Impact of the company’s mission, vision, and primary stakeholders
Samsung is a major rival of Apple Inc in the competitive technology market.
The mission of the company is to devote technology and human resources to produce superior products to contribute to a better global society (Samsung.com, 2018).
The vision of the company is to inspire the communities by taking advantage of strengths, new technology, and innovative products.
Major stakeholders of the company are employees, suppliers, investors, customers, consultants, and strategic partners.
Comparatively, the mission and vision of this company are quite broader. Primary rival such as Apple Inc is only focusing on the innovation and product portfolio to increase sales. However, on the other hand, Samsung’s vision and mission have created an impact on key stakeholders. People are finding technology products, especially mobile phones, according to their expectations. Contributing to the community change through technology is an excellent move by Samsung Company, and Apple Inc seems behind. It is a critical success factor (Samsung.com, 2018).
SWOT Analysis
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Strengths
The major strength of Samsung Company is the brand portfolio (Pruitt, 2017). The extended product line has been developed by the company to meet the needs of customer segments. Conversely, Apple Inc is recognized due to its quality, customer services, research and development, and financial capability. Samsung has a significant market share due to incredible sales. Low-cost products are working for the company to increase financial capacity.
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Weaknesses
Too many products in the market are causing product failures. As compared to Apple Inc, the competitor has a lower profit margin. Samsung does not have its operating system, and Apple Inc is getting the advantage of it.
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Opportunities
Business expansion is always a major opportunity for the company. Merger and acquisition are some options for the company (Ruters, 2017). Unlike Apple, Samsung has used a merger or acquisition as a significant market entry strategy. Like Apple, Samsung can enhance mobile advertisements to improve the positioning and attraction.
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Threats
Price war in the competitive industry is a significant threat to this company. Also, drastic technological changes in the industry may disrupt the current research and development process. Many competitors, including Apple, LG, Huawei, and many other brands are in the limelight regarding the drastic business expansion, market share, and customer range.
Strategy for the company to capitalize
Samsung has to capitalize on different strengths and opportunities to create a good impact on the business and gain a competitive advantage on Apple Inc. The appropriate strategy for capitalization is the focus on a particular segment. Apple Inc has targeted the psychographic customer segment to increase its market share and build its brand image. Financially, Samsung is quite capable of shaping the new segment. Accordingly, it can accelerate product development and business expansion. It can help the company to create new quality measures to improve the quality and enhance the innovation. The firm may set the original price for this segment to create a good impact on market share, profitability and customer satisfaction (Sohail, 2018).
Levels and types of strategies to maximize competitiveness and profitability
Apple Inc is not only a single competitor of Samsung. The firm may get a competitive advantage and accelerate profitability by adopting an effective business level strategy. For Instance, the company may use integrated cost leadership and differentiation as a critical strategy to make the difference in the competitive market. It can grab an immense range of customers in both developing and developed countries, and unlike Apple, it is not limited to a particular segment regarding revenues and profitability.
Communications Plan
Communicating these strategies to all key stakeholders is imperative. The firm has to use different social media channels to streamline its intentions. Social media channels are cheaper and more effective to communicate with external stakeholders. Internally, the firm can create the urgency by developing an integrated communication system. The most important thing is to connect people through technology to rationalize strategies. The company must create urgency through effective communication process, and technology has to play its role. The right information at the right time to the right person is the primary objective of the communication, and it is also better for the strategy execution.
Ethical Efforts and Impact on Bottom-Line
The Samsung Company intends to integrate with local laws to sustain the business process. It is a moral business consideration, which enables legal work for the bottom-line of the company. The company has avoided bid Collusion, Samsung price fixing, and market collusion. The fair business process creates a positive perception at the bottom-line. Also, despite having the workforce diversity, the company prohibits discrimination. Employees are getting equal rights at the bottom line, and it reduces the employee turnover. After being accused of exploiting young Chinese workers, the firm is aware of its bottom-line (Arthur, 2012)
Samsung, being a primary rival of Apple Inc, is capable of getting an edge. However, some strategic considerations are needed with a proper execution plan to gain success.
References
Arthur, C. (2012, September 5). Samsung accused of exploiting younger workers in China. https://www.theguardian.com/technology/
2012/sep/05/samsung-accused-exploiting-workers-china
Pruitt, J. (2017, November 17). 4 Branding Structures When Multiple Products And Services Are Involved. https://www.inc.com/jeff-pruitt/how-to-brand-multiple-products-without-confusing-customers.html
Ruters. (2017, December 1). Samsung Is Eyeing Big Acquisitions. http://fortune.com/2017/12/01/samsung-is-eyeing-big-acquisitions/
Samsung.com. (2018, January 1). What we promised. https://www.samsung.com/uk/aboutsamsung
/vision/philosophy/philosophy-goals/
Sohail, O. (2018, January 2). Samsung Aiming to Sell Around 320 Million Smartphones in 2018. https://wccftech.com/samsung-320-million-smartphone-sales-2018/
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