Over the last few decades, Japanese companies have been at the cusp of innovation, introducing new products to receptive buyers throughout the world. Toyota's Prius, a hybrid gas-electric car, and Casio's Exilim, a palm-sized digital camera, are just a few of the products recently developed and successfully marketed from Japan. The key reason for these products' popularity appears to be built-in advantage, or superiority, over rival offerings. For example, the Prius saves on fuel costs, emits almost no fumes, requires little maintenance, and sells at an affordable price. Despite such successes, Japanese companies are unable to rest on any laurels. Nipping at their heels are South Korean firms, which are vying with Japanese businesses in their traditionally strong sectors of consumer electronics and automotives. Samsung is perhaps the most notable challenger. The firm has introduced a flood of new products in the last several years, winning design accolades and many new customers for its premium cell phones, plasma flat-screen TVs, and ultra-thin computer monitors, among other innovations. In several of these categories, the firm is the global market leader or is a close second in sales. Along with several other companies based in South Korea (referred hereafter as Korea), Samsung is making great strides in innovation, mastering the ability to create advantageous new products.
All Science Journal Classification (ASJC) codes
- Economics, Econometrics and Finance(all)
- Business, Management and Accounting(all)