Samsung and its business objectives.
Samsung is a South Korean multi-industrial company which has it’s headquarter located in Seoul. It was founded by Lee Byung-chul as a trading company in 1938. Samsung powerfully influences on South Korea’s economic development, politics, media, etc. Samsung group was first diversified into areas of food processing, textiles, insurance, securities, and retail. It entered the electronics industry in the late 1960's . This blog is about how Samsung meets its business objectives .
Economic objectives:
Samsung’s IT & Mobile Communications unit, which mainly provides Mobile devices and networking facilities, is estimated to generate about $86 billion to Samsung’s Sales, accounting for about 43 percent of the company’s overall revenues of $203 billion. Revenues from IT & mobile communications rose modestly from about $82 billion in 2015 to around $85 billion in 2018, revenues from semiconductors improved from about $38 billion in 2015 to $73 billion in 2018, revenues from consumer electronics dropped from about $37 billion in 2015 to about $36 billion in 2018. As a whole, revenue of Samsung rose from $178 billion in 2015 to $222 billion in 2018, but it is projected to fall to around $200 billion by 2020.
Social objective:
Extreme competitiveness is faced by the technological sector. Samsung holds a good role in the US industry, from Apple to Huawei, Xiaomi, and many others. Years of strong emphasis on product quality, as well as research and growth, have helped the company increase its reputation more rapidly. In 2006, Samsung took the top spot in the TV industry and has held its position for 14 years in a row since then.
Human objective:
The sustainability management of Samsung aims at building interconnected principles. It not only establishes an economic value by maximizing income and shareholder values, but it also accepts a greater obligation to establish social values as a global citizen. They offer creative goods and services through the value chain based on Samsung’s core principles which include : people, excellence, change, integrity and co-prosperity and also create fiscal, social and environmental values, and track the financial and non-financial impacts of Samsung.
Therefore, by meeting its business objectives, Samsung fulfills the strategy to create economic, social and environmental values.
Reference list:
https://en.wikipedia.org/wiki/Samsung
https://www.forbes.com/sites/greatspeculations/2020/01/02/how-does-samsung-make-money/
https://notesmatic.com/2020/09/strategic-analysis-of-samsung/
https://www.samsung.com/us/aboutsamsung/sustainability/strategy/