2. Innovation is the key to growth, longevity and survival for many businesses in our current highly competitive and rapidly advancing technological era. Companies who cannot keep up with trends often times fall by the wayside as better products and better ways to accomplish things are developed and mass marketed. Business- disrupting evolution presents itself in a variety of ways, including from shifts driven by developments in technology, or significant changes in economic or political circumstances. Regardless of the cause for need for innovation, organizations that do survive change are often those who adapt via innovation within their organizational strategy, structure, and culture.
3. The high-tech electronics industry today is a highly competitive and globalized industry, and covers an array of different types of products and services. Many of the leading electronics exporting nations come from the region of Asia including Taiwan, China, Japan, North & South Korea, Singapore, and Malaysia. Together, these countries count for over one quarter of the world’s production of electronic goods. In the past, a vast majority of Asian companies were known for electronic imitation rather than innovation within their business strategies and practices. Through time, this ideology has undergone a drastic metamorphosis as many of these Asian companies have adopted more innovative strategies, policies and managerial approaches to compete with their rivals.
4. One such Asian firm to adopt an innovative mentality within its business practices is Samsung Electronics based out of South Korea and headquartered in Seoul, South Korea. Samsung was founded in 1938 by Lee Byung-chul and became incorporated in 1951 under the name of Samsung Corporation. Primarily, Samsung Electronics (founded later in 1969) focused on manufacturing consumer electronic appliances such as televisions, calculators, refrigerators, air conditioners and washing machines. In 1988, the company merged into the semiconductor and communications industries as well. Today, headed by CEO Yoon-Woo Lee, Samsung Electronics generates revenues succeeding $103.4 billion dollars and employs over 138,000 workers in 57 countries. The company has been recognized by many sources for currently being situated as one of the world’s most profitable technology companies as well as one of the hottest and fastest growing brands of technology on the market. This paper will attempt to give an in depth analysis of Samsung Corporation and its best practices and strategies as they relate to innovation.
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7. Regarding the six themes of success described in the Strategic Management of Technology and Innovation text, Samsung definitely fits into every one the business categories defining them as a successful organization. Samsung is a highly business focused entity which creates large numbers of varying but yet closely related and even sometimes intertwining products. They also place a high value on research and development, placing investment equaling to at least 9% of the company’s annual total sales revenue each year. The company definitely sets consistent priorities for itself by setting the organizational theme of ‘digital convergence’ throughout all levels of the company. This allows the overall company to stay focused on the strategic vision of the company and not to go off on tangents of creating unrelated products. Samsung definitely has proved itself to be a highly adaptable company due to its strategy of molding itself as well as recreating itself along with new technology. At the present moment, digital technology is the most recent invention which the company is basing itself on. In the future, with the ongoing development of newer forms of technology, Samsung Electronics will most likely mold itself towards that technology also, making it a highly adaptable organization. Samsung’s fundamental values of having an “a company is its people” philosophy as well as placing high values on input from all members of the company including outside contributors, show that the company strives to maintain successful organizational cohesion and good communication. The company shows great demonstration in its activism in promoting entrepreneurial culture through its many innovative and creative partnerships with other outside businesses. Also, Samsung Electronics being part of a huge conglomerate which consists of many other businesses involved in varying industries also displays an entrepreneurial culture within the organization. Samsung definitely would be expected to be an entity which has a high sense of integrity attached to itself because their main motto, “contribution to society” definitely emanates that point. Finally, top-management involvement within the innovation processes at Samsung seem to be a highly respected and a common occurrence evidenced by the CEO, Yoon-Woo Lee, who is highly knowledgeable about his products due to his qualifying attributes as an engineer.
12. Business Wire, Nov. 14, 2007. “Samsung Receives 32 CES Awards for 2008.” < http://findarticles.com/p/articles/mi_m0EIN/is_2007_Nov_14/ai_n27446119/pg_1?tag=artBody;col1>.
13. Fox Business, Nov. 29, 2008. “Samsung Announces Major European Hotel Deals.” < http://www.foxbusiness.com/story/markets/industries/technology/samsung-announces-major-european-hotel-deals-1991627923/>.
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15. East-West Center, Nov. 2003. “Pathways to Innovation in Asia’s Leading Electronics Exporting Countries: Drivers and Policy Implications.”
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