Business Strategy of Samsung electronics | Report

Added on -2020-02-05

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BUSINESS
STRATEGY
TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Mission, vision, goals and core competencies .....................................................................1
1.2 Factors to be considered while developing strategic plan ....................................................2
1.3 Evaluating the effectiveness of techniques while developing business plan .......................3
TASK 2............................................................................................................................................4
Covered in PPT ..........................................................................................................................4
TASK 3............................................................................................................................................4
3.1 Alternative strategy for Samsung .........................................................................................4
3.2 Selection of new strategy .....................................................................................................6
TASK 4............................................................................................................................................7
4.1 Roles and responsibilities of personnel in implementation of strategy ................................7
4.2 Resource required for new strategy implementation ...........................................................8
4.3 Contribution of SMART targets for achieving strategy implementation .............................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
INTRODUCTION
Business strategy can be defined as a strategy which is adopted by business enterprises in
order to achieve their set goals and objectives. Further, it can be also defined as a process of
stating the organization vision, mission, short term as well as long term objectives. Company's
long term business plan can cover a period of 3-4 years or even more than that (Teece, 2010).
Moreover, strategies set priorities for venture and management team and after setting up these
priorities, organization look for talented personnel which will help the business venture to
achieve their aim in precised manner. In relation to the above scenario, this present report has
been prepared on Samsung electronics which is a global brand who manufactures mobile phones,
smart phones, tablets and serves these products in 80 different countries. Further, the cited firm
also employs almost 370,000 employees.
This present study is based on understanding the factors which organization have to
consider before formulating the business plan. This report will also emphasize on assessing the
role and responsibilities of personnel who are charged with the strategy implementation.
TASK 1
1.1 Mission, vision, goals and core competencies Organization profile: Samsung is a public limited company and it is considered as
world's second largest Information Technology (IT) company in terms of revenue.
Further, this industry deals in consumer electronics, telecom equipments, semi
conductors, home appliances, etc (Olson, Slater and Hult, 2005). Further, the cited firm is
also the largest manufacturer of the mobile and smart phones. Mentioned organization is
also the largest producer of LCD panels and television manufactures. However, even
after all this success, Samsung gets stiff competition from their major competitors like
Apple, Sony, Panasonic. Mission and vision statement: Mission of Samsung is to be the best digital company.
Organization is generally growing into global operations and venture giving all this credit
to their dedicated and hard-working employees. Further, the company's mission is
“Economic contribution to nation” and “Priority to the human resource”. The vision of
Samsung for year 2020 is “Inspire the world and create the future”. This vision shows
1
that the organization is focusing on developing their three key strengths and these are
new technology, innovative products and the creative solutions (Vision 2020 Inspire the
World, Create the Future. 2016). Goals and objectives: Samsung aim is to give their customers the best quality of
electronics products which satisfy their needs and demands in significant manner.
Further, the cited firm also focuses on producing the best quality of products at an
affordable price which results into increase in customer base along with revenue and
profits.
Core competencies: Core competency of Samsung is there service quality and product
image. Moreover, the cited firm is famous for their constant development in the
smartphone range and they develop new phones constantly which attracts more of the
customer towards it (core competency. 2016). Further, they also have strong marketing
extant along with the strong quality control. Organization also tends to take the feedback
from the customer's which generally helps them to know that what changes customers
needs which will lead them to achieve their goals and objectives.
1.2 Factors to be considered while developing strategic plan
For developing a suitable strategic plan, there exists different elements which impact the
strategic planning. Moreover, these factors impacts the goals and objectives, mission and vision
statement of the cited company as well. Elements which Samsung has to consider before
planning or implementing the strategic plan. It includes factors both internal and external factors
and these are discussed briefly down under: Price: Price of their electronic products plays a significant role and cited firm have to
produce all the goods and services at an affordable price in order to attract all groups of
customers. If the price range of products tends to be high then it will attract only the
upper class segment of the customer's. However, organization motive is to attract the
middle class and lower class individuals upto a great extent which will help them in
increasing their brand image and profitability. Moreover, cited firm also need to compare
the price of their products with that of their competitors and need to give the best
specifications in the products to satisfy the customer's needs.
2

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