Develop (or find) a mission statement for Samsung Electronics

1. Develop (or find) a mission statement for Samsung Electronics. Analyze the company’s mission statement.
2. Summarize Samsung’s successful global strategy for the last decade. Can that strategy be as successful in 2016? Explain.
3. See if you can find a vision statement for Samsung. If not, write a proposed vision statement for the company.
4. Should the mission statement components vary in importance depending on type of business? If yes, how would their relative importance vary for Samsung versus Singapore Airlines?
5. List three things you are on a mission to accomplish in the next three years. How relevant is the concept of vision/ mission to an individual in their personal and professional life? Explain.
6. Write a vision statement for your university. Write a vision statement for your School (or College) of Business within the university.
7. How and why could the process of developing a vision and mission statement vary across countries?
8. In order of importance, list six benefits of having a clearly defined vision and mission statement.
9. Only the fairytale ends with a “they lived happily ever after.” What is the relevance of this statement to the concepts vision and mission statement?
10. Define “reconciliatory” and give an example of how this “characteristic” can be met in a mission statement.
11. List the nine mission statement components. Give an example of each component for your college or university.
12. In order of importance, rank nine characteristics of a mission statement.
13. Write a vision and mission statement for a local restaurant in your area.
14. Does Singapore Airlines have its vision and mission statement posted on its website? Should the company do so? Why or why not?
15. How often do you think a firm’s vision and mission statements should be changed? Why?
16. Explain how a mission statement can be “reconciliatory.” Give an example.
17. Do local fast food restaurants need a mission statement posted in their place of business? Why or why not?
18. List the four most important characteristics of a mission statement for a small retail store. Explain.
19. Give an example of the how the “product” component of a mission statement could have a customer orientation for a charter fishing company.
20. Give an example of the how the “technology” component of a mission statement could have a customer orientation for a charter fishing company.

The Correct Answer and Explanation is :

1. Mission Statement for Samsung Electronics: Mission Statement: “Samsung’s mission is to inspire the world with innovative technologies, products, and design that enrich people’s lives and contribute to social prosperity by creating a new future.” Analysis: This mission statement reflects Samsung’s focus on innovation, technological leadership, and its commitment to enhancing the lives of its customers. It highlights Samsung’s strategic intent to not just be a leader in technology but also to contribute positively to society. The emphasis on “inspiring the world” underscores Samsung’s aspiration to lead through creativity and progressive thinking, while “social prosperity” indicates its broader commitment to social responsibility. The mission is clear, forward-looking, and aligns with the company’s global market position.
2. Samsung’s Global Strategy (Last Decade): Over the past decade, Samsung has built a successful global strategy by focusing on technological innovation, brand recognition, and market diversification. It has consistently invested in research and development, making strides in areas such as smartphones, televisions, and semiconductors. Samsung’s strategy of vertical integration, where it controls much of its supply chain, has allowed for cost reduction and faster innovation. Additionally, its strategy of diversifying across various technology sectors, from consumer electronics to advanced semiconductor technology, has helped reduce risks associated with market fluctuations in individual product categories. Future Strategy (2016 and beyond): In 2016, Samsung’s strategy can remain effective if it adapts to emerging technological trends like the Internet of Things (IoT), artificial intelligence (AI), and augmented reality (AR). However, increased competition, especially from Chinese tech firms, could challenge its dominance, so innovation and product differentiation will remain critical to maintaining its market position.
3. Proposed Vision Statement for Samsung:
   “To be the global leader in innovation, transforming lives through technology that empowers individuals and communities to achieve more.”
4. Variation in Mission Statement Components Based on Business Type: Yes, the importance of mission statement components should vary depending on the business. For example, for Samsung, the components related to innovation, technology, and global leadership are crucial because the company operates in a highly competitive and technology-driven industry. On the other hand, for Singapore Airlines, the focus may shift to customer service, quality, and global connectivity as its mission statement reflects its position as a premium airline focused on passenger satisfaction.
5. Three Personal/Professional Missions:

• Complete a master’s degree in my field.
• Launch a personal blog that shares knowledge about technology and innovation.
• Become a leader in my organization within the next 3 years. The concept of vision/mission is extremely relevant to individuals. A personal vision and mission statement provide direction and focus, helping individuals set clear goals, prioritize their actions, and measure progress over time.

1. Vision Statements for University and School of Business: University Vision: “To foster a diverse and inclusive environment that nurtures intellectual curiosity, encourages lifelong learning, and prepares students to be global citizens.” School of Business Vision: “To shape future business leaders who drive innovation, ethical decision-making, and sustainable business practices in a rapidly changing global economy.”
2. Vision and Mission Development Across Countries: The process of developing vision and mission statements could vary due to cultural differences, market dynamics, and societal expectations. In countries with a strong emphasis on community or social responsibility, a mission statement may reflect these values more than in regions focused on individual achievement or profitability. Additionally, local regulations, economic conditions, and consumer preferences could influence the focus of these statements.
3. Benefits of Vision and Mission Statements (Ranked):
4. Clarity of Purpose – Provides a clear direction for all stakeholders.
5. Alignment – Aligns efforts and strategies across departments.
6. Motivation – Inspires employees to work towards common goals.
7. Consistency – Ensures consistent messaging to customers and stakeholders.
8. Strategic Focus – Helps prioritize decisions and actions.
9. Brand Identity – Strengthens the company’s brand in the market.
10. Fairytale Statement and Relevance to Vision/Mission: The statement reflects the idea that businesses or organizations can’t simply “live happily ever after.” Vision and mission statements should guide organizations towards constant improvement and adaptation to new challenges. Success requires ongoing effort and strategic adjustment, not complacency.
11. Reconciliatory Definition and Example in Mission Statement: “Reconciliatory” means seeking compromise and balancing conflicting interests. A reconciliatory mission statement might include wording like “Striving to meet the needs of our customers, employees, and the community, while achieving sustainable growth.”
12. Mission Statement Components and Examples:
13. Customers – “To provide high-quality education and support to our students.”
14. Products/Services – “Offering innovative learning resources.”
15. Markets – “Serving students in our local and international community.”
16. Technology – “Leveraging digital tools to enhance education.”
17. Survival, Growth, Profit – “Ensuring financial sustainability through strategic investments.”
18. Philosophy – “Promoting ethical decision-making and integrity.”
19. Self-concept – “A leader in education and research.”
20. Public Image – “Recognized for excellence in teaching and community engagement.”
21. Employees – “Supporting a collaborative and inclusive work environment.”
22. Ranking of Mission Statement Characteristics:
23. Clarity
24. Focus
25. Relevance
26. Inspiration
27. Simplicity
28. Achievability
29. Uniqueness
30. Conciseness
31. Flexibility
32. Vision and Mission for a Local Restaurant: Mission Statement: “To provide delicious, freshly prepared meals in a friendly atmosphere, focusing on quality ingredients and excellent customer service.” Vision Statement: “To become the preferred dining destination in our community, known for quality, sustainability, and a warm, welcoming environment.”
33. Singapore Airlines’ Vision and Mission: Yes, Singapore Airlines has its mission and vision statements on its website. It helps ensure consistency in communication, instills pride in employees, and strengthens the brand. Customers can align with the airline’s values and what it stands for.
34. Frequency of Revising Vision and Mission Statements: Vision and mission statements should be revisited every few years or when significant shifts in the market, technology, or organizational goals occur. Regular reviews help ensure they remain relevant and aligned with the company’s evolving goals.
35. Reconciliation in a Mission Statement: A reconciliatory mission statement can aim to balance conflicting goals. For instance, “Providing the best possible products while ensuring sustainable practices for the future.”
36. Mission Statement for Fast Food Restaurants: While not mandatory, having a mission statement in a fast-food restaurant can clarify the restaurant’s commitment to customer service, quality, and community, helping employees align their actions and boosting brand loyalty.
37. Key Characteristics for Small Retail Store Mission:
38. Customer Orientation – “To provide exceptional customer service.”
39. Quality – “Offering high-quality products.”
40. Community Engagement – “Being a part of and giving back to our local community.”
41. Product Component with Customer Orientation for Fishing Company: “Offering a premium fishing experience that exceeds customer expectations with quality service, equipment, and knowledgeable guides.”
42. Technology Component with Customer Orientation for Fishing Company: “Utilizing the latest GPS and fish-finding technology to ensure an efficient and enjoyable fishing experience for all customers.”