Strategic Plan Assessment – Samsung

Strategic Plan Assessment – Samsung

Purpose of the Strategic Plan

The purpose of Samsung’s strategic plan is to guide the company on what to do to achieve its short-term and long-term goals. The plan outlines how the company will maintain its relations with external and internal stakeholders and how the organization will meet its employees’ main interests through mentorship and career development programs. The plan also outlines how the company will meet its suppliers’ interests by offering technological support and funding. Another purpose of the strategic plan is to inform the company’s stakeholders about its plans, thus preparing them on what to expect.

Key Objectives

The key objectives of the strategic plan are to inform stakeholders where the company is going and how it will get there, to inform stakeholders how the company intends to maintain relations with external and internal stakeholders and to inform employees about the company’s plan to improve them.

Market Development

Samsung faces stiff competition from companies such as Apple and Nokia, hence the need to consider market, process, and people development. According to Kate (2022), market development focuses on getting new products into the market, expanding the use of existing products, and expanding market reach. The main areas considered in market development include customer base, geography, and products. The ideas in Samsung’s strategic plan fit market development because they include the organization’s plan to expand its customer base by meeting its customer’s needs. The company can also use its corporate social responsibility activities to increase brand awareness, thus reaching more customers.

Process Improvement

Samsung’s process improvement includes offering technological support to suppliers to enable them to supply the required supplies on time, thus avoiding delays in the production process. Another process improvement is training employees to equip them with the knowledge, skills, and capacity to complete tasks within the organization effectively. The company also plans to improve its processes by using renewable energy to protect the environment.

Development of People

Samsung’s people development strategy includes training employees and creating a diverse workforce. The company uses human rights policies that promote respect for all employees despite their backgrounds and dictate how its suppliers, partners, stakeholders, and employees should treat people. The company also offers equal opportunities for all employees, empowers women, and supports employees with disabilities to promote personal and career development. The company has also created employee development programs to facilitate employee capacity building.

Product/Service and KPIs

Samsung has maintained a reputation for offering high-quality products for a long time. The company sells its products to service providers and retailers directly. The company also sells its products on online sales platforms such as Amazon and Alibaba. Although the company has managed to maintain a competitive advantage over companies such as Nokia and Apple by focusing on quality, there is still room for quality improvement. For instance, the company can improve the quality of its products over time to differentiate by using materials with high durability and enhancing features such as cameras and space on gadgets such as phones and tablets. The KPIs (key performance indicators) that Samsung can use to measure its success over time include an increase in customer base, an increase in positive customer ratings and reviews, and an increase in sales.

Recommended Initiatives to Improve the Strategic Plan

One of the initiatives that Samsung can take to improve the strategic plan is to get feedback from employees and other stakeholders about the areas that need improvement and request them to share ideas on what to add to the strategic plan to meet the organization’s goals. The second initiative the company can take is to predict any changes in the business environment that could impact the strategic plan and create mitigations to ensure that the changes do not negatively impact the plan. For instance, the company can predict changes in laws that could affect its people development plan and corporate social responsibility activities and prepare to deal with them when they occur.

Ways to Adapt to the Changing Business Environment

The modern business environment is characterized by various changes, such as stiff competition and changes in customer trends. Therefore, Samsung must be able to adapt to the changing business environment to remain competitive. One of the ways that the company can adapt to the changing business environment is by using an agile strategy. According to Freedman (2016), an agile strategy enables companies to adapt and act quickly to changes in the business environment. Samsung can also adapt to the changing business environment using organic organizational systems and structure. An organic organizational structure includes a flexible work setting with horizontal communication. Therefore, organizations using an organic organizational structure can respond to changes faster because of faster decision-making and high employee flexibility.

References

Freedman, R. (2016). Agile strategy. The Agile Consultant, 125–139. https://doi.org/10.1007/978-1-4302-6053-0_10

Kate, S. (2022). Market development. Company Voluntary Arrangements. https://doi.org/10.1093/law-ocl/9780192842886.003.0001

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Strategic Plan Assessment – Samsung

Using your analysis of the strategic plan from the Wk 2 – Strategic Plan Research assignment, complete the following:

Analyze in 350 to 525 words the following:
Purpose of the Strategic Plan
Key objectives:
Market development and how your ideas fit
Process improvement
Development of people
Product/service – How do you deliver? Is there a way to improve quality over time to differentiate?
Key performance indicators (KPIs) to measure performance over time

Recommend initiatives to support your objectives to improve the strategic plan.

Identify ways to adapt to the changing business environment.