that individual will task task according to their priority in effective manner. In simple term, according to the deadline of task it is essential to give them priorities (Xuan, Moslehpour and Tien, 2019). So that, time will managed in effective manner as well as task also accomplished within requirement time duration.

Thus, by implementing time management techniques it will be easy for Samsung and Apple Inc. to achieve their SMART objectives within required time period in effective manner. Along with this, it will also provide assistance in conducting several other activities also better way.

CONCLUSION

It can be concluded that theoretical concept is necessary for understanding that company is giving new product within existing market area. In addition to this, for respective new product concept SMART objectives is framed. iPhone is purchasing by only those people who want to spend huge amount in maintaining there living standards. On the other hand, person who don't want to spend huge amount on mobile phones but want all features by spending less amount purchase Samsung phones.

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