Samsung’s Profit Falls Amid Delays for Galaxy Fold Phone

 Samsung has reported a 57% decline in net profits in the first quarter of this year. This is because of its delayed rollout of its newest innovation and a loss in demand for memory chips. they planned on innovating so that these innovations could help their struggling mobile phones. They are facing tough competition from their international rivals. Their net profits are the lowest since 2016, this is not a good sign for the technology company. This delays for the phone came soon after reviewers of the product found issues after only a few days. This new technology can be the size of a small tablet then fold to be a more compact phone to fit in the pockets of consumers. This is very innovative considering it is the first one of its kind, but Samsung needs to be careful. One of their Chinese competitors is planning on releasing a similar product and if Samsung phone does not release soon they will miss out on the opportunity to enter the market first with this innovation.

By looking at Samsung's situation through a marketing standpoint I can see many positives, first off because they see sales slowing for their phones they do not just let it happen. They are participating in new product development, this is a good marketing tool to be the first company to produce a new and innovative product. For this reason it is very important for the company to be the first one in the market when it comes to this phone so that they are the benchmark. They need to create the image that when people think of these new foldable phones they think of Samsung. The product life cycle is important in this article as well. Clearly as Samsung sees a slow decline in sales of their smartphones it can be determined that the lifecycle of this product while not dead completely is leveling off and the initial growth has ended. this is why Samsung needs to make more innovative and new products in order to capitalize on the growth of this new emerging technology. The target market for this new phone is most likely targeted toward a more business oriented crowd as the functionality of the product would be good for not only communication but for presentations.  The future is bright for Samsung despite their slight dip in sales new product development is a way to secure their future and they are on the path to that future.

https://www.wsj.com/articles/samsungs-profit-falls-amid-delays-for-galaxy-fold-phone-11556583664