The company's reputation has been damaged by the saga
On Tuesday morning, Samsung confirmed it was going to pull the Note 7 from the shelves permanently. This news came following a series of battery issues with the devices since its launch on September 2nd. This entire saga has rocked the company.
The stock price fell 8% following the news that the company had "paused" production of the phone spread. This will, no doubt, fall further now that the device has been scrapped.
Aside from stock prices and the business side of things, this will also have an impact on the consumer perception of the company. Personal safety is more important than a fancy, feature heavy phone.
Samsung is one of the most recognisable brands in the Irish tech market. The company much more than a smartphone manufacturer here in Ireland. Many homes across the country have Samsung TVs or dishwashers. They are looked upon as a trusted brand. This trust is not unfounded; they've served us well.
It's understandable, however, that consumers will wonder about the brand, at least for the foreseeable.
An investigation is underway to try and identify the cause of the series of battery issues. The company had initially said the issue was down to one of its two battery manufacturers. Replacement devices were issued and yet the problems continued.
It's important that a comprehensive explanation is given to customers, retailers and mobile networks. Once explained, we can then, perhaps, move past this issue.
Many people have asked me if this is the end of the "Note" range of phones and the honest answer is, I don't know. Samsung is still trying to weather this storm. The next number of weeks are vital in terms of how this saga is remembered from a consumer's point of view.
As with anything, a company is only as good as it's reputation. Samsung do have some work to do to build bridges, but it can be done.