South Korea’s Samsung is hoping to make a comeback in China with a new product launch after spending about $29 million on the Winter Olympics

2022-09-21 0 By

South Korean electronics giant Samsung is hoping to make a comeback in the Chinese smartphone market after closing its last mobile phone factory in China in 2019 and being relegated to the “other” category with less than 1% of the Chinese smartphone market share.On February 9, local time, Samsung officially launched the GalaxyS22 series of products, including the GalaxyS22 series of flagship phones and GalaxyTab S8 series of tablets, and it seems to be betting on the high growth of the Chinese market.In early 2022, Samsung set up a team named “ChinaBusiness InnovationTeam” specifically for the Chinese market, and everything is set on the goal of “comeback”.The new team, which covers everything from mobile phones to home appliances, will report directly to co-CEO Han Jong-hee.In 2021, US giant Apple took 75 percent of China’s high-end smartphone market (phones costing more than 5,000 yuan), ranking first by a landslide.By contrast, Samsung, which also prides itself on being a premium brand, has languished in China for years, with its market share falling from 2014 to less than 1%, down from 15% at one point.Currently, Samsung has the bottom line in Europe, where it took the top spot in the smartphone market in 2021 with a market share of about 32 percent, but grew only 6 percent that year.As far as anyone can tell, Samsung’s market share outside Of China has peaked, and returning to China may be the key to new growth breakthroughs.After all, Samsung has used its sponsorship to make its products shine internationally since the 1988 Olympics in Seoul (now Seoul).At the Tokyo Olympics, which ended last year, Samsung similarly handed out companion gifts to 17,000 athletes and a special edition of the GalaxyS21 for the Olympics.Samsung said that 80 percent of its global growth was due to its Olympic sponsorship and marketing strategy.Based on this, Samsung announced in 2018 that its global Olympic Partnership with the IOC had been extended for eight years until 2028.In addition to its product and team efforts, Samsung is also taking advantage of its “special status” as a top sponsor of the Olympics to continue a marketing campaign for its products.At the Beijing winter Olympics, which opened on feb 4, Samsung gave each athlete a free “souvenir package” worth about 10,000 yuan, including GalaxyZ Flip3 5G phones.Based on the size of the Winter Olympics’ nearly 2,890 athletes, Samsung spent nearly 29 million yuan on its sponsorship package.From the product team to send force, and then with the help of the East wind of the Olympic Games, so, so bitter attainments of Samsung, can achieve a headwind in the Chinese market?Article | Liao Li thought questions | Zeng Yi umpire | Liao Li thought