Good Example Of Samsung Essay
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In the progressive sectors of modern economies operate mostly successful corporations of a global type capable of constant generation of technological, production and marketing innovations. Developing organizational network structures, implementing the effective forms of investment cooperation, they capitalize the most lucrative markets, form new philosophy and culture of global management. Therefore, globalization is about to substantially correct the national and international strategies, filling the activity of micro and macro structures with a qualitatively new content. Being a dominant in the markets for goods, services, capital, technology and management innovations global corporations are becoming the most influential subjects of the world economy and at the same time - the most dynamic of its structure elements.
One of the examples of the global structure operating on the world market is “Samsung”. Samsung Electronics is a world leader in semiconductor and telecommunications equipment, as well as digital convergence technologies. There are about 70 thousand people working in 87 offices of the company in 47 countries. The company consists of four main business units: Digital Media Network Business, Device Solution Network Business, Telecommunication Network Business and Digital Appliance Network Business.
Just a decade ago brand Samsung was associated among consumers (if they did something to have heard of it) with a cheap, low-quality consumer electronics products that mimics the more famous competitors. But in 2005 in a study BusinessWeek dedicated to the 100 best global brands, Samsung has been recognized as brand №1 in the world of consumer electronics. Samsung Company was among those few, who managed to be successful in what other companies were only trying to make; it has built its brand by focusing on innovations in the field, where there are accumulated different digital technologies.
Creation of Samsung Electronics was promoted by the restoration of diplomatic relations between South Korea and Japan in 1965. This allowed the head of Samsung's Lee Bong-chul to negotiate with Japanese leaders on the technological support of electronic industry, which was just in its infancy in South Korea. As a result, in 1969 together with the Japanese company Sanyo there was founded Samsung-Sanyo-Electronics Company, which has specialized on the manufacture of semiconductors. A few years later the company became the property of Samsung. Several companies that were previously owned by Samsung jointly with Sanyo Electric, have merged into a corporation Samsung Electronics.
Samsung Electronics products have quickly found its buyers. So in 1972 Samsung Electronics Corporation has released the first black and white televisions, and in 1977 – colorful ones. The corporation has decided to expand its business through the production of household appliances, washing machines and refrigerators. In order to accomplish this idea Samsung Electronics has built a factory and annexed the Korean company Semiconductor Co.
After the start of cooperation with Korea Telecommunications Co, the company has again changed its name to “Samsung Semiconductor Telecommunications Co”. Thus, in 1977 Samsung has exported its products at the total price of $ 100 million to the United States of America, where the company has opened its first sales office across the ocean.
The other aspect concerns the creation of the best products and services and means the creation of the products and services that provide with the highest level of customer satisfaction as well as holding the 1st place in the world in every line of business. And what is the most meaningful to the company is contributing to the development of society, which includes the contribution to the achievement of common goals and welfare and fulfillment of the company’s mission as a member of society.
Samsung always adheres to the local laws and regulations as well as requires the strict adherence of a Global Code of Conduct from it’s employees. The company believes that the ethical governance not only helps to quickly respond to the changes in the global business environment, but also contributes to gaining the confidence of the interested parties, including customers, shareholders, employees, business partners and local communities. Aiming to become one of the most ethical companies in the world, Samsung is aggressively training it’s employees, involves the monitoring systems and is practicing the honest and transparent corporate governance. . . . . . . . . . . . . . . . .
Samsung Electronics pays a great attention to the personnel policy of the company and the preparation and training of personnel as well as to the issues of concern for the society in which the company is working. People are the main value out of 5 in Samsung Electronics. The prosperity of the company depends primarily on the people who work in it. That is why Samsung Electronics pays a great attention to HR-strategy and builds the most efficient internal communication.
Also an integral part of the goals and mission of the company is in corporate social responsibility, the social initiatives that cover the main areas of human life: the environment, education and health of children, sports and healthy lifestyles.
On the contrary, Samsung Electronics has a highly developed leadership system. All the written above is to show how is this system complicated and what issues do influence Samsung’s leadership system. Lee Seung-han the Vice President and the Top Manager of «Samsung Corporation» has presented the company’s 3 deadly strategies, which are about to define the company’s way of conducting leadership and management. Among them: “Create or Die”, “Make it different or die” and “Innovate or Die”. Those are to express the company’s rigid leadership and management style. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
And the last principle is all about straightness. The company’s policy implies the openness in the relationship between all of the workers (no matter if they are top managers or just simple workers performing their duties) and the free circulation of information within the company. Nothing is kept in the secret as the company is to involve everyone into the company’s performance. Samsung Electronics is not only to produce quality products, but to develop a specific ethical code of conduct among employees within the company.
Human Resources Sector
Samsung is guided by a very simple business philosophy: to use the talents and technology in order to create the best products and services for the benefit of the global community. So Samsung attaches a great importance to people and technologies. Relying on human resources and technologies the company strives to make the main principle of management the promotion of the development of human resources and technical excellence, to improve the synergy of the whole system of management through human resources and technologies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Resources Sector
The economic fixidity and growth of a region has a major and essential influence on the profits of a business. Economic stability of a region makes it possible to have decent standards of life and high employment percentage resulting to a rising in disposable income of consumers and a close analysis of rise trends designate the market focus of Samsung (Meyer et al.) The consumer of market of electronic devices has experienced an increase in sales because of the rise of people’s spending scale, which is expected to increase over the next 10 years, due to a firm recovery from the economic recurvature of the past couple of years (Savitz).
Simultaneously, the economic power of is an index for the satiety of the market of the electronic devices. However, Western economies are zones where this company is a famous company, but experiences dormant contrariety from the people who are superficial exposed to marketing messages from all consumer electronics sellers. (Lev-Ram)Contrastingly, rising economies are a big market for expansion of the company, as the claim for upmarket people electronics is on the increase and the fame of Samsung can be utilized to position it in a good competitive position. . . . . . . . . . . . . . . . .
One more technological attribute that improves awareness and reach between the target markets of retailers is social media. The interactive online platforms provide a possibility for companies to set about in meaningful relation with their customers and aid to create a reputation of the company with the help of feedback and reviews from a customer. (Simmons).
As technology can be used by companies to become more appropriate to its desirable consumer market, mobile gadgets that make it possible to have the Internet on the go have empowered people, who are able to compare and contrast the propositions of companies with less effort. (Song, J)
People are able to use webpages that are particularly created to compare the technological specifications and the prices of same devices from different companies to get the best thing for money, for the device people are looking to buy. As such, Samsung’s impact on marketing has been raised by the availability of high-tech yet the marketing messages pertinence has been adversely impacted by people’s access to multichannel shopping environments.
Demographic alternating impact a focus of business, their product or service propositions and eventually influence on the sales and the life span of a business there. (Jaimovich & Siu) Researches show that an aging population is less likely to buy latest gadgets and gizmos that are appropriate in determining the zones of focus. Universal analysis of the demographics and cultural trends are required to assure that a company maximizes its profits.
Samsung has small centers for R&D in the various countries, like in China, India or Poland. That makes it possible to assure that Samsung has a distinct view of the people demand and expectations and, even though this company handle on a global basis, they can gather information with the help of such local centers. Labeled as globalization, the strategy of combining the universal focus of Samsung with the local information from the local markets, is a great way of a company to create a bright future of the electronic devices. That is why it is possible to name Samsung as the leader in its sphere.
For the last 10-15 years, the significance of environmental sustainability has softly grown, and successful companies such as Samsung are orderly scrutinized with regards to their carbon emission, recycling, and in general become more environmental friendly. Such large companies are forced by national and international standards to produce their products with minimal damage to the nature and environment, and decrease the negative impact on it. It is possible to say that Samsung abide such standards while producing various devices.
When the interests of the company and people conflict, one may say, that the legitimate interests of Samsung shall take precedence, thus making it possible to claim that there is a strict line between public and private affairs within the company. Even though that Samsung was sued many times by Apple for copying the intellectual property, the first one respect the intellectual property and avoid copying without permission.
Samsung Electronics has established 15 local headquarters, 38 global working areas, 34 global Research and Development centers and more than 50 global commercial departments. Samsung Electronics comprises 3 major departments: Consumer Electronics, IT & Mobile Communications and Device Solutions. Every single department has its own hierarchy with many subsection.
Organizational Life Cycle
Samsung is right now is one of the leaders in the world of technology, gizmos and gadgets, there is no doubt about that. Since 1938, Samsung became a leader in South Korea and then in the whole world. However, even though that this company is extremely large and almost half a million people all around the world are the part of Samsung, due to high competitiveness in the global market, Samsung is in huge threat from its primary rivals – Sony, Apple and other big and powerful companies. Nevertheless, due to the wide range of products, beginning with chemical industry and ending with cars, it is possible to say that Samsung will be on market for a long time.
The SWOT analysis is very important while analyzing the company as it show all benefits and implications of company’s strategies, market views, past and future expectations, internal and external factors that impact the handling of the company.
Strengths of the company: Samsung has quite big range of products, starting with mobile devices and ending up with big TVs. Furthermore, Samsung is very popuar and famous brand name, therefore it has ownership of market share. Due to that, Samsung has a lot of various awards and in general its reputation is on high level. Another strengths of this company is in low cost productions.
It is important to speak about the weaknesses of the company: Company’s strategy – the lower price the lower quality is used within Samsung. The company depends on external software for products. And for me, constant legal wrangling are have a tarnished image of the company. Opportunities of the company: It is possible to increase the market demand in various countries such as China and India. Furthermore, it is possible to say that there is a demand for new devices. Threats are also important part of the analysis: Samsung has a lot of competitors with similar reputation, so there is constant threat. Because of such great number of companies with the same devices decline in demand for TVs is possible. Also due to political instability in South Korea production of the Samsung devices could be in danger. And, as it was already mentioned above, problems of demand among older people are also can be regarded as a threat to the company.
Even though the capacity, framework and technological specs of consumer electronics is still very significant features in case of making a decision regarding the purchase of some device, various strategies and plans have an enormous influence on the reception of current and potential buyers. Company fame, consisting of their moral behavior, from human resources to their influence on the environment in whole and the reception of industry pioneers in their particular market is able to impact the profits of Samsung company in a essential way. (Michell)
Samsung Electronics Co., Ltd. is the global leader in technology that opens up a world of new opportunities for people all around the world. The state of Samsung Electronics includes 270 thousand employees working in 79 countries. The annual income of the company goes up to $ 187.8 billion. Therefore, it can be suggested that the Samsung Electronics is quite successful in its area and has a really developed leadership process. The company’s CEO together with all the employees tends to ensure the company with prosperity and lead Samsung Electronics to bright new future.
Meyer, Klaus E. et al. 'Institutions, Resources, And Entry Strategies In Emerging Economies'. Strat. Mgmt. J. 30.1 (2009): 61-80. Web.
Savitz, Eric. 'CES Live: Global Gadget Biz To Be $1 Trillion In 2012 (Updated)'. Forbes. N.p., 2012. Web. 16 Apr. 2015.
Lev-Ram, Michal. 'Samsung’S Road To Global Domination'. Fortune. N.p., 2013. Web. 16 Apr. 2015.
Simmons, Geoff. 'Marketing To Postmodern Consumers: Introducing The Internet Chameleon'. European Journal of Marketing 42.3/4 (2008): 299-310. Web.
Jaimovich, Nir, and Henry E Siu. 'The Young, The Old, And The Restless: Demographics And Business Cycle Volatility'. American Economic Review 99.3 (2009): 804-826. Web.
Michell, A. Samsung Electronics and the Struggle for Leadership of the Electronics Industry. Wiley; 1 edition. June 28, 2010. Print.
Song, J., Lee, K. The Samsung Way: Transformational Management Strategies from the World Leader in Innovation and Design. McGraw-Hill; 1 edition. August 14, 2014. Print.
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