SEOUL, KOREA - Samsung Electronics is fast becoming the most favored brand among Latin American consumers. According to a survey, as many as a half of 570 million consumers in the region bought Samsung refrigerators and smartphones last year.
According to the GfK Group, Germany's largest market research institute, Samsung took a share of 58 percent and 55 percent in refrigerators and smartphones in the Latin American market in 2013. In other items such as TVs (35%), tablet computers (40%), and laptop computers (18%), Samsung was ranked No. 1. This is more meaningful in that it was achieved amid the global recession, with an average growth rate of 4 percent for the past five years.
Samsung was successful in the regional market through a region-specific localization. For example, the company offered refrigerator models equipped with an ice maker by taking into consideration the fact that the local consumers like to throw parties frequently. In addition, the company embedded the "soccer mode" in all its TV models so that viewers can enjoy soccer game telecasts in louder and brighter pictures.
This year's focus for the company is squarely on the World Cup games, followed by the Olympics to be held in Brazil in 2016. In September last year the company signed a five-year sponsorship deal with Team Brazil. Since then, it has displayed so many of its TV models in the Football Museum in Sao Paulo. Lee Sang-cheol, Samsung Electronics vice president responsible for Latin America, said, "This market will grow fast for the next several years on the back of huge sporting events."
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