Samsung is apparently mulling the idea of releasing the next flagship i.e. Galaxy S7 at a price less than the launch price of the Galaxy S6.

As it turns out, Samsung celebrated the annual anniversary ceremony quite recently. The company’s Vice Chairman Kwon Oh-Hyun apparently talked about the stagnating mobile business. He acknowledged that the tech giant should adopt “radical changes” so as to stay profitable in a highly competitive market.

The VC also reportedly said, in case Samsung resists change, the company cannot survive the cut-throat competition from various OEMs, across the globe. During the event, Oh-Hyun apparently listed down the immediate plans to mitigate the situation. This is when he admitted that the upcoming flagship might go through a “price restructuring” exercise to attract buyers.

Speaking of Samsung Galaxy S7 price, a new rumor picked up by G For Games citing the prominent analyst Pan Jiutang points to a 10 percent reduction in the retail price when compared to the current-generation Galaxy S6.

Not long ago, Samsung slashed the prices of Galaxy S6 and Galaxy S6 Edge by nearly 10 percent, which likely helped the company significantly and hence, it would like to emulate the same working formula for the upcoming devices, Phone Arena reported.

Also, it is worth noting that Samsung not only faces competition from Apple, but also from many Chinese tech giants like Xiaomi and Huawei. The aforesaid Chinese OEMs have amassed a good chunk of Samsung’s market share with devices packed with top-of-the-shelf configurations at an affordable price tag.