The vision of the Samsung Corporation is to be constantly innovative in technology, products and solutions in order to inspire communities around the world. Since its inception, Samsung Corporation has strived and grown to be one of the leading information technology in the world and controls over 200 subsidiaries globally(Porter, 1979). As a show of commitment to innovation, Samsung Corporation adopted a multi-pronged approach that make the corporation to be a global consortiums that helps to find solutions to the emerging issues, collaborate with leading universities to create value and improve future products, work together with materials and equipment vendors to establish a better control of quality and manufacturing as well as jointly conducting research with overseas research centers in order to improve their operations and increase the volume of their research.
The mission statement of the Samsung Corporationintends to achieve two overall goals which is the qualitative and quantitative in terms manufacturing and sales of products. Quantitatively, Samsung Corporation has managed to reach $400 billion in sales hence making the company one of the leading and predominant in the world informational technological industry and becoming top five globally(Samsung Electronics, 2015). In the past five years, Samsung Corporation has recorded a growth of 17.45 % annually, to cumulatively reach $141.21 billion in the year 2012. The projection was that the company will attain its overall sales mission by the year 2021, if the sales continues to grow by 17.45 % annual. In 2008 Samsung was ranked at position 49 in top global brand. Recently, the company moved to position 4 in 2012 and has remained in 4th position in the last three years. This is clear indication that one of the company’s goals has already been achieved. However, the company is likely to lose its grounds as a result of recent problems associated with note 7 battery catching fire.
Although the primary stakeholders of the Samsung Corporation are the individuals who own shares, government, employees, customers, equipment and materials vendors also play important role in the daily operations of the company. As a result, the company has adopted different approaches to target each of the stakeholders(Brostoff, et al., 2015). One of the approach is annual general meeting where management of the company, board of directors and shareholder come together to deliberate on the performance of the company, discuss important issues affecting the company and propose future undertaking that helps the company grow. Some of the important issues addressed in the meeting include strengthening compliance, development and operating health research centers around the globe.
In the case of consumers, Samsung directly communicate with their consumers through feedback approach, where the company directly contact their consumers to give their feedback about the brands and services offered by the company. This way the company is able to tailor their customer services to meet the needs and wants of the customers. The company also conducts employees’ surveys with the objective of gathering views from the employees about their working environment(Daft, 2014). Based on the feedback, the company has improved working shifts and reducing workload. Lastly, Samsung Company actively engages with governments from various countries to help in policy making that has led to energy management systems. As a result, the company has seen its operations reduce energy consumption by 10 % and produce products that has greatly reduce power usage by nearly 50 %.
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