Samsung is recognized as the world’s largest information technology company and consumer electronics maker. Over six decades, this company dominates several markets and industries. Samsung makes electronics, digital media devices, semiconductors, memory chips, and integrated systems. But the most notable and well-known products are electronic devices. As a south Korean company, Samsung generates around 17 per cent of South Korea’s GDP. Years of perseverance and strategic direction pull of the competitive market and uphold the brand gracefully. Innovation, a high level of flexibility, and advanced strategies give a competitive advantage that helps them to compete with companies like Apple, BBK electronics. In recent years, Samsung is being in tight competition with tech giant Apple. According to Quarter counter research, Samsung has a 23 per cent market share in the global smartphone market which is the highest position in the industry.
Samsung Mission Statement
A company’s mission statement defines the strategic approach to accomplishing the goal.
A mission statement that is explicit and concise can demonstrate a whole organization’s work processes. Samsung has conducted its business successfully since 1938. To manage big corporations needs a precise mission and vision. Samsung focuses on the products and services they deliver to make an impact on society.
Samsung’s mission statement is “We will devote our human resources and technology to create superior products and services, thereby contributing to a better global society.”
The mission statement exhibits the following elements
- Devoted Human Resource
- Superior Product and Service
- Global Impact
Devoted Human Resource
With an outstanding workforce, companies enable to reach their goals. Samsung believes in the excellence of the human workforce. Over the years, they emphasize the development of human resources which considers a key determinant for growth. Samsung ensures a discrimination-free work environment where talents can thrive and create potential opportunities.
Superior Product and Service
Samsung develops very keen strategies to make superior products. They passionately seek innovation and never lag in adaption. To keep pace on the battlefield, Samsung never compromises product quality and superiority. And by doing so they aim to the best in the market.
The mission statement clears out its purpose of being the global leader which will leave a footstep on the history, Not only by the brand name but also by the impact they make through their products and service. Maximizing the reuse of four post-industrial materials from the manufacturing, and reducing the exploitation of virgin natural resources and raw materials are some initiatives to impact globally.
Samsung Vision Statement
A vision statement is a broader perspective of companies aim. Throughout time where a company wants to see itself – this is explained in the vision statement.
“To inspire the world with our revolutionary technologies, products, and design that enrich people’s lives and contribute to social prosperity by creating a new future,” says Samsung’s vision statement.
Key takeaways from the vision statement of Samsung are:
- Innovative Technology
- Prosperous Future
Samsung sets its vision to become the most innovative tech giant in the world. Its strategic decisions also have always been consistent with the vision statement. Samsung embraces new technologies to gain a competitive advantage. The recent adoption of Samsung is – To be environment friendly and create eco-friendly products. Galaxy S10 and Grande Dryer are created through Eco-Design Processes.
Samsung dreamt of a prosperous society where peoples live, and society will be improved. Through innovative products and advanced technology, livelihood will gain prosper and thrive. Samsung put huge afford into the corporate social responsibilities to be impactful in the long run. Environment-friendly product and manufacturing process is an endeavor of achieving its vision.
Core Values of Samsung
From the beginning of the company, they follow a set of rules to attain goals. Focus on innovation which brings excellence, keep investing in people to achieve prosperity, being flexible in adopting changes leads them to the peak of success. From the moment product planning begins through the final disposal and recovery of a product, Samsung Electronics prioritizes the environment. Its eco-design methodology, which began in 2004, examines a product’s environmental impact at every stage of its life cycle. They ensure everything they can do to make the products as environmentally friendly as they are functional – from resource conservation to recycling.
Samsung core values include
Samsung cherished maintaining its mission and vision statement viable to keep on track. And the bottom base of the mission vision is the core values of the company. The following values shape organizational culture and brand image.
- Bowen, Shanon; Mission and Vision.(2018) , University of South Carolina
- The real mission of the mission statement: A systematic review of the literature. Journal of Management & Organization, volume 24, Issue 4, 2018.
- Samsung Sustainability Report-2016
- Haydn Shaughnessy. (2013). What Makes Samsung Such an Innovative Company?
- Samsung- Resource Efficiency