When Samsung’s Note 7 went up in flames, no one knew what would become of the the Note line, the company, or the brand.
Samsung claims, however, that it will attempt to walk away from this crisis with something positive. Reports from Bloomberg indicate that Samsung’s leadership believes the company has become complacent.
Samsung’s co-CEO Kwon Oh-hyun told Bloomberg that he’d urged the company to develop a more reliable crisis management system so as to better respond to incidences like what happened with the Note 7.
Furthermore, the company apparently intends to focus on “innovation, strength and competitiveness,” to win back the trust of the consumer. Samsung reported a 17 percent decrease this fiscal quarter as the results of the recall are felt.
After all was said and done, the costs of the Note 7 crisis totaled approximately $6 billion USD, a price that will likely affect the company’s annual earnings for the 2016 year and fiscal earnings for the first quarter of 2016.