Samsung Electronics is a Korean company established in 1969. Since then it has significantly grown to become one of the leading firms in global information technology. Currently, the company owns and manages over 200 subsidiaries across the world. The company deals with a range of products, including home appliances, washing machines, and mobile telecommunication products such as tablets, liquid crystal display (LCD) panels, and smart-phones. Moreover, Samsung has continued to become one of the trusted providers of essential electronic components such as DRAM, as well as non-memory semiconductors.
Major Plans, Goals, and Strategies
Product
Samsung’s vision is to become leaders in innovations and technology by offering high-quality products and solutions. Its products are designed to inspire communities and satisfy its customers’ sophisticated needs, tastes and preferences in the information and technology sector. Moreover, Samsung’s goal is to create enhanced digital experiences through the provision of world-class products. Its business-level strategies include differentiation, whereby it strives to offer new products in the market to achieve a competitive advantage and meet its customers’ digital needs. Also, its major plans include creating superior quality products through innovation (Lee 36).
Marketing
Samsung’s global marketing environment is characterized by increased competition, intensified segmentation, shortened life cycle of the product and reduced entry barriers. In such a competitive business environment, the company has its major strategies focused on pricing where it strives to offer high-quality products at relatively lower prices to attain a larger market share while becoming market leaders in the industry. Its major marketing plans are focused on promotion and advertisement where it uses print and electronic media to advertise its range of products. The global marketplace is characterized by shortened product life cycle, reduced trade barrier, intensified competition, and deepening industrial segmentation. In this changing business environment, enterprises are furiously seeking to secure core competencies to acquire and sustain their competitive advantages. A major marketing goal of the company includes launching corporate advertisement in regions where its products are not widely known to its customers. Further, the company has employed advanced marketing strategies such as M-Net that ensure a systematic approach to marketing. This software is imperative in making marketing decisions through the use of data such as per-capita expenditure, profitability, market penetration, as well as a brand share of the market (Richard & Dorothy 191).
Management
Samsung’s management team’s goal is to become creative leaders in the international arena. The management’s major strategies include offering unique and new values in the company. The management’s plans include fulfilling mutual values of its work force and business partners. Moreover, the company endeavors in creating a promising, as well as exciting future for all its stakeholders (Saxena 102).
Operations
Samsung’s major plan is to deliver world-class products and digital solutions through operational excellence. Its major operation strategies involve investing in research and design to provide superior quality products. Samsung’s major operation goals include exploring new business through diversification to continue leading in the telecommunications industry (Needle 346).
Finance
Samsung’s major financial strategies are diversifying into different business areas such as insurance and securities. Through the provision of insurance and financial securities, Samsung is capable of growing its revenue to support other core areas of business. Its major plan is to globalize its electronics business, particularly semi-conductors and mobile phones, as its core business. Nonetheless, the Samsung’s financial goal is to monitor its financial track to ensure that it remains profitable in the market. The Samsung’s CEO believes that the company’s role is not just offering electronic products and components to its customers, but it should offer IT support and solutions. Further, the CEO encourages teamwork and direct communication through sharing of ideas and recognizing talents (Song, Chae-Yong, & Kyŏng-muk 63).
Previous Goals
The company was able to accomplish its previous goals by becoming a leading marketer of mobile phones, with the largest share of the market in June 2015 approximated at 21.4 percent (IDC, Q2).
Policies on Ethics and Social Responsibility
Samsung’s success may be attributed to its recognition of business ethics and social responsibility. Its policies are based on management philosophy that guides its employees to understand its corporate vision of becoming a leading companies in the telecommunications industry. Moreover, Samsung is guided by a global code of conduct that dictates its behavioral guidelines, as well as judgmental standards. The company’s policies on ethics and social responsibility include the elimination of gender-based discrimination, maintaining the privacy of customer’s information and transparency. Further, the Samsung policies are intended to respond quickly to the international business environment through building trust and confidence with its distinct stakeholders such as its partners, shareholders, clients, as well as its employees (Needle 345).
Goals in the International Arena
Samsung goals in the International arena include becoming a leader in the industry through its exceptional management philosophy. Further, its goal is to provide world-class quality products through differentiation to compete favorably in the international arena (Song, Chae-Yong, & Kyŏng-muk 7).
Conclusion
Samsung philosophy is to create and offer superior quality products and services to its customers. The company is devoted to improving and offering a wide range of digital products to the global community through research and development, as well as technological innovations.
Works Cited
IDC. Smartphone Vendor Market Share, 2015 Q2. Web. Jan 1 2016. <http://www.idc.com/prodserv/smartphone-market-share.jsp>.
Lee, Dongyoup. Samsung Electronics: The Global Inc. Seoul, Korea: YSM, Inc., 2006. Print.
Needle, David. Business in Context: An Introduction to Business and Its Environment. London: Thomson, 2004. Print.
Richard L. D. and Dorothy, M. Understanding Management, Cengage Learning, 2016. Print.
Saxena, Rajan. Marketing Management. New Delhi: Tata McGraw-Hill, 2009. Print.
Song, Chae-yong, and Kyŏng-muk Yi. The Samsung Way: Transformational Management Strategies from the World Leader in Innovation and Design , 2014. Print.
