Section one
The research below will present a discussion on Samsung as a preferred multinational company that is originally of a South Korean origin. Notably, it is comprised of several affiliated, as well as, subsidiaries businesses that are mostly united under the brand of Samsung. The company has a significant influence on the economy, politics, culture, media and the development of all other aspects of the South Korean state. Essentially, the revenues of Samsung make a huge chunk of South Korean GDP. The company as a global corporation is present in the six out of the seven continents in the entire world. (Lee, 2006, p. 9) The discussion will also center on India as a country where Samsung also has a huge presence not only in the smartphone segment of the market but also in others such as the electronics.
On history, South Korea came into being in 1948 following the end of the Second World War. The country has enormously risen from the rubbles associated with the Korean War to one of the world’s leading economies, as well as, vibrant democracies. Its capital is in Seoul where also Samsung Company is headquartered. India, however, has emerged as a world's leading democracy and the 2nd most populous state. It is slowly developing into an open based market system all contributing towards the market position that has been taken by Samsung. Most of its population is found in the agricultural field. However, the service industry also forms a significant portion of the economy. (Amsden, 1989, p. 4)
The South Korean political system is grounded on the Republican basis of government with its president being considered as the state’s chief and the prime minister as the government’s head. The governmental powers are shared between the judiciary, legislature and also the executive. However, the political system of the country has continually suffered from the aftermath of multiple years associated with an authoritarian rule. In spite of this, Samsung has continually emerged as a market leader in the market that it operates.
The current social system of South Korea is a reflection of the development, as well as, the synthesis of diverse influences that are both indigenous and also foreign. There is a definition of the social relationships at every level of the society. Such relationships are conceived on the basis of a peaceful integration of Korean people into a collective bargain which is a reflection of the harmony associated with the natural order. The social systems of South Korea are thus of a conservative nature. The country has notably put in place stringent measures to guide the business practices thus ensuring efficient business activities.
India is a federal democracy with its politics primarily taking place within the frameworks of the country's constitution. A similarity exists between India and South Korean in that India's president is the nation's head while its prime minister is the government's head. Based on its social system, the country still practices the caste system whereby the society is divided into groups having ranked categories. However, the growing urbanization is continually making the system above obsolete. Based on its legal field, India still maintains the legal systems that were inherited from its British colonial masters. ("India profile - Overview - BBC News", 2016)
Section two
The economy of North Korea has for a longtime remained one of the most repressed in the whole globe. This is because of its firm adherence to the nation’s system of control, as well as, state command under the longstanding regime of the ‘military first’ policy. Different aspects of the economic activities have remained under the tight control of the Communist party. However, information on the loose has it that numerous reforms were made in the economy in 2015 touching on investment laws and the legislations that govern economic developments in the country. ("North Korea Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption", 2016)
North Korea has a relatively strong financial and a currency market that promotes different business activities. Notably, its currency, the North Korean Won is exchanging well against the American dollar. However, worth noting is that its monetary dysfunction of the country has led to the rise in black markets and consequent inflation. The country also has recently setup strong foreign trade policies for the advancement of the market position that it has attained over time. The changes that have been popularly referred to as open door policies encompasses an increasing emphasis on the activities around the foreign trade that have encouraged foreign direct investments.
The economy of India, on the other hand, has in the recent past undertaken necessary structural measures with the primary focus geared towards the improvement of the bloated, as well as, inefficient sectors of the government. However, the ever present institutional shortcomings of the state have regularly undermined the momentum needed for the economic developments. Corruption has remained to be a serious limitation to the setting up of a more progressive private sector. The tariffs for its trade policies have also been increasingly higher than for other countries. Worth noting is that its currency is the Indian Rupee. ("International Economics & Trade - India: Foreign Trade Policy", 2016)
On the accounting practices of the firm, it has been hailed for combining various Western best practices with its traditional systems for the achievement of the desired results. These practices have notably protected its long-term investments and also eased the pressures emanating from the short-term investments. Essentially, the accounting practices of the market of operation particularly determine the outcomes of the productivity. Besides, incorporating internationally recognized standards of accounting also boosts Samsung’s prospects.
Section 3
Samsung Company has a broad base of cross-cultural practices that takes into account the needs of the markets that it serves. This has been imperative not only for Samsung but also other entities that are striving to cut competitive edges in global markets. As a global entity, the company has designed ways of communicating with its clients drawn from the diverse cultural backgrounds in the world. Worth noting is that this has enabled it to fulfill the mission of the enterprise and also deliver value to its stakeholders.
Different research has pointed out that through the various managerial aspects that are based on integrity and also discipline, Samsung has been enabled to return broader values, as well as, benefits to its shareholders, clients, workers, partners and even the community. Its globalized code of conduct prohibits behaviors based on injustices such as bribery, participation in a country’s politics and even corruption. As a result, its employees have become obligated to making the entity’s culture healthier by observing and obeying the regulations of the firm. The company also bars its employees from irregular engagements using the name of the firm and as such this may attract punitive measures such as dismissal.
For the achievement of conformity in the regions where the organization has its operations, the ethical practices of the firm have been made to be similar. As a result, its employees in every part of the world as required to adhere to the stipulations as detailed in the company’s code of conduct. However, based on the country where the multinational corporation is existing, it tries to conform to the prevailing cultural practices of the communities around. This is through taking into consideration the values that are practiced in region. For instance, the values as practiced in India and South Korean differ, but the company significantly appreciates both by taking them into consideration depending on the location.
Section 4
The marketing strategy as applied by Samsung presents a perfect example of the manner in which business entities should carry out their operations. Particularly in the Indian market, the company has employed significant strategies to ensure that it gains an entirely competitive edge in the market around consumer electronics and smartphones. This has primarily centered on the different aspects of sales promotion, as well as, advertising. Based on advertising, print and also media have been central to the marketing mix broadly utilized by the multinational company. On the other hand, the Samsung has used more sales promotion strategies in comparison to its competitors in the Indian markets. All this has made Samsung acquire and maintain a fundamental position in the market. (Dudovskiy, 2015)
Different marketing opportunities for consideration in both the domestic and the foreign markets exists for Samsung. A significant opportunity for exploitation encompasses taking advantage of the low-income earners in every society. In fact, it is as a result of this market segment that the company has become a formidable force in the world markets. Also, research has shown that women possess the potential of increasing the revenues of the entity. This is because they have been appreciated as lovers of the Android systems that Samsung notably capitalized. Therefore, harnessing the opportunities presented above would grow the prospects of the firm to the desired levels as required by the stakeholders. ("Apple's biggest weakness and Samsung's biggest opportunity is women - Manufacturers - Mobile Marketer", 2016)
Lastly, the marketing opportunities in North Korea, India and other parts of the world make significant contributions to the organization’s success. Application of different approaches to the management of the firm would be vital in the different markets because they have different prescriptions and requirements. Essentially, the marketing approach as applied by the company would culminate to the attained of the desired goals.
Management approaches of Samsung
Obviously, the tremendous growth of Samsung has been as a result of the best management practices that the company has continued to enjoy from its inception. Its approach is based on innovation and affordability thus ensuring that its products are in most cases accepted by the markets that it serves. Also, its management incorporates the different aspects of quality engineering that promotes customer satisfaction through the implementation of stringent quality guidelines for every commodity that it produces. It is because of these right measures undertaken by Samsung that it continues to be a global leader in its markets.
The human resource management in Samsung has also been instrumental in contributing towards the success so far realized in the firm. Respecting the diversity imminent in its workforce because of its global reach is an important factor in this sphere. Notably, it delivers compensation to its employees in terms of both the basic pay, as well as, performance that is based on the incentives. This has culminated to the organization putting in place measures to attract and also retain global talents within its workforce. ("About SAMSUNG - SAMSUNG", 2016)
In conclusion, the above research has broadly presented a discussion on Samsung as a multinational company that has its presence in numerous countries of the world. It has also enumerated the Indian perspective with regards to Samsung’s businesses in the country. Worth noting is that the globalization efforts of the company as detailed in the research above have taken massive investments of both time and money and even the will of the executive. Its ethical considerations have also been significant in ensuring the company’s successes. Therefore, as a global company, Samsung has constantly made improvements on its products thus making significant contributions to the position it has taken in the world markets.
References
Amsden, A. (1989). Asia's next giant. New York: Oxford University Press.
About SAMSUNG - SAMSUNG. (2016). Samsung.com. Retrieved 2 June 2016, from http://www.samsung.com/us/aboutsamsung/corpcitizenship/environmentsocialreport/environmentsocialreport_EthicsManagement.html
Apple's biggest weakness and Samsung's biggest opportunity is women - Manufacturers - Mobile Marketer. (2016). Mobilemarketer.com. Retrieved 2 June 2016, from http://www.mobilemarketer.com/cms/news/manufacturers/16636.html
Dudovskiy, J. (2015). Samsung Marketing Strategy - Research Methodology. Research Methodology. Retrieved 2 June 2016, from http://research-methodology.net/samsung-marketing-strategy/
India Profile - Overview - BBC News. (2016). BBC News. Retrieved 2 June 2016, from http://www.bbc.com/news/world-south-asia-12557386
International Economics & Trade - India: Foreign Trade Policy. (2016). Web.worldbank.org. Retrieved 2 June 2016, from http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/EXTSARREGTOPINTECOTRA/0,,contentMDK:20592520~menuPK:579454~pagePK:34004173~piPK:34003707~theSitePK:579448,00.html
Lee, D. (2006). Samsung Electronics: The Global Inc. (p. 202). LEE Dongyoup.
North Korea Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. (2016). Heritage.org. Retrieved 2 June 2016, from http://www.heritage.org/index/country/northkorea
