There is no doubt that it is under ‘attack’ on almost every front – components, smartphones, TVs, appliances, monitors, and much more. And it is important to note that Samsung is not just a smartphone maker.

To its credit, instead of just cutting prices, it has tried to "out-design" the competitors’ products, make better and more innovative products, offer better support, and change from a South Korean manufacturer to a leading technology design company.

To do that it set up a Global Innovation Centre and the Samsung Strategy and Innovation Centre at Silicon Valley where it has engaged some high-profile "western" designers. In the smartphone arena, Samsung can no longer be accused of copying Apple – analysts agree that its Galaxy S7 is superior to Apple’s current offerings (it is hard to argue that point but it is Apple’s turn next to shine).

Another strength is that it makes so many of the components it uses in its products – vertical integration makes a stronger company. By comparison, Apple outsources all of its manufacturing to third parties. Apple is Samsung’s biggest components customer and has predicted its first sales decline in a decade. Chief executive Tim Cook said it was seeing “extreme conditions” unlike anything it had ever encountered, with economic growth in China at its weakest in 25 years. If Apple and Samsung sneeze, the rest of the world gets the flu.

It has shaken up management of all its divisions including some very astute appointments — head hunts — in its major markets.

On the marketing front, it has out-marketed, and out-spent Apple and the results show. Noted brand measurement agency Interbrand stated, “Samsung has evolved as rapidly as the technology they create. As they’ve developed the latest products, they’ve recognised the need to develop deeper customer relationships and build the value of their brand as a whole. As a result, Samsung has transformed into a design-led market leader, rising to number seven on the Best Global Brands ranking.” Apple and Coke are neck and neck as the top brand.

The result is a new, focused Samsung with pretty much best-of-breed products across the range – be they TVs, smartphones, home appliances and more.

On the smartphone front its main premium competitor is Apple – yet in many respects, Apple is not the main competitor as it has its iOS ecosystem of happy users and will continue to do so. Its main competitors are Chinese companies like Huawei, OPPO/VIVO (BBK), Xiaomi, and Lenovo that are aggressively pursuing Android market share.

Samsung took some gutsy decisions with the Galaxy S7. It agonised over camera specifications, ultimately defying the industry trend to more megapixels by opting for fewer, larger pixels in exchange for improved autofocus features and low-light performance. It has also given away a Samsung Gear VR headset as an incentive to buy, moving the handset into a new market where Apple has yet to tread.

"In the past, based on our past decision-making process, we never would have gone back," said Kim Gae-youn, vice-president in charge of Samsung's smartphone product planning. "If you're in the trenches, you want to have a machine gun, a grenade, a mine on hand. There are also different needs depending on individual markets, so regional sales staff naturally can't be happy when the company moves to rationalise and restructure from a global structure. The transition process is painful."

Samsung has not made a profit out of its flagship Galaxy series since the S4 but, "We've now gotten to a point where we can secure a baseline profit even if the market stagnates, so long as we don't make a bad mistake. I'm confident we can hold our ground,” he added. The result was that the Galaxy S7 has set first-year sales records.

But the most telling, forward-looking statement, was from Samsung’s chief executive and vice-chairman of the board, Oh-Hyun Kwon, about research and development and innovation – future bankable assets. “The race for [smartphone] supremacy will be in real innovations like foldable displays and apps.” Samsung cannot afford to fall into the "tick-tock" cycle rut that has been evident in Apple’s iPhone. He hinted that the Note 6 may be the device that redefines the smartphone.

It is also more discerning about what products it invests in. While Samsung has not made a formal announcement, it is likely that they will pull out of unprofitable markets and product lines. It no longer has to make everything from rice cookers to aerospace unlike its role model of old — mega-corporation General Electric — did.

It is slowly assessing its strengths and recently withdrew from the digital photography market. While its cameras were good, they could never hope to overtake Nikon or Canon. It has shut down unprofitable services like Milk music and much more.

The Wall Street Journal in an article titled “Why Samsung Suddenly Finds Parts Fitting Together" says that after a spell of simultaneous struggle for several of its big businesses, a turnaround may be on hand for Samsung Electronics. It is referring to the memory, processor and parts business and says Samsung shares are a cheap bet on the recovery of its major businesses.