Samsung beat Sony in the electronics market by doing the following things:
- Samsung invested heavily in research and development, innovation, and design, creating products that appealed to consumers’ needs and preferences. Samsung also diversified its product portfolio, offering a wide range of devices from smartphones to televisions to semiconductors .
- Samsung maintained a lean and agile corporate structure, delegating authority to front-line managers and empowering them to make decisions quickly and effectively. Samsung also adopted a global mindset, expanding its presence and brand awareness in different markets .
- Samsung focused on quality and price, offering products that were reliable, durable, and affordable. Samsung also leveraged its scale and efficiency, reducing costs and increasing margins. Samsung also capitalized on its brand reputation, building trust and loyalty among consumers .
On the other hand, Sony failed to keep up with Samsung by doing the following things:
- Sony became complacent and bureaucratic, losing its edge in innovation and creativity. Sony also failed to adapt to changing consumer demands and preferences, sticking to its old products and formats. Sony also neglected some of its core businesses, such as televisions and cameras .
- Sony suffered from internal conflicts and silos, hampering its coordination and collaboration. Sony also lacked a clear vision and strategy, resulting in inconsistent and confusing messages. Sony also faced leadership challenges, changing its chief executive several times .
- Sony struggled with quality and price, offering products that were often defective, outdated, or overpriced. Sony also faced competition from cheaper and better alternatives, losing market share and profits. Sony also damaged its brand image, losing trust and loyalty among consumers .
According to the available data, Samsung had a higher revenue than Sony in 2022. Samsung recorded a revenue of around 302.23 trillion South Korean won (approximately 234.08 billion U.S. dollars), while Sony recorded a revenue of 88.301 billion U.S. dollars. Here is a table that compares their revenues in the past four years:
|Samsung (billion USD)
|Sony (billion USD)
As you can see, Samsung has consistently outperformed Sony in terms of revenue, although both companies have faced some challenges due to the global economic slowdown and the COVID-19 pandemic.