Section Three
“Identify the core philosophy of the firms with particular emphasis on corporate responsibility.”
Core Philosophy
Samsung provide a very clear, comprehensible Mission Statement which applies to both the quality of products produced and the quality of life it aspires to improve for its loyal customers:
“To inspire the world with innovative technologies, products and design that enrich people’s lives and contribute to a socially responsible, sustainable future.” 2
Doing so by aligning with the strategic direction by improving creativity, partnerships with great people in the organisation. Incorporating all of these facets will lead to delivering the world’s best products through operational excellence and innovation, while exploring new industries such as healthcare and biotechnology. 2
The business philosophy of Samsung incorporates the key elements to delivering superior products and services that contribute to a better global society. Samsung operates interactively between human resources and technology to increase the synergy effect of the entire management system. While adhering to strict internal company objectives to retain the leading position in the world in products and services. Furthermore, contributing to society and enforcing the mission statement by being an integral member of the community. 24
Samsung believe in a rigorous code of conduct that enforce a strong value system that is at the epicentre of all decision making:
• People – Samsung is a
Ethics and Social Responsibility: The core values of Verizon Communications as show through a code of ethics. Based on these values a company
Verizon’s purpose is to provide high quality services to their customers and to be a household brand in the homes of families. This is also one of the goals Verizon has a company. Verizon is pleased to share their Code of Conduct, which lets their customers and business partners know that integrity and respect serve as the overarching principles for how Verizon conducts its business ("Code of Conduct"). Verizon’s goal is to be the most respected brand in communications by making and keeping promises to their customers, the community, shareholders and their employees ("Code of
It should also be comprehensive which covers any important events that may arise for employees. The code should also be accessible to everyone. In this essay, we will analysis a publicly traded U.S. company on their Code of ethics and business conduct. We will also look at the infrastructure components, tools available for any ethical dilemma, and how the ethics policy fits to the company.
In this fast-paced industry, Samsung Electronics Company (SEC) has done a remarkable job in turning the company around and reaching a top-of-mind brand awareness over the past few years. The Samsung brand identity and values were poorly regarded up until the early 90s. The brand was positioned as a low-end electronics company that was mainly manufacturing consumer televisions and VCRs. Samsung was not able to compete with the industry’s leaders (i.e. Sony) in the global market. A positive change was needed to reinvent the company’s culture and brand position at that time.
That is the firm spends over “four hundred million dollars on advertising” for its various products aiming to target different slides of the customers in the global market as it floods the market with various products. This strategy comes with another one that is the pricing strategy , Samsung’s products are inexpensive if compared with other competitors. This strategy has enhanced the position of the firm to be one of the largest in selling products as it targets all the slides of the communities worldwide( David and Enrich 2000)
1. Introduction Samsung first started as a South-Korean family owned business but has now earned acceptance around the globe now. Samsung has grown into a global information technology leader, managing more than 200 subsidiaries around the world. The company’s offerings include home appliances such as TVs, monitors, refrigerators, and washing machines as well as smartphones and tablets.
Disney’s mission statement is “To be one of the world’s leading producers and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world.” (The Walt Disney Company) Disney operates, using a strategic business unit (SBU) type organizational structure. Its four SBUs consist of Parks and Resorts, Studio Entertainment, Media Networks and Broadcasting, and Consumer Products.
Since our company established, our company business philosophy: customer-centric, integrity in business world, social responsibility. In order to make the company grow up faster, our company has introduced new decisions every year. Our main social stakeholders include: customer, employees, suppliers and communities. These stakeholders are directly affected by the operations of our company as well as the environment. 3.1 Customer
Social sustainability aims to improve the daily life for the greatest number of people, much like Dove with their “Real Beauty” campaign. A corporation’s core values is also a relevant topic to sustainability: “values are ideas that a person or a group believes to be right or wrong, good or bad, attractive or undesirable” (McKee, 30). Companies that decide to act responsibly are also more likely to attract consumers since they know the business is doing something positive for the greater good. These values stem into “a company’s beliefs, values, and practices about how employees, customers, and the environment are
Actions vary to correct deviations or inadequate standards. All employees are expected to display responsible and ethical behavior, to follow consistently both the meaning and intent of this Code and to act with integrity on a daily basis. Managers and leaders are expected to ensure that PepsiCo’s business processes and practices fortify the Code, to serve as positive role models by establishing and adhering to high moral models, and to create an ethical culture by empowering and remunerating actions that are consistent with the
COST STRUCTURE OF SAMSUNG Low cost structure of Samsung and high responsiveness to economic events has made Samsung more competitive. For example, initially Samsung focused more on volume and domination on market rather than increasing profitability. However, in 1990s, during the Asian financial crisis, Samsung cut costs and reemphasized product quality and manufacturing flexibility, which allowed its consumer electronics move from project phase to store shelves within next six months. Under the resources-based view of strategic management, effective resources available to a firm, as well as the competency of a firm is responsible in affecting competitive advantage received by a firm.
Out of the model of determinants of ethical behavior, as in figure 2, in the case of Panasonic, personal ethics of the President, the organizational culture and leadership are most likely to be the roots of their ethical behavior. As Konosuke Matsushita says that companies and society are a single entity rather than separate ones and this is how he expects his employees to look at their corporate
Managers and staff, at all levels, must be provided with the necessary training and support, and the code itself must be supported by appropriate disciplinary and whistle-blowing/speak up procedures. The ‘tone at the top’ must permeate through the organization and the code must be owned by everyone. The code of ethics or the ethical code of conducts defines those principles of ethics that are found to be fundamental and essential component while standing a business organization. Although they are found to be the foundational component in every aspect of life but in terms of businesses, they are highly appreciated and considered as the building blocks in the establishment of a business organisations or company.
1. General business strategy 1.1. General business philosophy Samsung work with the aim of developing innovative technologies and provide people with efficient processes so that regularly new markets are created and they continue to rule the digital work. They follow five core values including: • People: Samsung gives all the resources and opportunities their people need to give their best. • Excellence: Samsung makes sure to provide their customers with excellent products and services.
The Strategy is Accreditation to Change the Culture Strategic planning is a process to formulate fundamental decisions and actions. One key factor for a successful long-term strategic planning process is identification of the required core competencies, based on systematic analysis, and then start working on acquiring these core competencies so that the organization will be a strongly positioned for the environment and competition in the future (Mintzberg, 1987). As the organization must focus on specific activities to be effective and efficient towards the desired outcomes, strategic choices must be well defined.