Introduction
Strategic planning refers to the process of identifying the most appropriate approaches towards realizing every targeted organizational goal. Strategy formulation focuses on adequate courses of action that will ensure the vision and mission of an organization are achieved. Several steps should be considered depending on the targeted business objectives. One of the most important things to understand is that strategy formulation and planning is a critical process in every organization (Lager, 2016).
At Samsung Electronics, evidence-based strategies are undertaken in an attempt to realize the targeted goals. The strategy formulation and planning phase is critical because it outlines the most desirable approaches towards achieving an organization’s mission. Samsung embraces this phase in an attempt to produce superior products that can compete successfully in the global market.
- Thesis Statement: Samsung Electronics can produce innovative devices and use customer-focused marketing initiatives to create a new strategic plan.
Strategy Formulation and Planning Phase at Samsung
Samsung is one of the leading companies in the consumer electronics industry. The firm has been focusing on the most appropriate initiatives that can deliver positive results. For instance, innovation is taken seriously to produce superior devices and appliances that can compete successfully in the global market. The company’s R&D department embraces various procedures and strategies depending on the changing needs of the global consumer (Hadjikhani, Lee, & Park, 2016). The strategy formulation and planning phase is executed by the needs of the consumers. The strategic formulation phase is characterized by specific actions such as evaluation of the global business environment, identification of targets, and analysis of past performance (Hadjikhani et al., 2016).
The above aspects are used to derive the most desirable strategy for Samsung. The strategy is founded on specific attributes such as opportunities, organizational goals, and existing strengths (Son & Kim, 2016). After identifying the best strategy, the right team is assembled to achieve targeted goals. However, specific recommendations have the potential to redefine the company’s future performance.
Recommendations
Several recommendations can make it easier for Samsung to achieve its business potentials much faster. The best suggestion is for the company to combine the continued introduction of innovative products with customer-centered marketing campaigns (Hadjikhani et al., 2016). The company has been producing superior smartphones and mobile devices that support the needs of more customers. However, Samsung Corporation can focus on the best strategies to produce new devices that deliver exemplary and user-friendly applications (Hadjikhani et al., 2016). The features included in these devices should be able to improve people’s lifestyles.
After producing such superior devices, Samsung Electronics should employ the use of strategic marketing campaigns (Son & Kim, 2016). Such campaigns should be characterized by the best attributes such as effective advertising methods and promotional approaches. The strategy will inform more people about the benefits of newly-produced innovative products (Lager, 2016). Feedbacks from different customers should be used throughout the research and development (R&D) process. Platforms such as Twitter and Facebook will inform more people about the company’s products.
Cirjevskis (2016) argues that “the use of customer-centric marketing models will attract more people” (p. 4). Samsung’s external environment is characterized by numerous opportunities and threats. To begin with, the number of people using different handheld devices and mobile phones has increased significantly within the past decade. More customers are using handheld devices for marketing, socialization, and academic purposes (Son & Kim, 2016). This situation explains why Samsung has the potential to realize its business objectives. The strategic formulation phase should, therefore, be guided by these consumer needs.
The question of competition in the external environment cannot be ignored. Samsung faces competition from giant corporations such as Apple and Nokia. Newcomers such as Tecno Mobile and HTC are posing new threats to the firm. To deal with such threats, the above recommendation will ensure Samsung is on the frontline towards realizing its business potentials. The availability of superior devices will encourage more people to support Samsung’s business model. New studies should also be conducted to identify the best measures that can improve the firm’s level of performance (Mohapatra, 2016). The economic growth experienced in many developing countries should become a new opportunity for Samsung. This understanding will ensure the firm designs new customer-focused marketing models for each region.
Samsung can benefit from the corporate social responsibility (CSR) concept. The corporation should undertake a wide range of activities aimed at improving the lifestyles of more people. This effort has the potential to attract more customers in the future. The CSR concept should become part of the firm’s strategic choice. By so doing, the reputation of the company will increase and eventually attract more stakeholders. Mohapatra (2016) believes that a marketing initiative supported by various CSR practices will deliver positive results.
The takeaway for the Targeted Audience
Strategic planning can help more companies realize their business goals (Cirjevskis, 2016). During the strategy formulation phase, business managers should consider the most favorable and attainable goals. The phase should also be guided by the organization’s external environment. This is the case because numerous forces dictate the performance and profitability of every business organization. The existence of opportunities in the external environment is something that should be analyzed carefully (Cirjevskis, 2016). The gained knowledge will make it easier for the targeted organization to design the best business strategy.
Threats should also be considered during the strategy formulation phase. The organization should identify the most appropriate strategies for dealing with the existing obstacles and threats (Mohapatra, 2016). It is also appropriate for business managers to combine various strategies whenever creating the best business model (Cirjevskis, 2016). For instance, companies can focus on the best R&D initiatives to produce superior products. The next stage is using evidence-based marketing campaigns to ensure the products are marketed successfully to the targeted customers.
Corporate social responsibility (CSR) should be taken seriously during the strategic formulation and planning stage. This idea will ensure every business model focuses on the diverse needs of more customers and their respective societies (Mohapatra, 2016). Companies should also collect feedbacks from different stakeholders to ensure the newly-designed strategy is applicable. The initiatives undertaken by Samsung should be embraced by business managers who want to make their companies successful (Son & Kim, 2016).
They should begin by designing the best products or offerings that appeal to more customers. These lessons can be applied in a wide range of settings and eventually ensure the targeted companies realize their business potentials. Finally, different social media platforms should be embraced by business people who want to sensitize more people about their products.
Reference List
Cirjevskis, A. (2016). Designing dynamically “signature business model” that support durable competitive advantage. Journal of Open Innovation: Technology, Market, and Complexity, 2(1), 1-15.
Hadjikhani, A., Lee, J., & Park, S. (2016). Corporate social responsibility as a marketing strategy in foreign markets: the case of Korean MNCs in the Chinese electronics market. International Marketing Review, 33(4), 530-554.
Lager, T. (2016). Managing innovation and technology in the process industries: current practices and future perspectives. Procedia Engineering, 138(1), 459-471.
Mohapatra, D. (2016). A study on the product life cycle of Samsung smartphone’s in India. Emerging Trends in Management & Information Technology, 1(1), 41-49.
Son, I., & Kim, J. (2016). The effect of Samsung pay release event on Samsung pay’s strategic alliances in Korea Equity Market. International Journal of u-and e-Service, Science and Technology, 9(3), 121-130.