5 BUS499 ASSIGNMENT 5 CAPSTONE
Capstone
Carlos A. Olin
BUS499: Business Administration Capstone
Professor: Dr. Debra Sherrill
Date: 9/8/2014
Question 1: Determine the impact of the company’s mission, vision, and primary stakeholders on its overall success. The mobile industry has changed in the recent years. Nokia and Motorola led the mobile industry for years until Apple introduced the smartphone in 2007 creating a market for average consumers. With the introduction of the iPhone by Apple, Samsung began establishing itself as a major competitor in the smartphone industry by mirroring Apple’s game plan by creating a high-end touch screen flagship line in its Samsung Galaxy S Android phones accomplishing its product-line positioning strategy. Today, Samsung owes much of its success to its Value Innovation Program Center, where the company’s mission and vision statements drive the focus. “A key purpose of vision and mission statements is to inform stakeholders of what the firm is, what it seeks to accomplish, and who it seeks to server” (Hitt, Ireland, & Hoskisson, 2013, p. 17). Samsung’s vision for the new decade is, “Inspire the World, Create the Future” (Samsung (1), 2014). This vision is the core to its commitment for leading innovations in technology, as well as inspiring fellow technology firms to join in a world full of richer digital experiences. Samsung has dubbed its vision statement “Vision 2020” because it has set specific objectives to “achieve annual sales of USD 400 billion” while placing its “overall brand value among the global top 5” by the year 2020 (Samsung (1), 2014). Samsung has invested heavily into this vision by adopting an approach that better controls its quality control of manufacturing, and its R&D operations by increasing its volume of research centers located overseas. Samsung’s mission statement is “To inspire the world with innovative technologies, products and designs that enrich People’s lives and contribute to a socially responsible,
Carlos A. Olin
BUS499: Business Administration Capstone
Professor: Dr. Debra Sherrill
Date: 9/8/2014
Question 1: Determine the impact of the company’s mission, vision, and primary stakeholders on its overall success. The mobile industry has changed in the recent years. Nokia and Motorola led the mobile industry for years until Apple introduced the smartphone in 2007 creating a market for average consumers. With the introduction of the iPhone by Apple, Samsung began establishing itself as a major competitor in the smartphone industry by mirroring Apple’s game plan by creating a high-end touch screen flagship line in its Samsung Galaxy S Android phones accomplishing its product-line positioning strategy. Today, Samsung owes much of its success to its Value Innovation Program Center, where the company’s mission and vision statements drive the focus. “A key purpose of vision and mission statements is to inform stakeholders of what the firm is, what it seeks to accomplish, and who it seeks to server” (Hitt, Ireland, & Hoskisson, 2013, p. 17). Samsung’s vision for the new decade is, “Inspire the World, Create the Future” (Samsung (1), 2014). This vision is the core to its commitment for leading innovations in technology, as well as inspiring fellow technology firms to join in a world full of richer digital experiences. Samsung has dubbed its vision statement “Vision 2020” because it has set specific objectives to “achieve annual sales of USD 400 billion” while placing its “overall brand value among the global top 5” by the year 2020 (Samsung (1), 2014). Samsung has invested heavily into this vision by adopting an approach that better controls its quality control of manufacturing, and its R&D operations by increasing its volume of research centers located overseas. Samsung’s mission statement is “To inspire the world with innovative technologies, products and designs that enrich People’s lives and contribute to a socially responsible,
References: Cheng, R., (2014, April 25), Farewell Nokia: The rise and fall of a mobile pioneer, CNET, retrieve from: http://www.cnet.com/news/farewell-nokia-the-rise-and-fall-of-a-mobile-pioneer/ Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2013). Strategic Management: Competiveness and globalization (10th ed.). Mason, OH: South- Western Cengage Learning. Samsung.com (1), 2014, Vision 2020, Retrieve from: http://www.samsung.com/us/aboutsamsung/corporateprofile/visionmission.html Samsung.com (2), 2013, Sustainability Report 2013, Retrieve from: http://www.samsung.com/common/aboutsamsung/download/companyreports/2013_Sustainability_Report.pdf