June 27, 2018

Samsung management strategies. Essay sample

 

Taking into account the fact that Samsung has managed to become a world-class corporation, it is interesting to learn how they managed to do that.

To begin with, it is important to highlight the fact that the company implemented a new initiative in 1993 which was proposed by Chairman Lee. The problem which the company faced at that time was the complete and total lack of competitiveness. A rather bold initiative was implemented. To specify, the company and management has decided to create a digital revolution in order to get ahead of its competitors, the biggest one being Sony. In such a way, the main aim was to make Samsung the leading company in the field of electronics in the 21st century. Reaching that aim was not easy which was the reason why the company had to make tons of radical changes. In addition, a lot of employees could not completely understand why the company decided to change so drastically. Luckily, all those new approaches totally paid off. The thing is that the company invested a lot in R&D and brand marketing which was one of the reasons why the outcome has been so impressive. The operating profits of the company got sufficiently higher, not to mention the fact that they were also higher than those of their competitors. Taking into account the fact that Samsung was a relatively unknown company at that time, performing better have helped them become recognized by potential consumers which resulted in demonstrating better profits than their competitors Sony and Panasonic.

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All in all, it can be said that Samsung is one of those rare companies that have unique approach to management.

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