Strategic Analysis of Samsung
Strategic Analysis of Samsung
History of Samsung Samsung was founded in 1938 by Lee Byung-chull. The company began as a trading based company and was not until after the Korean War did the company began to become more industrialized. In the 1960’s, Samsung entered the electronics industry in which the company is renowned for today. Samsung grew into an international corporation throughout the 1990’s and began to focus on mainly three divisions; electronics, engineering, and chemicals. Today Samsung is one of the leading mobile phone manufacturers on the market. (Burris, 2014)
Importance of Strategic Plan A Strategic Plan is defined as, “defining where a company is headed, establishes strategic and financial targets, and outlines the competitive moves and approaches to be used in achieving the desired business results.” (Gamble, 2013) A strategic plan is important to any company because the plan helps the business stay focused. Without each part of the strategic plan, a company may begin to decline in certain aspects of the firm. Samsung is a very successful company but a thorough analysis of their strategic plan will assess where Samsung may need to improve or where they are excelling.
The Organization’s Vision and Mission
Ideal
A company’s vision statement describes where a company is going. A mission statement explains a company’s “who we are, what we do, and why we are here.” (Gamble, 2013) Every company will have success and failure and the vision and mission statements will help the company stay on track. The vision statement provides motivation for the employees and leaders by giving them a purpose and an identity. The mission statement allows the company to evaluate whether the strategic plan aligns with the goals of the company. Employees tend to be more motivated and have higher levels of productivity when they are invested in the changes of the organization.
Actual
Samsung’s vision statement is "Inspire the World, Create the Future."
History of Samsung Samsung was founded in 1938 by Lee Byung-chull. The company began as a trading based company and was not until after the Korean War did the company began to become more industrialized. In the 1960’s, Samsung entered the electronics industry in which the company is renowned for today. Samsung grew into an international corporation throughout the 1990’s and began to focus on mainly three divisions; electronics, engineering, and chemicals. Today Samsung is one of the leading mobile phone manufacturers on the market. (Burris, 2014)
Importance of Strategic Plan A Strategic Plan is defined as, “defining where a company is headed, establishes strategic and financial targets, and outlines the competitive moves and approaches to be used in achieving the desired business results.” (Gamble, 2013) A strategic plan is important to any company because the plan helps the business stay focused. Without each part of the strategic plan, a company may begin to decline in certain aspects of the firm. Samsung is a very successful company but a thorough analysis of their strategic plan will assess where Samsung may need to improve or where they are excelling.
The Organization’s Vision and Mission
Ideal
A company’s vision statement describes where a company is going. A mission statement explains a company’s “who we are, what we do, and why we are here.” (Gamble, 2013) Every company will have success and failure and the vision and mission statements will help the company stay on track. The vision statement provides motivation for the employees and leaders by giving them a purpose and an identity. The mission statement allows the company to evaluate whether the strategic plan aligns with the goals of the company. Employees tend to be more motivated and have higher levels of productivity when they are invested in the changes of the organization.
Actual
Samsung’s vision statement is "Inspire the World, Create the Future."
References: Answers.com. (2012). What are the functional areas of management? Retrieved from Answers.com: http://www.answers.com/Q/What_are_the_functional_areas_of_management Burris, M. (2014). History of Samsung. Retrieved from About Technology: http://components.about.com/od/Companies/p/The-History-Of-Samsung.htm David, F. R. (2012). Strategic Management Concepts: A Competitive Advantage Approach. New York: Pearson. Gamble, J. E. (2013). Essentials of Strategic Management. New York: McGraw-Hill Education. Jurevicius, O. (2013, April 9). Mission Statement of Samsung. Retrieved from Strategic Management Insight : http://www.strategicmanagementinsight.com/mission-statements/samsung-mission-statement.html Kim, R. (2007). Samsung 's Competitive Innovation and Strategic Intent for Global Expansion. Problems and Perspectives in Management, 131-138. Liez, K. (2014). Reasons Why Smart Goal Setting is Important. Retrieved from Naldz Graphics: http://naldzgraphics.net/tips/importance-of-setting-goals/ Samsung. (2014). Vision 2020. Retrieved from Samsung.com: http://www.samsung.com/us/aboutsamsung/corporateprofile/visionmission.html Samsung Electronics. (2014). Retrieved from GrowthChampions: http://growthchampions.org/growth-champions/samsung/ Wales, I. o. (2013). How Changing Market Conditions Can Affect Your Business. Retrieved from inbusinessinfo.co.uk.: https://www.nibusinessinfo.co.uk/content/how-changing-market-conditions-can-affect-your-business