IMT Group Assignment

Question 2
External factor: Sociocultural Environment
The social and cultural factors influencing Samsung explores the demographic construct and
its trends and development. This includes the way people live, react and go about shopping
Samsung products. It is concerned with the nature of the customer market and their
preferences, practices and what they do and how it directly affects Samsung in sales,
advertising or reputation. As Samsung dominates various countries around the world, it
must acclimate to each of their sociocultural trends and deal with how they each affect
Samsung accordingly. While North America counts for about 20% of the total revenue of
Samsung product sales, China and Korea occupy more than 30% of the total revenue as
Samsung’s Head Quarters reside in South Korea, and alone it accounts for 15% of its
revenue. This only points the importance of the sociocultural situation and the company’s
adjustments to it and how it affects it.
In light of the pandemic time of Covid-19 from January to this day, all matters of health have
grown more important and vital across the world. So It happens, Samsung Life Insurance, a
subsidiary of the Samsung group worth $195 billion as of this year, has noticed a serious rise
in insurance cases and registrations.
References:
1. https://pestleanalysis.com/steeple-analysis-samsung/ [ CITATION Sam20 \l 2057 ]
2. UKEssays. (2018) Samsung SWOT and PESTEL Analysis [online]. Available from:
https://www.ukessays.com/essays/business/samsung-swot-pestel-7452.php?vref=1
[Accessed 7 August 2020]
3. [ CITATION Que20 \l 2057 ]
4. https://news.samsung.com/global/fast-facts
5. https://www.bloomberg.com/quote/032830:KS