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Can Apple Avoid Being 'RIMMed' By Samsung?

Tickers in this article: RIMM P FB GOOG AAPL SIRI
NEW YORK ( TheStreet) -- For as much credit as the technology sector gets for being innovative, it doesn't get nearly enough recognition for its influence in our words we use on a daily basis and its contributions to our English dictionary. As an author and one who writes extensively about technology, I'm realizing that thanks to social media giant Facebook(FB) , the words "friend" and "like" have become widely popular verbs. While Google(GOOG) has essentially replaced the term "search" in our dictionary as in the widely used "Google this for me."

On Wall Street, however, names of tech companies have entered our lexicon while also having become synonymous with either success or failures -- to the extent that I have recently suggested, can Google "MySpace" Facebook? Or in other words, Can Google one day render Facebook irrelevant? Samsung, which has recently overtaken both Nokia(NOK) and Apple(AAPL) as the world's Number 1 phone manufacturer in terms of overall sales said last week that it plans to launch an online music service to compete head-on with Apple.

This has now prompted me to ask, can Samsung "RIM" Apple? Or in other words, will Samsung be able to do to Apple what Apple has done to Research in Motion (RIMM) ?

While many are quick to make it a foregone conclusion that Apple is the dominant power, recent evidence suggests that the race is closer than investors realize. Yet, Wall Street insists on handing over the trophy to Apple as if it's a done deal to the extent that even Samsung's name has become an afterthought and replaced with "Android device."

The disrespect of Samsung has had a lot to do with what has clearly become on Wall Street a pro-Apple bias. Be that as it may, it does make me wonder how this reality has affected Apple's ego since it has now become the world's largest company but now has to look up to Samsung in the product category for which it has become the best known. As it stands both companies now account for more than 70% of the global smartphone device market.

However, what many fail to realize is that Samsung has taken the lead by focusing on the opposite of what Apple does well. It has figured out a way to use Apple's strength for its own benefit by addressing areas such as consumers' budgetary concerns and a focus on offering a wider selection of phones to meet the needs of any consumer at very reasonable prices -- whereas Apple (for the most part) has appealed to the more affluent shopper.

Apple's fall to second place is only part of the surprise because Samsung has no plans on stopping there and repeating the same mistakes that has killed off Research in Motion.