Samsung has been a huge name in the global smartphone and electronics industry. The conglomerate was established in 1983. It has been one of the most successful and high acknowledged brands for its products all over the globe. Since 1983, there has been an exponential increase in the company's portfolio in terms of product innovation. The focus on innovation and R&D has majorly triggered the expansion and growth of the company all over the globe. The company has had a major positive shift based on Samsung's mission and vision statements. To understand how the company explored the unfavorable market with tons of competitors, Samsung needs to analyze and understand the activities which create a differentiating factor for the company in the market while exploring the Samsung Mission statement and Samsung Vision Statement and how they impact the business operation, consumers and all other stakeholders.
Explore through the analysis of the Samsung mission and vision statement to foster the company's business idea and operational aims.
The Samsung Mission Statement states, “We pledge our resources and technology to advance the quality of our services in the global sphere.” The business mission is a clear indicator of the company's efforts in terms of growth and development as well as product innovation in semiconductors, electronics, and technological products. Samsung has laid great focus on the following aspects of its corporate Mission statement while laying more emphasis on the enhancement of the business operations and developing strategies better to represent the company in the international market positioning:
- Resources allocation and effective usage in terms of the technical and human resources
- Major efforts in increasing the superiority and integrity of the Products and services
- Development and advancement measures for the global society
Samsung has further ascertained the need for investment in human resources and technology since they are the key possessions of a company that can be used to attain its goals and purpose. The Samsung Mission Statement states that human and material resources are integral to a company's strategic objectives. Investing in them ensures that the company achieves its worldwide business objectives while competing against giant competitors in the global world.
Samsung's corporate objective in the mission statement has laid great dedication to the significance of people resources. The enhanced quality of the products and services and addressing the consumers' concerns are at the heart of the mission statement. In the electronics industry, the company aims to grow into complete dominance. The Samsung Mission Statement further emphasized excellent communication skills to achieve more operational effectiveness.
Samsung Vision statement states, "Inspiring globally with our breakthrough tech gadgets, products, and innovation that improve people's lives by building a new time." The Samsung Vision statement highlights that the company has been investing more focus and resources on the technological business aspects, which are focused on the improvement and advancement of the society and individuals in it. Samsung has been employing the term "Ambition 2020: Inspire the World, Create the Future" to highlight the vision of its future. The Samsung Vision Statement can be easily implemented globally, especially in the subsidiaries owned by the company in the consumer electronics, computing technology, and semiconductors industrial sector.
The main elements of Samsung's vision statement are as follows:
- Innovation to inspire and grow on the global scale
- Enhancing the quality of people's lives while maximizing efforts to enhance social prosperity
Samsung's strategic objectives synchronize with the company's vision statement, which focuses on the manufacturing of goods. The company focuses on exciting the customers through innovation, offering flexible and affordable product pricing while catering to the cultural variances of the market.
There has been a significant focus on the level of innovation as well. The innovation in the product, making them more customer-friendly and technologically innovative, is the key. Samsung's corporate responsibility plan is also a highlight which ensures that the social, environmental, and corporate roles are filled in the best manner possible for the betterment of the society and the community.
The core values of Samsung aim to fulfill all the company's key roles and responsibilities towards its employees, customers, community, and the environment. The core value of Samsung is as follows:
“People, excellence, change, honesty, and co-prosperity"，on which the entire foundation of the company is built. Based on these fundamental values, the company offers its employees a very rich, healthy, and inclusive culture. The company has expanded its location worldwide to work on these essential core values.
All stakeholders of Samsung have been a key aspect of the company's core values. The company holds great regard and respect for them and ensures they get all the benefits from their business growth and profits.
Samsung has been putting a lot of focus on the inclusion of quality in the products via creativity. It has been investing in its Human resources to gain prosperity. Flexibility is also at the core of the company’s values and is the primary pathway to achieving the zenith of success in the corporate world. In the section of Samsung Electronics, the company has been focusing on offering products more sustainably. The production, distribution, and recycling are all eco-friendly. The eco-design technique in a product's life cycle is the key to conserving natural resources and going carbon-free.
Samsung Mission and Vision Statement Analysis Mind Map
The Samsung Mission and Vision Statement Analysis Mind Map highlight that the company is committed to offering its products of high quality with a diverse portfolio for consumers worldwide.
Figure 1 Samsung Mission and Vision statement analysis
There has been an exponential increase in the company's portfolio in terms of product innovation. The focus on innovation and R&D has majorly triggered the expansion and growth of the company all over the globe. The innovation in the product, making them more customer-friendly and technologically innovative, is the key. Samsung has introduced a wide range of products in recent years. Samsung Mission and Vision Statement analysis report highlights the enormous competition in recent times from Apple, Huawei, Realme, and many more smartphone brands.
There is a need for the company to rejuvenate its innovation and research department to come up with more creative and innovative products that can cater to the needs of the customers. Samsung's mission & vision statements indicate that the company is dedicated and committed to its innovation and research aspects. With PDF Agile, you can download this report for reading later.
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