Mission and Vision of Samsung Company - Case Study Example

Samsung Company [Name of the Student] [Name of the University] Samsung Company Description Samsung is a South Korean multinational company that began as a small trading company. Afterwards, it rapidly became one of the major international companies. It has interests in advance technology, finance, petrochemicals, semiconductors, medicine, hospitality, chemicals and plant construction. Many modern electronic appliances are manufactured by Samsung Electronics, such as, laptops, television sets, refrigerators, air conditioners, mobile phones and washing machines. The operations and sale of this company’s products are in 61 countries, and it has around 160,000 employees all over the world[Mar123]. Mission and Vision of the Company Vision To become a creative leader in new markets and to further strengthen its brand[Kum151]. Mission The goal of Samsung Electronics, is to create the future and to inspire the world. This was declared in its vision 2020[Kum151]. Strategies for Marketing In addition, in July 2010, Samsung Electronics introduced its latest products in the United Arab Emirates (UAE). These products were targeted at the technologically oriented people of that region. This company had experienced a three-fold growth, at the global level, from 2005 to 2010. Half of this growth was due to its Middle East clientele. As of the year 2010, Samsung had a fifth of the market share in the UAE[Cab101]. As such, smartphone penetration is the highest in the UAE, at the global level. This has been stated in the research conducted by Google. The mobile phone market has changed rapidly, and very soon every person will be connected to others through smartphones. The consumers of the UAE are keen to use smart handheld devices. The UAE is likely to become an attractive retail destination, at the international level[UAE13]. International Business Samsung Electronics is a strong leader in the technology related to convergence and digital media. In the first quarter of the year 2012, this company has shown the maximum sales of monitors in the UAE. Its market share has been 26.67%. Samsung displayed good growth in the UAE, and its growth rate has been 25.5% for the period from the first quarter of 2011 to the first quarter of 2012[Kha12]. Moreover, it had a 59% growth rate from the 2011 fourth quarter to the 2012 first quarter. This excellent growth was due to its successful sale of LCD and LED monitors in the UAE. These monitors featured advanced functions and much improved multimedia[Kha12]. With respect to smartphones, a large number of near field communication (NFC) and long term evolution (LTE) enabled devices have been introduced in the markets. This was due to consumer demand for connected devices that operate at higher speeds and provide payment services. Samsung strongly believes that the NFC service will become very popular, due to consumers following global mobility trends. An example being devices that perform multiple services, such as secured payments[UAE13]. Moreover, some of the proposed exceptional introductions for 2012, in the display industry, were the Smart Station Monitor and LED monitors with enabled Mobile High-Definition Link (MHL) technology. The Samsung Smart Station monitor is the best hub monitor solution, and is similar to a docking station. Users can attach their appliances to the Smart Station monitory directly, through the options for multiple connectivity[Kha12]. Business Implementation Samsung Electronics has become a very strong competitor in the Gulf Cooperation Council (GCC) nations. For instance, in the Gulf, this company had a 37.6% increase from the fourth quarter of 2011 to the first quarter of 2012. This was in the sale of monitors, after it had introduced new LED monitors. In this region, the market share of Samsung’s monitors is around 25.35%[Kha12]. The Smart Station has been made incorporated into the proprietary Mobile Control technology. It allows users of the Smart Station to control multiple connected mobile devices from a single keyboard and mouse, without much difficulty. Furthermore, notebook PCs can be connected to the Smart Station, which can increase productivity, due to the multitasking facilities resulting from this arrangement[Kha12]. During the second quarter of 2014, smartphones registration in the UAE increased to 57%. In this setting, Samsung was second with a market share of 22.5%, while Apple was third with a 10% market share. Nokia was first and BlackBerry, LG, and HTC, were fourth, fifth and sixth with 6.8%, 0.9% and 0.9% of the market share, respectively[Bas141]. The Telecommunications Regulatory Authority (TRA) published data for the April to June period. It related to the most popular mobile phone handsets, applications websites, and social networking platforms. The iPhone 5s was seen to be most popular in the UAE, with 3.5% of the total handsets in the UAE. In addition, the iPhone 5 proved to be the most popular smartphone, with 2.6% of the market share. The Samsung SIII, with 2.6% market share was the third most popular. The other smartphones of this company, namely Samsung S4 LTE, Galaxy S Duos, Samsung Grand, Samsung Note 3 and Samsung S3 Mini had a market share of 1.8%, 1.7%, 1.2%, 1.2%, and 0.8% respectively[Bas141]. SWOT Analysis Strengths Samsung has remained popular in this category. As of the third quarter of 2014, Samsung its market share was 83% in the large screen phone segment. With regard to the sales of smartphones, Samsung had a 46.25% year on year increase[SAM14]. Samsung Electronics is one of the largest companies of the world with a very good brand image. In the electronics sector, it is the largest manufacturer and sealer of memory chips. Moreover, it is the second largest manufacturer of semiconductors. In addition, it is the largest manufacturer of LCD and LED screens[Mar123]. Anupam Birla, a very important official of Samsung Gulf Electronics, states that this company has become a global leader in display technology. Therefore, it has decided to highlight its goods, by incorporating innovative technology and design that provide its customers with real value[Kha12]. Weaknesses Samsung’s products do not have differentiation and segmentation. In addition, its main disadvantage is that it concentrates on the technology and electronic segments. It has not given much importance to plant construction, chemical, hotels, finance and medicine[Mar123]. Opportunities In the year 2011, Samsung Electronics introduced a range of monitors. These were based upon improved technology, with very good picture quality and unique designs. Afterwards, in 2012, it introduced products that changed monitors from a PC peripheral to an important device on the desk of users[Kha12]. This achievement was due to the incorporation of widespread multimedia solutions and mobility options. Threats Competition is very strong in the smartphone category, and Apple is the largest competitor of Samsung in the global market[Asa15]. Demand for LCD monitors, the most targeted product of the company, may reduce in the future. In addition, online stores in the same business, provide better deals, compared to the deals given by Samsung[Kum15]. Recommendations As such, Samsung’s innovative market strategies have made it customer friendly, and symbol of good quality products. However, Samsung should be cautious of competitors like Apple, if it is to retain its competitive advantage. It should also diversify its products, as per the market trends. Samsung should be more careful about the pricing of its products. It should ensure sustainability, in order to improve and retain its competitive advantage. Conclusion It can be concluded that Samsung Electronics is a very strong competitor in the Gulf Cooperation Council (GCC) nations. In addition, due to its iconic pen technology, Samsung has become the most adaptable and interactive smart device manufacturer, in the world. This company became famous with the sale of monitors, washing machines, air conditioners and refrigerators. List of References Mar123: , (Marete, 2012), Kum151: , (Kumar 2015), Cab101: , (Cabral, 2010), UAE13: , (UAE Government News, 2013), Kha12: , (Khaleej Times, 2012), Bas141: , (Basit, 2014), SAM14: , (SAMSUNG, 2014), Asa15: , (Asaputri, 2015), Kum15: , (Kumar, n.d.), Marete, F. (2012). SWOT Analysis of Samsung's Marketing Plan. Retrieved February 14, 2015, from GRIN Publishing GmbH: http://www.grin.com/en/e-book/278578/swot-analysis-of-samsung-s-marketing-plan SAMSUNG. (2014, November 8). Samsung Leads the UAE’s Large-Screen Phone Market with 83 Percent Value Share. Retrieved February 11, 2015, from http://www.samsung.com/ae/news/local/samsung-leads-the-uae-s-large-screen-phone-market-with-83-percent-value-share UAE Government News. (2013, September 3). Samsung: UAE No.1 in Global Smartphone Penetration Index. Read More