When Samsung first made the decision to be the top company in its field, it was not clear what it meant.
Samsung has always been renowned for its products. But in order to stay true to its mission statement, Samsung must innovate and create new products that will lead to greater success. This is what keeps Samsung at the top of its game.
Samsung’s mission statement can be summarized in one sentence: To realize the dream of a world where everyone shares the latest technology, lifestyle and culture.
Why does it matter? Samsung’s mission statement is important because it sets the tone for how they see their brand. It also helps frame how they want to be seen by their customers.
Introduction: What is Samsung’s Mission Statement and Why Does It Matter?
The mission statement of Samsung Electronics Co., Ltd. purports that “to realize the dream of a world where everyone shares the latest technology, lifestyle and culture” (Samsung Electronics Company, n.d.). This statement not only sets out what Samsung believes in but also frames their brand image.
Samsung Early Days and Founding
The story of Samsung begins in 1938, when the company’s founder, Lee Byung-chull, was granted a royal warrant from the king. However, the family failed to continue its success in textiles and went bankrupt in the 1940s.
In 1969, after a period of financial trouble and poor management decisions made by his son and successor Jay Y. Lee (Lee’s grandson), Samsung was rescued by an unlikely saviour: it received a $200 million loan from the South Korean government. The loan allowed Samsung to build its first factory outside Korea – making it one of the world’s largest electronics manufacturers today.
Understanding Samsung’s Mission Statement and How it is Compared to Other Brands
Samsung has a clear and concise vision of what they want to achieve and how they are going to do it. It is definitely worth seeing how their mission statement is different from others.
As Samsung’s mission statement says, “to realize the potential of every individual” by providing “products that create value for all people.”
Other brands are known for their powerful marketing strategies which include building trust with consumers, creating brand awareness, and earning customer loyalty. With these tactics Samsung can increase their profits by attracting new customers who might be interested in purchasing Samsung products after hearing about them through media coverage.
Samsung has an interesting take on their mission statement as compared to other brands out there. They want to create more value for all people which is not exactly what other brands are known for doing.
How Samsung Takes Action for their Products Amidst the Coronavirus Pandemic
Samsung has taken a proactive approach to their products as the company isn’t afraid to invest in measures that will protect those who purchase their products.
This is how Samsung reacts to an outbreak of a new disease:
1. A new device called the Safety Siren is activated and emits a high-pitched alarm that can be heard within and outside homes and offices at approximately 100 feet away.
2. The siren will sound continuously for 5 minutes, then automatically shuts off unless there’s an impending threat, such as carbon monoxide or fire detected.
3. If the siren sounds continuously for five minutes without any threats being reported, it will automatically shut off for 10 minutes before sounding again.