Just like any other company having a renowned brand that is well known for the supply of various commodities, Samsung company has a well-laid framework of strategies aimed at improving the company’s ability to develop and maintain competitive strategies in the future. Competitive strategies are what keeps a particular company ahead of its rivals even if they are supplying the same products to the market. For instance, Samsung has known that it is exposed to the same external environment as its competitors, something that has prompted it to come up with practical strategies arising from within the company itself. It focuses on improving product differentiation. Product differentiation will help improve the quality of its products and make them different from those of its rivals (Peteraf, 2015). Differentiation will take the form of packaging, branding among other ways. It is focused on ensuring that it uses the most sophisticated production technology to ensure that they are far ahead of their rivals so that consumers opt for their products as opposed to those of their rivals.
The company also focuses on employing modern human resource information systems to monitor the human resources in the most effective and efficient manner. This move has been taken on the basis that productivity in any given organization is directly proportional to the performance of the employees (Covin, 2017). If the employees are monitored as required, they will perform better thus increasing the commodities produced per unit time thereby being in a position to beat their rivals and command a higher command (Dierickx, 2016). The company also focuses on the use of the available resources appropriately to produce large amounts of commodities to be in a position to enjoy economies of scale thus beat their rivals in the competition battle. The company plans to set up a dedicated 24/7 toll-free customer care unit that would ensure that it maintains a close relationship with its clients to improve credibility and reputation. A good public image that results from a good relationship with customers means that more of them will be attracted to the business thus making more sales, increasing the profit margin and thus a good competitive strategy.
Most the other companies dealing with electronics like the company in question have copied it and begun producing products that almost look the same as it's in terms of quality and features. It is due to this reason that the company is looking forward to increasing the features of its products to free itself from the shackles of unhealthy competition from companies that have decided to copy its technology. Improving quality and adding other features in their products means that they will be able to outcompete their competitors and thus its a good competitive strategy in the nearby future (Grant, 2015). The company also focuses on growing by producing new products as well as buying other small companies dealing with similar products. The company also aims at becoming one of the world’s biggest multinationals by moving its operations into other countries to have a better command of the global market.
There are several innovations that the company can make to enable it to achieve its strategies. For instance, the company can explore the possibility of more user-friendly commodities which are non-hazardous and easy to operate. It should look at existing entrepreneurial gaps in the world and focus on filling them. For example, it can produce a gadget that carries out both smartphone and desktop functions. All these innovations will make the company stand out as the most innovative and successful company that will be adored by consumers from all walks of the world (Porter, 2016). Being the outspoken company improves reputation thereby acting as a stepping stone towards achieving strategies for developing and maintaining competitive strategies.
Covin, J., 2017. Corporate entrepreneurship and the pursuit of competitive advantage. Entrepreneurship theory and practice, 7(8), pp. 61-76.
Dierickx, I., 2016. Asset stock accumulation and sustainability of competitive advantage. Management Science, 8(7), pp. 68-78.
Grant, R., 2015. The resource-based theory of competitive advantage: implications for strategy formulation. In Knowledge and strategy, 7(8), pp. 6-12.
Peteraf, M., 2015. The cornerstones of competitive advantage: A resource?based view. Strategic management journal, 5(8), pp. 7-15.
Porter, M., 2016. From competitive advantage to corporate strategy. Managing the multibusiness company. Strategic issues for diversified groups, 7(8), pp. 45-56.