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Samsungs Strategic Plan

Samsungs Strategic Plan

A company’s strategy includes the coordinated actions taken by managers to increase competitive advantage and profitability (Thompson et al., 2022). Samsung is among the companies that have been using their strategy to maintain dominance in the telecommunications market. The company’s strategic plan is outlined in its 2023 sustainability report. The plan clearly states where the organization is going and how it will get there, hence informing stakeholders what to expect. For example, the plan states that the company will focus on strengthening its relations with stakeholders and aligning itself with the stakeholders on issues relating to sustainability through active communication and using multiple communication channels (Samsung, 2022). The plan also states that the company intends to achieve sustainability in its supply chain by reviewing the performance of its suppliers in labor and human rights, environment and safety, purchase and quality, finance, and eco-partner certification (Samsung, 2022). Informing stakeholders about where the organization is going and how it will get there is essential in gaining their support and assuring them that the company is making an effort to meet their needs.

Samsung’s strategic plan does not evaluate the organization’s external and internal environments; however, it mentions how it intends to maintain relations with internal and external stakeholders. For instance, the plan indicates that the company intends to meet its customers’ key interests by improving quality and safety management systems and investors’ and shareholders’ interests by forecasting business performance and environment and disclosing information on corporate governance. The plan also states that employees’ key interests will be met through career development programs and mentorship, and suppliers’ interests will be met through funding and offering technological support to the suppliers (Samsung, 2022). The relationship with stakeholders is important in creating a good internal and external environment for business operations, which is why it is an important factor to consider in creating a strategic plan.

Another important factor that should be considered in a strategic plan is how the organization intends to deal with employees and create a diverse workforce. Samsung’s strategic plan clearly outlines a people plan and how the company intends to achieve a diverse workforce. For example, the plan indicates that the company will be committed to respecting freedom for all and human rights by using human rights policies that dictate how it expects its partners, suppliers, employees, and stakeholders to treat people. The plan also indicates that the company will be committed to employee capacity building through training workshops. The people plan also includes the acknowledgment of employee representative bodies such as Works Councils and Labor Unions. Samsung’s plan to achieve a diverse workforce includes creating a non-discrimination policy that gives employees from all backgrounds equal access to opportunities, empowering women, and supporting employees with disabilities.

Samsung’s strategic plan clearly outlines the company’s corporate social responsibility and environmental sustainability. For instance, the report states that Samsung’s corporate social responsibility activities include diverse training programs that focus on enhancing the technical capabilities of future generations and donation programs that target the underserved people in the community. Samsung’s environmental sustainability plan includes a new environmental strategy that intends to address global environmental issues using innovative technology. The company’s environmental sustainability plan also includes achieving a net zero for its DX Division within the next seven years and a company-wide net zero by 2050 (Samsung, 2022). Samsung is also committed to promoting reusing and recycling to prevent environmental pollution.

References

Samsung. (2022). Samsung Electronics Sustainability Report 2023. https://www.samsung.com/global/sustainability/media/pdf/Samsung_Electronics_Sustainability_Report_2023_ENG.pdf

Thompson, A. A., Strickland, A. J., Gamble, J. E., & Peteraf, M. (2022). Crafting & executing strategy: The quest for competitive advantage: Concepts and cases (10th ed.). McGraw-Hill.

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Question 


***The Company I’m using for this assignment is Samsung*****
Assignment Content

In this course, you will be analyzing an existing strategic plan based on the information you have learned throughout the coursework in your MBA program.

Samsungs Strategic Plan

Samsungs Strategic Plan

Research and select a sample strategic plan in an industry with which you are familiar or interested. Be sure it includes the various components of a typical strategic plan. Reference Figure 1.1 “Identifying a Company’s Strategy—What to Look For” in Ch. 1 of your text.

Identify in 350 to 525 words what the plan does well, in addition to areas for improvement.

Discuss whether the plan:
Clearly states where the organization is going and how it will get there
Evaluates the organization’s external and internal environments
Includes a people plan and addresses the achievement of a diverse workforce
Includes corporate social responsibility and environmental sustainability
***Emailed pages from textbook to:[email protected]*****

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