Samsung companies had successfully changed their strategy earlier as they made transition from volume focus to quality focus in the past two decades and they must now transition to upgrade the value and "class" of the products and services they provide to consumers.
Samsung chairman pointed out that greater opportunities exist when companies and economies slow down and the conglomerate needs to look beyond competition and innovate new technologies and enter new markets which can only be achieved through convergence of industries and technologies.
Samsung’s R&D budget was also used efficiently as the company spent only 7.3% and 7% of its total revenues on R&D in 20, respectively.
Samsung’s high R&D spending has resulted in it developing the largest patent portfolio among its key rivals. The more patents a company has, the better position it is in to defend its innovations from being copied by rivals.
The company’s commitment to producing ecologically friendly products and to decrease its greenhouse gas emissions has also been recognized.
Since 2009, Samsung has consistently been recognized for its leadership in driving eco-innovations.
Samsung can only overcome uncertainties only through initiatives that will lead to market and technological breakthroughs.
Samsung also needs to complete the setting up of a global management system that can fuel change and innovation, he said.
If you want to find out more about the SWOT of Samsung, you’re in the right place.
For more information on how to do a SWOT analysis please refer to our article. Apple Inc., Nokia OYJ, Intel Corporation, LG Display and LG Electronics, Sony Corporation, Texas Instruments Inc., Lenovo Group Limited, Hewlett-Packard Company, Sanyo Electric Co., Ltd., Toshiba Corporation, SK Hynix Inc., Western Digital Corporation and many other consumer electronics, telecommunications equipment, semiconductor and home appliance companies. (further Samsung), a part of the Samsung Group, is the world’s second largest technology company by revenue.