Background Samsung Electronics founded in 1969 with its headquarters in Samsung Town, Seoul, is part of the Samsung Group, which includes dozens of companies with vast interests. Through the last 40 years, the company had risen to become a global leader in the consumer electronics brands market with its innovative products such as mobile phones, TVs, and monitors.
At present, Samsung Electronics leads the Samsung subsidiaries with more than 157,000 employees in their various assembly plants and sales network across 65 countries around the globe. With its revenue of $117.4 billion in 2009, it has become one of the world class electronics company.
Furthermore, Samsung Electronics industry is consumer electronics, Telecommunications and semiconductor. According to information of their corporate website, from its pioneer operations of an export business, the company has divested into electronics with specialty in digital, media, and microchips, memories, and systems integration. At present, the company’s innovative solutions on products and processes are recognized globally.
The company attained a leadership position in the year 2009 when it surpassed leader Hewlett-Packard the erstwhile leader. Importantly, as a response to the downturn in the economy in 2009, Samsung Electronics of Seoul, South Korea, ‘implemented a structural reorganization to become more efficient to deal with worsening economic conditions. According to a Samsung spokeswoman Hwang Eun-ju, the changes were necessary to “effectively respond to the current global recession.”
Samsung embarked on a management structural change from the sole Chief Executive Officer system, to a dual management structure with effective teams. Goals Given revolutionary changes and opportunities digital age has brought to global businesses, Samsung electronics has and will continually respond with advanced technologies competitive products and innovativeness.
Over the next five years and more, Samsung Electronics’ goal is to display unflinching commitment to making life easier and more comfortable for its consumers by taking advantage of the group’s key strengths: “New Technology,” “Innovative Products,” and “Creative Solutions.” Suffice it to say at this point that, in all the aforementioned goals, controlling cash flow and profitability will be an undertone.
Products Samsung Electronics is the global leading manufacturer of memory chips, LCDs, and flat screen televisions, and is competitive in mobile manufactures. For over a decade, Samsung has maintained its leading position in microchip making. The company also manufactures an array of home appliances, TV/audio and video, cameras, and camcorders, monitors, and notebooks, and print solutions.
In the area of wireless networking, Samsung Electronics developed protocols that were accepted internationally and used widely in foreign markets. Summary Organizational structure, control, and coordinating mechanisms are key variables for strategic implementation. An adaptive organizational structure facilitates changes in strategy, competitive moves, and changes in the environment. (Deresky, 2010, p. 257).
Samsung Electronics which is a flagship of the Samsung group has carved a niche for its self in the consumer electronics market. Their major goal is to stay innovative to give value to their core groups- the industry, partners, and employees. In doing this however, an organizational structure that supports cash flow management and profitability will be erected to combat negative economic trends.
References * Deresky, H. (2011). International management: Managing across borders and cultures (7th ed.). Boston, MA: Prentice Hall. Samsung beats HP to pole position. Financial Times. Retrieved April 23, 2011 from http://www.ft.com/cms/s/2/c48d477a-0c3b-11df-8b81-00144feabdc0.html. Samsung Electronics Background. Retrieved, April 24, 2011 fromceridian.co.uk www.ceridian.co.uk/hr/brochures/Samsung