The company's mission is to raise the caliber of the goods and services it provides to customers worldwide while continuing to be competitive. Through its CSR initiatives, the organization will in this case involve the community in its operations. Since the company's mission is to promote quality life, using cutting-edge technology will enhance the quality of life for all types of people. The other important thing will be to ensure that both young, aged, and people with disabilities have access to gadgets and services that suit their needs and are easy to use. The overall vision is for the company to remain relevant in the electronic industry and offer products to a diverse population.
Mission
The mission of Samsung Company is to command a large global market and ensure that families enjoy using its products with great convenience. Achieving this goal will require the commitment of every stakeholder, production of super high-quality products, and effective marketing strategies. Increasing the demand for the company's products and services is the main agenda for the management since it will make the products quite competitive.
Core Values
The company's core values will include giving people the best, passion for excellence, constant innovation, integrity by operating in an ethical way, co-prosperity through corporate social responsibility, and remaining faithful to its customers.
Environmental Analysis
Strengths and weaknesses:
The Company operates in a competitive environment and aims at ensuring that any issues arising are addressed adequately. The strengths of Samsung include the ability to provide high-quality products to the global market that attracts millions of buyers. The company ensures that the electronics gadget serves the users' needs and its main aim is to strengthen the confidence consumers have in its products. Adoption of the newest technology will promote its position in the globe since it will enable the firm to provide the latest gadgets in the market. The weaknesses include its hierarchical approach to running the operations, especially being dominated by its family members (Yoon, Shin, Kim & Chai, 2017). Being governed by the Korean culture is a big weakness that the management intends to improve by incorporating worldviews of management. The firm has to overcome the weaknesses by focusing on quality decision-making and involvement of everybody.
Opportunities and Threats:
Increasing its acceptance by the community by providing high-end electronic gadgets such as the Samsung Galaxy S4, which provides excellent features to the users. Globalization has improved trade and the company will use the opportunity to sell its products in many countries and increase the area coverage. In addition, improvement in internet connectivity, especially wireless one, has allowed many people to be connected to the world, and this is a big opportunity for Samsung to sell its smartphones, tablets, and other gadgets to consumers all over the world (Steenkamp, 2017). However, the company faces some threats such as economic changes, which include low consumer spending in some regions due to low development. For instance, in some developing nations, the company records low sales, and a plan to improve the situation is very vital.
Internal and external industry trends and economic factors:
The Company is influenced by internal factors such as management issues, employee satisfaction, and diversity. The firm will ensure that such problems are addressed by employing people of different backgrounds to have a diverse workforce. The Human Resource Management department has the role of ensuring that compliance with employee laws is effected all the time. Some of the economic factors that affect the company include the global economic crisis that lowers its sales and fluctuating exchange rates, which have effects on imports and exports leading to high costs for consumers (Lee, 2014). The company is determined to maintain its relevance in the market despite the economic challenges by ensuring that their products are of high quality. Strong competition in the industry reduces its annual sales as some customers go for a cheaper brand of downstream industries.
Legal and legislative factors:
There are several regulations that govern the products, consumer protection, safety, environment, and marketing laws. The company has to abide by the laws and develop policies that promote environmental protection. Some laws relate to radio-transmitting devices such phones which are approved by FCC and selling gadgets to other countries require a firm to follow some legal formalities. Patent issues also affect Samsung such as the lawsuit it lost to Apple associated with Smartphone production (Bajwa, 2014).
Technology
In the electronics industry, constant advancement in technology is necessary, especially in the smartphone section. The rapid changes in product development force the company to change supplies and go for those with advanced technologies to obtain gadgets with the capability of providing multiple functionalities. The company has to focus on devices that can handle faster network speed to remain relevant in the market. Some of the technologies to focus on include noise-cancelling technologies, longer battery lifespan, and wearable technologies among others.
Social concerns
Economic sectors are changing from analogue to digital technologies, and the company must focus on improving the products to serve the population. For instance, education has become highly digitized and the internet is playing a great role in connecting learners and instructors. Samsung can benefit by providing gadgets such as smartphones, laptops, and others that can support today's education system (Lee, 2014). Telehealth is also growing at a high rate, connecting healthcare providers and patients, and the company can provide telehealth technologies that facilitate teleconferencing, wireless communications, and the internet, among others.
Demographic Trends
Demographic trends affect the operations of Samsung Company, especially its workforce and the job markets. The growth in population in different countries increases the market for the company's products, especially among the youths. With many people using the internet, the company has an opportunity to supply the latest technology and gadgets that allow people to have online operations and transactions (Lee, 2014). Labor laws in various countries, such as requirements to employ the locals, affect its performance since it has to comply, especially when exporting. Some of the employees may not have the required skills, which can negatively affect performance.
Objectives
The company's objectives include development in unique brands community to create an ecosystem of products that can enable it to counter the threats of the rapid changes in technology. It will also cope with the declining user market base and it requires developing its own app store, operating system in addition to promoting unity among the stakeholders. The other objective is to develop biosensors that can be integrated into the cloud to allow it to offer services in the health and education sectors that improve communication. Collaborating with companies that have invested in biotechnology, especially those that are developing biosensors, will boost its customer base (Lee, 2014). Another important objective is the production of cheaper smartphones for low-income earners, especially in developing nations. The phones will be of high quality to attract many clients and increase the market since the customers also value quality.
Financial factors
The company faces financial challenges due to the competition it faces from companies such as Apple and Sony that produce similar products. Slow demand for its products, especially in 2016, led to a profit drop as other providers of electronics have entered the market (Steenkamp, 2017). The greatest competition is in the smartphone market due to the introduction of cheaper brands from companies such as Intel.
Strategic (Long-term and Short-term goals)
The company has established both long-term and short-term goals to promote its performance in the world. It focuses on improving its image and making the products famous in every part of the globe. In addition, the company wants to establish companies all over the world to enable it to compete in the telecommunication and hardware industry (Lee, 2014). By collaborating with other companies, the company will achieve its long-term goals of being the world's greatest supplier of electronics. To attain the short-term goals, Samsung sets strategic financial goals, which include identification of resources, quality financial decisions, analyzing data, financial management tactics that reduce expenses. In addition, it manages its assets, liabilities, revenue, profits, and cash flows to help in utilizing the funds effectively.
References
Bajwa, S. (2014). Apple v Samsung: Is it Time to Change our Patent Trial System. Pac. McGeorge Global Bus. & Dev. LJ, 27, 77.
Lee, H. (2014). Successful Innovation and Performance in Two Different Organizational Cultures: Focusing on Samsung Electronics and Apple in the Mobile Phone Industry (Doctoral dissertation, University of Amsterdam).
Steenkamp, J. B. (2017). Global Brand Equity. In Global Brand Strategy (pp. 243-273). Palgrave Macmillan UK.
Yoon, S. W., Shin, J., Kim, S., & Chai, D. S. (2017). Effective Leadership and Leadership Development in South Korea: Lessons Learned from Two Large Conglomerates. In Leadership Development in Emerging Market Economies (pp. 187-206). Palgrave Macmillan US.
