Samsung Smart Mattress Strategic Plan Part I
Date of Submission
Table of Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc508300059 \h 2Marketing and Information Technology PAGEREF _Toc508300060 \h 2Methods to monitor and control the proposed strategic plan PAGEREF _Toc508300061 \h 2Options for evaluating strategic plan PAGEREF _Toc508300062 \h 3The ethical issues faced by the organization, summary of the legal and regulatory issues PAGEREF _Toc508300063 \h 3Possible implications of the triple bottom line PAGEREF _Toc508300064 \h 4Executive Summary PAGEREF _Toc508300065 \h 4Samsung Smart Mattress Strategic Plan Part I PAGEREF _Toc508300066 \h 5New Product/Division PAGEREF _Toc508300067 \h 6Addressing Customer Needs and Competitive Advantage PAGEREF _Toc508300068 \h 6Vision and Business Model PAGEREF _Toc508300069 \h 7Aligning Vision, Mission, and Value to Corporate Mission and Vision PAGEREF _Toc508300070 \h 7Division's Strategic Direction PAGEREF _Toc508300071 \h 8Guiding Principles and Core Values PAGEREF _Toc508300072 \h 8Samsung Strategic Plan Part II: SWOTT Analysis PAGEREF _Toc508300073 \h 9SWOTT Analysis PAGEREF _Toc508300074 \h 9SWOTT Summary PAGEREF _Toc508300075 \h 9Economic, Legal and Regulatory trends and Forces PAGEREF _Toc508300076 \h 12Samsung adaptation to change PAGEREF _Toc508300077 \h 12Supply chain of the new division PAGEREF _Toc508300078 \h 13Primary center structure considerations PAGEREF _Toc508300079 \h 13Main Issues/ Opportunities based on SWOTT Analysis PAGEREF _Toc508300080 \h 13Strategic Plan Part 3- Balanced Scorecard and Communication Plan PAGEREF _Toc508300081 \h 13Samsung Smart Mattress PAGEREF _Toc508300082 \h 14Shareholder Value and Financial Perspective PAGEREF _Toc508300083 \h 14Customer Value Perspective PAGEREF _Toc508300084 \h 14Processes or Internal Operations Perspective PAGEREF _Toc508300085 \h 15Employee Learning and Growth PAGEREF _Toc508300086 \h 15Alternatives to issues identified by the SWOT analysis PAGEREF _Toc508300087 \h 15Risks and mitigation plan PAGEREF _Toc508300088 \h 15Ethical implications PAGEREF _Toc508300089 \h 16Samsung’s Smart Mattress DivisionBalanced Scorecard PAGEREF _Toc508300090 \h 16Communication of the Balanced Scorecard PAGEREF _Toc508300091 \h 17Communication Plan Table PAGEREF _Toc508300092 \h 19Conclusion PAGEREF _Toc508300093 \h 19References PAGEREF _Toc508300094 \h 21
The Samsung Company focuses on developing a new division known as Sleep Smart division for its business that would revolutionize the manner in which people sleep. The company, through its management ventures into the expansion of the product portfolio of the organization. As such, it serves of crucial concern to undertake a broad analysis of the current trends across the global spectrum regarding the access to the services and products (Bloom et al., 2014).
Marketing and Information Technology
Ideally, the dramatic changes and advancements in technology affect different operational sectors. In essence, technology would be an issue of vital consideration for the Samsung Company as it endeavors to create and implement a strategic plan for its new division to enhance the diversification of its products and services and to reach the consumers of sleep smart services. The information technology would help substantially in the acquisition of appropriate data to help in determining the changing tastes of the customers. Considerately, the technology will enhance the identification of changes in the marketing systems, as well as any gaps that might exist in the market. As such, the Samsung Company employs a robust technology framework to facilitate the processes conducted within the new division thereby boosting its growth (Hill & Gareth, 2012).
Methods to monitor and control the proposed strategic plan
Concisely, organizations and business enterprises have to ensure proper monitoring and control of their strategic plans so that they realize the most efficient operational outcomes. One of the methods would be the creation of dates for review of the plan. The review dates need to depict a sense of alignment with both the short-term and long-term goals of the company. Another method is developing a tracking system to assess the progress of the plan. Through the tracking system, it becomes easy to establish the cost of the process, as well as the amount of revenue, which the Samsung Company will earn from its new division. Communicating the objectives is a fundamental technique that would ensure efficient incorporation of the new processes, procedures and policies. Reevaluation of the performance goals is a vital aspect since it enhances the identification of corrective measures that need to be in place to bring back the plan on track to boost productivity (Cometto et al., 2016)
Options for evaluating strategic plan
One of the techniques for evaluating the strategic plan is through customer response. Considerately, the response makes it easy to determine the type of reactions from the market regarding the new division of the Samsung Company and the electronic money transfer products that it provides to the consumers. Additionally, partner response would be efficient as it reveals the effectiveness of efforts, which the company employs to help meet the customer expectations, interests and needs. Sales numbers are essential since they determine whether the plan is working or not. Consequently, increased sales volumes would show the effectiveness of the strategic plan (Powers & Hahn, 2015).
The ethical issues faced by the organization, summary of the legal and regulatory issues
Importantly, the working conditions of employees are of significant concern since they would regard the safety of the workers and personnel specifically those involved in the creation of the new division of the Samsung Company. However, issues of false information regarding the services and products provided to the consumers would be evident in the enterprise hence showing some form of unethical practices. The legal and regulatory issue that requires a significant concern is incorporating techniques to deal with the threat of conflict of interests that arise about due to priority changes to ensure that the operational environment is efficient and conducive for various operations (Bloom et al., 2014).
Possible implications of the triple bottom line
The people have a substantial contribution to the success of the strategic plan due to their skills, knowledge, as well as expertise that would eventually enhance the implementation procedure of the plan. In this way, their views, opinions, and ideas will be effective in determining the most appropriate goals and objectives that the company would need to incorporate to enhance efficiency. Concerning the planet, it might relate to the environment of operation, which will only be efficient if the techniques for dealing with conflict of interests are in place to avoid any adverse outcomes in the business operations. Profits will mean that the plan has been implemented efficiently and in the right manner in alignment with the organizational goals and objectives (Hill & Gareth, 2012).
The new division of Samsung Company (Sleep Smart) aims at revolutionizing how different people sleep thereby enhancing the diversification of its products. These would enhance customer convenience by making it easy to measure the sleeping patterns of customers at night. However, to ensure efficiency, the Samsung Company needs to communicate the changes that will be incorporated so that the respective stakeholders understand their roles within the system. Considerately, the communication process will enhance the realization of profitability and improved revenues. The vision of the company is to create an improved system that is in line with the business culture, as well as corporate norms so that it increases the market share by meeting the consumer needs. The mission of the enterprise is to be a leader in the delivery of value to customers and the sense to champion for social responsibility (Powers & Hahn, 2015).
Essentially, the value proposition will be evident on unique features of the products as they are differentiated from other commodities, which the competitors offer in the market. The uniqueness of such products ensures a sustainable advantage in competition across the operational markets. Since the new division aims at the realization of increased growth to the Samsung Company, particular assumptions exist. One of these assumptions is that the division will not face any adverse factors arising from the market. Another assumption is that the existing foundation of the company will show a positive influence on the operations of the new division hence boosting its growth. Nevertheless, some risks might interfere with the stipulated procedures. These include the need for adequate expertise and resources that might be too costly to realize. Consequently, the company will find it difficult investing in the most relevant technology to produce the smart sleep products. Increased cases of competition are also risky for the company as the competitors would tend to acquire many consumers for the products that affect the organization adversely. The new objectives put in place might end up threatening the strategic capabilities of the enterprise hence inducing negative energy regarding the stipulated business processes. However, profitability will boost the operations of stakeholders (Bloom et al., 2014).
Samsung Smart Mattress Strategic Plan Part I
Samsung is one of the world’s best company with operations in more than 100 countries around the globe. The South Korean conglomerate was established in 1938 and since then, it has become one of the most valued companies in the world (Pearce, 2013). Samsung remains highly lucrative and the management plans to expand its...