Table of Contents
2.0 Samsung overview.
2.0 Leadership, time frame, and changes over the last 10 years.
4.0 Application of theories and models.
4.2 STEEP model for macro (external) environment analysis.
4.3 Porter’s Five Forces Analysis for microenvironment analysis.
4.3 Stakeholder analysis.
4.4 Organizational Culture.
4.5 SWOT analysis of Samsung.
5.0 Role of Samsung’s business functions.
5.2 Human Resource Management
5.3 Corporate Social Responsibility (CSR)
5.4 Accounting and Finance.
5.5 Customer satisfaction.
6.0 Samsung’s strategy for the next decade.
Strategic plans and strategic directions are essential for any business, and they need to be updated and changed on a regular basis. This is because both internal and external business environments are frequently changing and they affect efforts of strategic planning and direction significantly. As the external factors, the key challenges come from competitive situations; social and economic change, environmental changes, technological changes, and changes in customer expectations. As the internal factors, the key challenges come from employee and employment issues, organizational structure, and cultural issues (Richards, 2016). Therefore, organizations need to changes their strategies and strategic direction to the changes in business environments. This paper analyzes and evaluates the strategic changes and direction of Samsung over the last 10 years. In addition, this paper discusses the key functions of Samsung. Finally, this paper discusses the strategies of Samsung for the next decades.
2.0 Samsung overview
Samsung is one of the leading technology companies across the world. It was founded in 1938 in Korea by Lee Byung-Chul. It is now operating in many countries across the world. The key products of Samsung are electronic components, consumer electronics telecommunication equipment, home appliances, medical equipment, etc. It serves millions of customers every week with its about 500,000 staff. Samsung has been growing up with its increase in trend o revenue and profits. It gained $305 billion revenue, $22.1 billion net income, $529.5 billion total assets and $231.2 billion total equity in 2016. The main reasons behind Samsung’s success are its effective leadership and management practices along with organizational culture and structure (Samsung Annual Report, 2016).
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2.0 Leadership, time frame and changes over the last 10 years
Samsung leadership has practiced a divisional organizational structure that has given huge success because of its simplicity and efficiency. The CEO of Samsung holds all the powers of controlling all the divisions including Consumer Electronics, IT & Mobile Communication, Memory Division, SLSI Division, and LED Business Division.
The structure followed by Samsung focuses on centralized management, where the CEO and boards of directors are responsible for making all the major business decisions. Then, the senior management influences the bottom line staff towards the organizational goals and objectives (Samsung, 2017). In a word, Samsung’s organizational structure has been working effectively and efficiently over the last ten years.
In the last 10 years, it is seen that Samsung leadership has always focused on risks and uncertainties in its business operation and gives efforts to business growth and sustainability. Samsung leadership has also aware of environmental factors related to sourcing and manufacturing, disposal, and use of its products. Thus, the leadership of Samsung has developed a ‘Green Management Philosophy’ in its internal and external operations. The leaders of Samsung have also been aware of social impact and corporate social responsibilities in five key areas that are Samsung Tech Institute, Solve for Tomorrow, Samsung Care Drive, the Nanum Village, and the Smart School. Then, the leaders have continued to reinvent their ideas, and reinvest in business growth.
In 2009, Samsung leadership has developed its ambitious “Vision 2020” and the slogan “Inspire the World, Create the Future” by setting specific goals and objectives. Samsung has also set up a number of objectives that are: a) to be an innovative and creative company; b) to be a respected company; c) to be the top 10 world’s best workplace; d) to attract the world best talents, and e) to create new markets over the world…………………