Samsung Plans to Increase Puerto Rico Market Share
Mar 17, 2005
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Samsung Electronics announced that it is planning to capture 30 percent of Puerto Rico's consumer electronics market share, according to Germán Méndez, senior manager of product sales and marketing for Samsung Electronics.
“Puerto Rico is an extremely important market for us,” Mr. Méndez said. “It's a door where we can sell our high-end products because its gross domestic product is very high.”
In Puerto Rico, Samsung boasts six to seven distributors but no local representation. However, Samsung Latin America is working on establishing a local office to add to its offices in Guatemala, Ecuador, Venezuela, and Panama. “We are focusing more internally to develop the market,” Mr. Méndez, said.
Furthermore, Mr. Méndez announced plans to establish a call center in Panama that will serve the region. “Our job isn't just selling the product, it's guaranteeing that after the sale the client will feel protected with our product,” he said, adding that Samsung's present focus on high technology demands that the company provide customers with more assessment.
Currently, Samsung holds a 10- to 15-percent market share in appliance category. Mr. Méndez said the company's cell phones and information technology products are also doing well in the region.
Jong Won Park, president of Samsung Electronics for Latin America, believes the company has more space to grow in the Latin American market. The company's overall market share in Latin America includes 35 percent for hard drives, 30 percent for computer monitors, and 20 percent for televisions.
Samsung Electronics boasts more than 2,000 employees in the Latin American region, mostly based in Brazil, where the main office and research and development facilities are located. Total sales in 2004 for Latin America were U.S. $1.4 billion and the company expects a $6 billion increase in 2005. (Caribbean Business)
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