Week 6 assignmen STR

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Samsung Strategic Plan

Gabrielle Zephirin

STR/581

4/19/21

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Strategic planning for a company entails determining the most effective methods for

achieving each of the company’s objectives. The formulation reflects on the organization’s

appropriate course of action for achieving its vision and purpose. The moves that are taken are

determined by the company priorities that are being pursued. The actions that define a company’s

strategy include actions to upgrade, build, and acquire competitive resources, managing research

and development, production sale, and marketing, finance, strengthening competitiveness,

corporate culture, market standing and reputation, capture of emerging markets and actions to enter

new product or geographic market. The other actions include gaining increased market share at

lower costs, strengthen firms bargaining position and improve its performance features. The

strategy planning is critical process for every organization. Evidence-based techniques are

implemented at Samsung Electronics in to achieve the desired outcomes. The method of

developing and preparing a plan is critical since it describes the most desirable approaches to

achieving an organization’s target. Samsung is following this phase in to deliver quality

products that can succeed in the global market. Samsung Electronics strives to produce

revolutionary products and creates new business plans through customer-focused marketing

campaigns.

Samsung Electronics is one of the most well-known consumer electronics companies. The

company has been concentrating on the most effective initiatives that can produce beneficial

outcomes. For example, in to manufacture superior products and appliances that can compete

effectively in the global market, creativity is taken seriously (Hadjikhani et al., 2016). Based on the

changing demands of the global market, the company’s R&D department employs a variety of

processes and techniques. The needs of the customers drive the strategy design and preparation

process. Basic activities such as evaluating the global market climate, identifying goals, and

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analyzing historical results are all part of the strategic formulation process (Hadjikhani et al.,

2016). The strategic approach is based on basic characteristics like opportunities, corporate

objectives, and current capabilities (Son & Kim, 2016). Since deciding on the correct plan, the

right team is put together to produce the desired results. Based guidelines, on the other hand, have

the power to reshape the company’s future results.

The principle of corporate social responsibility (CSR) supports Samsung. The company

engages in a variety of initiatives in to improve the lives of more individuals. More

consumers may be attracted as a result of the campaign. The CSR principle is an essential aspect of

the company’s overall strategy. As a result, the company’s image has improved, and it has drawn

more stakeholders. The external climate of the company also influences the strategic

formulation process. This is because the success and profitability of a corporate company are

influenced by a variety of factors. The nature of opportunities in the external world is closely

scrutinized (Cirjevskis, 2016). The insight gained makes it possible for the company to develop the

right strategic strategies.

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References

Cirjevskis, A. (2016). Designing dynamically “signature business model” that support durable

competitive advantage. Journal of Open Innovation: Technology, Market, and Complexity, 

2(1), 1-15

Hadjikhani, A., Lee, J., & Park, S. (2016). Corporate social responsibility as a marketing strategy

in foreign markets: the case of Korean MNCs in the Chinese electronics

market. International Marketing Review, 33(4), 530-554

Mohapatra, D. (2016). A study on the product life cycle of Samsung smartphone’s in

India. Emerging Trends in Management & Information Technology, 1(1), 41-49.