(2019, p. 12), such a business environment implies increasing velocity of change, which serves as a potential challenge for modern enterprises. This takes a deep analysis of the segmentation are made to apply. Where applicable, PESTEL, SWOT, and Porter's Five Forces analytical tools are used to explore the internal environment of the company. However, the increasing competitive factors require the corporation to focus on the development of new business strategies to maintain its dominant position. Apart from transferring the companys novelty techniques, supporting the access to the foreign market, and setting up IT infrastructure, Samsung Company also implemented suppliers innovative capability. Not to mention that these companies have a high level of experience and have knowledge on how to properly run data centers. Samsung company, this is having a big structure and dealing in electronics, chemicals, and engineering. Therefore, its resources do not only include physical assets but also revenues and acquisitions. Analysis the market of Samsung Company This part used the SWOT method to analysis the market of Samsung Company, concludes its external and internal factors to analyze its strengths, weakness, and opportunities, and threatens (Hill and Westbrook, 1997). It is predicted that the company would roll out such initiative in other countries across the globe. Chat, Motivation Letter for the University of East Anglia. Samsung Electronics is an international company and one of the global leaders in the technology sector, electronics and electrical equipment industry, and it ranks 15 in the Fortune Global 500 Companies. The company controls a sizeable influence of the economic and political policies that shape the development of the home country and is thus a powerful image in the country . Razdan (2017) suggests that Samsung Company should acquire a settled retail chain to get support in the market, thereby increasing its brand value to recover market participation. For over 70 years, the company has launched a wide range of technologically advanced consumer devices. A solid HR department is a must for any business, and both internal factors -- like . Nonetheless, Samsung is in a constant encounter with the international market competitors that also pursue a fast-growing development and focus on technological innovations, such as LG that launched a new OLED production facility. events that occur within an organization. Samsung was not able to compete with the industrys leaders (i.e. Samsung Electronics holds Eco-Council and working-level committees, whereby environmental experts and managers gather to share ideas about technological and regulatory trends for developing highly energy-efficient products. This was accomplished through financial support, plant advancement, technology development, and human resource development (Lee, Lee and Heo, 2015, p. 5). (2023, January 10). To maintain the competence within the overseas market, Samsung increased support for supplier capacity to address the crisis that the company confronted. The other effect is that development of such technologies would mean that even the competitors are able to develop similar products thus saturating the market. Economic segment are economic condition which are in existence while technological segment, involves technological changes within and outside the firm which directly or indirectly affects, the industry. According to Peng (2008), the company was the second-largest ship maker by revenue in 2010. The company has about 350,000 employees word wide. As such the impact of the external business environment factors on Huaweis marketing strategy are explained by the PESTEL Model as follows: The process strategies, for such a large manufacturing company, would need to be varied. Razdan, V. (2017) Analysis of Samsung Electronics strategy for the period 2014-2017, and development of strategic options for growth and sustainability. A new ideology aims at enhancing the suppliers capability and taking the role of a globally competent corporation led with transparency and trustworthy culture. Financial resources of the particular enterprise are engaged in the firm infrastructures operations in the face of financial assets that are responsible for the support activities in the value chain model designed by Porter. This research paper generally seeks to explore the external and internal environments of the company. 12-24 hours B. Sensitive market to these kinds of products are commercial line and offices those has to get technological interface to attain day to day tasks. This website is using a security service to protect itself from online attacks. By 2012 revenues, the company was the worlds information technology company. (2023, January 10). Well write a 100%plagiarism-free paper this fast! Providing respectful and professional communications to both internal and external customers. As a whole segmentation drawn upon age, gender, regional, season, taste etc. The company also follows a strict set of business principles that seek to comply with laws, respect clients, care for the environment, participate in corporate social responsibility and build a good organizational culture. The payment is, thus, based on employees performance and performance-based promotion. If you continue, we will assume that you agree to our, A fifty-year journey towards a sustainable future, role of governments and the use of political influence for multinational companies like Samsung, establishing a production base in countries to get favourable tariffs and excise duty exemptions, politics determine how the business is managed and led by its officials, Samsung company both lost and made use of the manipulation of political unrest, the support of two competing political parties in South Korea jeopardized the companys reputation; however, it did not impact the situation in western countries, the company expanded its global image due to setting up new markets in the developed world, the economic decline in this region caused Samsung to create new profitable projects in emerging markets, consumer electronic products decreased in lifespan as a result of the accelerated technology obsolescence, companies should estimate new products at a high price to reach the breakeven point quickly, consumers in developed countries are a target audience that can afford new electronic devices, the effective business strategy implemented by Samsung implied the consumers reduction of income in the industrialized sector, the current economic downturn caused by the COVID-19 pandemic requires new approaches to alleviate its negative impact on business, changes in consumer lifecycle as a result of modern fast-growing and evolving society, the increased impulse of buying new products, specific factors of multinational operations adhere to local circumstances, new products and services that Samsung offers must meet the evolving customer preferences in particular countries, Samsung operates within sector-driven-by-consumer lifestyle preferences, reliance on the market dynamism in terms of the companys capabilities, the electronics sector is defined by technological innovation that requires the company to make considerable investments in production technology and R&D, current items need to be continuously upgraded since technology is Samsungs main feature, the company faced a critical production project error with Samsung Galaxy Note 7 resulted in exploding cell phones after launching in 2016, increased focus on climate change that promoted eco-announcements from firms in electronics and computing, adapting eco-friendly materials and systems in manufacturing products that serve as a strong competitive advantage, a conscientious customer demands Samsung is mindful of providing the products that satisfy the modern customer politically correct, preventing from undermining the working standards or the employees salaries that are engaged in the development of the final product, the industry is highly dependent on technological advances, which incorporates the critical issue of IP (intellectual property), product safety concerns have a significant impact on the companys reputation and affect product sales rate, copying or limitation by market competitors: Samsung addressed heavy fines for the copying of Apples iPad and iPhone, the company lost the majority of the legal proceedings to Apple, the company has a high brand reputation with an international presence, integrated research and development capabilities adhere to high standards, solid research and development (R&D) expenditure, one of the strongest patent portfolios amidst technology organisations, product innovation and design competencies, product design based in Korea and production in China, products cost is high as compared to domestic competitors, the rapidly expanding notebook industry and smart home market, families as the target consumer in the TVs segment, Samsung entered the Chinese markets that are expected to grow over 40%, which is higher compared to the international speed 13% (Omer, 2019, p, 58), governments support that serves as the largest customer within the industry, enhanced, more rigorous competition in the industry, specifically from the low-cost companies, such as Huawei and Xiaomi, specific components regularly face supplying constraints, outsourcing companies objective into market, the predominant position of Apple Company in North America. The history and the competitive advantage. The company regularly monitors trends in domestic and international privacy and personal data protection and works on response plans to adjust to new or modified laws. As mentioned, marketers cannot control the factors of the external environment. Despite the production outcomes, the South Korean technology leader managed to achieve the 4.5% rise in 2018 revenues compared to 2017 and increased its profits by 9.1%. Samsung relies heavily on these assets, leveraged for strategy formulation and implementation. The plan applies external environments like the industrial environment and the economy. Such an open approach to human resource management indicates respect to the autonomy and creativity of employees, as well as excluding any obstacles in systems and practices to improve the efficiency and competitiveness of the workforce. Course Hero is not sponsored or endorsed by any college or university. However, there exists a differential weight in which these factors affect companies in different in industries. However, in 1990s, during the Asian financial crisis, Samsung cut costs and reemphasized product quality and manufacturing flexibility, which allowed its consumer electronics move from project phase to store shelves within next six months. The internal life-sustaining fluid that allows sustaining exchanges and encompassing the cells, form the internal environment. Takes a deep analysis of the segmentation are made to apply, chemicals, and internal. Have knowledge on how to properly run data centers 70 years, the company confronted can not control the of... The industrys leaders ( i.e years, the company was the second-largest maker! Competitive factors require the corporation to focus on the development of new business strategies to maintain the competence the... Interface to attain day to day tasks industrial environment and the economy supplier capacity to the! 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