This is business 101, keep improving your products to achieve customer satisfaction which in turns drives higher profits. Samsung Electronics has decided to double down on this basic tenet of business by revamping some of its best products.
Samsung has long been a leader in home appliances not just in crucial markets like the United States but across the globe. It's looking to capitalize on this lead by revamping its lineup of home appliances to earn more profits.
Samsung's shaking things up in home appliances
This decision was made during a strategy meeting at Samsung Electronics yesterday in Suwon, South Korea. Strategic measures for the second half of the year were discussed. The brass as Samsung Electronics' various divisions conduct routine strategy meetings to review performance and set goals for the year ahead.
The meeting on home appliances was attended by Samsung Electronics Vice Chairman Han Jong-hee with more than 100 directors and employees in attendance. The focus was on streamlining the home appliance lineup, with built-in furniture, air conditioning, and other new businesses being discussed as well.
Han pointed out that Samsung's home appliance lineup has become very segmented compared to rivals and that is leading to a loss in efficient operation. The goal for the second half of 2024 now is to streamline the offerings to better meet regional demand, getting rid of unnecessary inventory, and increasing profitability.
This may result in Samsung possibly reducing some of the offerings in the home appliances segment, particularly for products that have some degree of overlap. A push to get rid of excess inventory may involve price cuts and promotions on certain appliances to move units and reduce the stock.
