Identify and Evaluate Key Personal Essays

Identify and Evaluate Key Personal Essays Identify and Evaluate Key Personal Essay Identify and Evaluate Key Personal Essay Samsung Electronics Company (SEC), founded In 969 as a member of the Samsung Group, Is the largest manufacturer In Korea, with a sales turnover of $23. 9 billion in 1 997, and accounting for 32. 8 percent of the total output of the electronics industry. In investment, product development, marketing, and technology development, SEC has played the leading role in expanding the frontier of Koreans electronics industry. The case study can be enlightening to many industries that struggle to strive In a highly competitive business world. SEC is one of Americas fastest growing companies and an acknowledged leader In the digital nonviolence revolution. SEC developed strategies to build the competitive advantages required to cope with the unfriendly market environment dominated by world-class U. S. And Japanese electronics corporations. Though founded in 1970, SEC commenced reinventing itself after 1993, whilst positioning itself globally. Therefore, SEC can be studied for the various strategic models used, tools and techniques developed from the inception of the company. Moreover, the case study may provide a basis to Investigate strategies In place at SEC In long, medium and short terms. Due o the enormous size of the organization, SEC can be studied for ethical values within the organization. SEC was ranked as the fastest growing brand in the world in 2006 by Interbrain. Therefore, SEC can be studied for the participation of stakeholders, the commitment of senior management and the way in which its employees are committed in implementation of its strategies. Theories and principles that underlie strategic planning The goal of strategic planning process is to organize the future. It develops a clarity of purpose of the association and allows scarce resources to be targeted for axiom results Environmental analysis: An environmental analysis identifies the internal and external parameters of the environment in which the association operates. Environmental scanning provides invaluable insights. After completion of environmental analysis, the strategic plan is to be developed using the following principles: Political, Economic, Social, Technological, Environmental, Legal Factors Develop a vision statement Develop a mission statement Set goals. Goals, which flow from the mission statement Set objectives. Identify strategies and tactics to achieve the objectives set forth under the goals. Scenario planning is a framework that Samsung can use to develop a general strategy. There are many complex ways of doing scenario planning, but a simple process is based on creating alternative visions of the future and then developing a long term marketing plan for 2-3 scenarios, using robust strategies. Scenario planning is most safely viewed as less trying to foresee alternative futures, and more challenging the validity of the current strategy from different perspectives. The framework comprises of three stages: 1. General scenarios for 10-15 years 2. Industry/topic specific scenarios for 5-10 years 3. Eng term marketing plan for 2-3 scenarios Stages 1 2 (general/specific scenarios) 1. Define the scope of the scenario: o clarify with creative problem solving techniques, such as word replacement, word diamonds etc. 2. Conduct general research: o desk o interviews o focus groups/Delphi 3. Identify current trends (almost everything to happen in the next 20 years can be identified today in embryonic form, the so-called weak signals): o use Post-it toe brainstorming o reverse key assumptions o pick out most far-fetched ideas and get people to champion them/make them more realistic 4. Apply trends too matrix of impact vs.. Likelihood: o Locus can Issue as to winter It Is Important or not, Ana winter It Is cert. happen or may happen split ideas if parts of an idea fall into different boxes be aware that those trends that are certain to happen will form the basis of any scenario; those that may happen will group into different scenarios o discard those trends that are considered unimportant 5. Work up 8-9 mini scenarios aspects of the larger alternative scenarios to follow): o identify 6-10 key drivers the major themes that underpin all the trends o get each member of the team (or sub-teams) to write up one mini scenario based on one of the 6-10 key drivers 6. Identify 3 major scenarios: o the mostly likely scenario o the scenario that offers the greatest opportunity offers the greatest threat 7. Work on each major scenario: o the scenario that o elaborate each scenario by defining the major issues o test each scenario by suggesting the sorts of events that would have to happen for the scenario to be realized write up each scenario o critique each scenario with a wider audience 8. Identify issues arising from each major scenario: o what implications does each scenario have for the business? Stage 3: long term marketing plan 1 . Summaries the scenarios 2. Identify turning points: o identify the main events/trends that will impact the organization identify issues arising from each event/trend 3. Identify the robust strategies: o identify strategies that are necessary to address the key turning points identify issues arising from each strategy 4. Compare robust strategies with current strategies: identify strategic gaps o identify issues arising from the strategic gaps 5. Identify strategic actions required: o identify specific actions o priorities actions o allocate resources o allocate timeliness Task 1 Part d. Describe and critically evaluate a small range (3 to 5)of models tools and techniques that could be used to develop a marketing plan for your chosen organization.