week 5 assign STR MKt strategygbabriell23
Wk 4 - Apply: Business Plan Assessment: Part 1 - Strategic Improvements
Samsung's strategic planning broadly revolves around using all their resources to create such products that will benefit the whole of humanity and the wider global society. Additionally, it aims to produce new, innovative technologies that will act as a beacon of prosperity for all, both economically and socially (Martin, 2019). It aspires to improve people's lives and give them the option of a better, more advanced, and flourishing future through its products and services.
The key objectives of Samsung are to benefit and inspire societies all over the world by paving the way in innovative technologies and services. Furthermore, they aspire to be an ethical and lawful enterprise, maintaining a positive organizational culture and respecting and caring for the health, development, and progress of their employees, customers, and the environment around them (Samsung Securities, 2021). Samsung is adamant about setting new standards of values in the field.
Samsung has one of the top brand image quality globally, with a phenomenally talented staff and patented technologies, which is perhaps the company's biggest strength. However, it only focuses on technology and not on designs which, coupled with its lack of venturing into other fields such as fashion or medicine and increasingly high prices, constitutes its weakness. The company can cash in on increasing its presence in other continents' markets and increasing revenue generation. Otherwise, it faces threats of being overtaken by competitors such as Apple, Nokia, and HP (Marete, 2012).
Samsung is renowned for embodying a holistic approach for process improvement in which all aspects are considered, and all members of the organization take part. It emphasizes improving customer satisfaction and employee betterment and using clean technologies for production (Marete 2012). Samsung is working to reduce material usage and recycle and reduce land, air, and water pollutants and capitalize their energy efficiency.
The strategic objectives of Samsung always have been and remain inspiring and leading societies all over the world in innovative technology. It appeals to the younger generation primarily by providing matchless and a wide range of products from laptops to smartphones (Martin, 2019). To track their success, Samsung adopted Kaplan and Norton’s “Balanced Scorecard” that focuses on four chief metrics, namely customer, financial, internal, and innovation measures (NewsCred, 2018).
Samsung prioritizes production over design and has been unprecedentedly successful in developing innovative tech. To improve its competitive standing in the world, Samsung adopted Sigma Six. This helped identify and deal with defects since failure costs were too high, and proper insight was required (Mavlyanov et al., 2020). The workforce at Samsung quickly took up Six Sigma principles that significantly boosted its growth and success. It also follows practices like VOC and NPS to protect itself from being taken over.
Samsung values individual development, health, and accommodation. It offers flexibility, remote working conditions, and educational programs to improve the employee experience. Additionally, employees can change jobs through various postings. The vital objective is to promote a strong bond between peers and instill healthy passion and commitment inside them through performance-based awards and investing in employee benefits (Mavlyanov et al., 2020).
Samsung can benefit from focusing on their designs from now on as their concern has been technology only. Visual attractiveness plays a huge role in customer demand for products. Similarly, Samsung product prices have increased as compared to other local and international products. Thus, improved quality at decreased prices should be aimed for and venturing into other fields such as medicine, chemical or fashion to diversify their range and reach.
In the changing world environment, cost-efficient products generate more revenue than those that are principally at the apex of the spectrum. As such, Samsung needs to adapt accordingly; it needs to stop following patterns of previous success in today's market of increased competition and set the pace for future leadership. Customer satisfaction through high quality, low prices, and eye-catching designs need to be the focus.
Marete, F. (2012). SWOT Analysis of Samsung’s Marketing Plan. Grin. https://www.grin.com/document/278578#:~:text=The%20objective%20of%20the%20company,world%20(SAMSUNG%2C%202014).
Martin, V. (2019, March 18). Samsung’s Mission Statement & Vision Statement (An Analysis). Panmore Institute. http://panmore.com/samsung-corporate-vision-statement-corporate-mission-statement-analysis
Mavlyanov, Abdulaziz & Abdurakhimov, Fayzulla & Maksumov, Sultonkhan & Kadamov, Alisher & Abdurakhmonov, Akbar. (2020). Quality Management practices of Samsung Electronics and Apple. ResearchGate. 10.13140/RG.2.2.15152.58883.
NewsCred. (2019, February 27). Technology + Business Process Improvement = Smart Manufacturing. Samsung Business Insights. https://insights.samsung.com/2018/09/24/technology-business-process-improvement-smart-manufacturing/
Samsung Securities [B3]. (2021). Samsung securities. Retrieved from: https://www.samsungsecurities.com/eng/business/principle.do