In the Smartphone Race, Money Talks for Samsung
A smartphone; an item which is quickly becoming a must have for young adults, businessmen and even adolescents in this day and age. In the market for smartphones, no brand has been more iconic than Apple until recently when rival Samsung stepped up its game. Apple had a 19.1% market share for smartphones in 2012 while Samsung captured 30.3% due to an immense increase in marketing. Samsung’s $401 million in advertising helped the company increase their market share by 11.3% in just one year while Apple’s stayed essentially flat.
I didn’t understand how important marketing truly is to a company; I was always under the impression that a great product could just sell itself, a view which I now know as ignorant and naïve. At one point, Apple had 36% of the smartphone market which was attributed to brand loyalty and popularity; it’s remarkable how things can change with the right tools in business.