Samsung Next Business Plan

Executive Summary

Samsung Next is an outstanding electronics company offering consumers a wide range of entertainment products and services globally. It aims at creating a world-class digital experience by designing and producing innovative electronic devices. The company assumes a business ideology that assimilates talent into technology to create up-to-the-minute products. The company’s media stick is one of the leading digital technologies in today’s home entertainment industry. The prevailing competition in the market has compelled Samsung Next to design a unique product that will please many users, which creates a competitive advantage over rival companies.

Vision/Mission Statement and Goals

Vision Statement: Samsung Next’s vision is to create a more luxurious digital experience by embracing more innovative products. Our mission is to inspire people with state-of-the-art technologies that improve their lives by promoting social affluence.

Goals and Objectives: Samsung Next adopts a modest business philosophy that aims at integrating talent into technology to come up with superior products and services that create a first-rate experience for its consumers.

Keys to Success: The key to success lies in the company’s efforts to understand its client’s needs. It adopts a consumer-centric approach that involves extensive research on realizing the behavior of customers across the globe.

Company Summary

Company Background: Samsung Next will constantly create innovative products in the consumer electronics division. David Eun is the founder of the company and spearheads the development of cutting-edge software and services globally (Kim 34). Since its inauguration, the innovation of ultra-high-speed mobile devices, display screens, and payment services has continued to elevate Samsung Next in the industry.

Resources, Facilities, and Equipment: Resources are critical to exclusive industrial performance. Samsung Next relies heavily on assets that are designed for strategy formulation and implementation.

Marketing Methods: The company enhances customer service and global marketing, using integrated CRM solutions. The Samsung Neuron Media stick not only allows access to numerous TV-based programs and sports channels but also enables users to use android apps.

Ownership Structure: The company is owned through shareholding. It comprises 54% foreign investors, 21% major shareholder and related parties, 19% domestic institutional stakeholders, and 6% individual stockholders.

Social Responsibility: The company utilizes its strengths and resources to identify and benefit needy children and families around the world through the creation of social programs.

Products and/or Services

The product in question is the Samsung Neuron Media Stick, a product that users can plug into smart televisions. It assumes a unique design and competitive price to gain an advantage over similar media sticks in the market. Samsung neuron supports content from numerous media service providers such as Pandora, Netflix, Crackle, Vevo, YouTube, and Google Play, among others (Kim 46). A special feature integrated into the device allows a person to control it using a tablet or a smartphone.

Market Assessment

Examining the General Market

The electronics industry is characterized by unending competition due to the constant innovation of technology products. However, Samsung Next needs to fill a market gap in the entertainment industry by providing a tech-savvy gadget whose exclusivity will amuse many consumers.

An analysis using Porter’s Five Forces model shows that substitute products such as Google Chromecast, Nvidia Shield, Amazon Fire TV Cube, and Roku Ultra could adversely affect the price elasticity of Samsung’s Neuron Media stick.

Customer Analysis

Increased spending power in the past few years has seen a boom in sales in the consumer electronics market. Therefore, there is an amplified demand for entertainment equipment, especially in the era of digital technology.

Industry Analysis

The US dominates the consumer electronics industry with the largest market share worldwide. As a result, many companies are coming up with innovative products, and the sector is expected to exhibit exponential growth in the next few years.

Strategic Implementation

Production

There is a need to implement a novel product planning strategy to meet the expectations of consumers in the most efficient way. The Samsung Neuron Media stick will be designed and produced by Foxconn Technology Group, a Taiwanese electronics multinational company that specializes in intelligent manufacturing. Samsung Next aims at creating value that will enrich everyday home entertainment (Kim 45). The device boasts a competitive advantage over other rival products due to its ease of use, affordability, primer content, high exposure, and articulate parental controls. Lean production will play a critical role in ensuring that the product creates value for consumers. The growth options available will include market penetration, expansion, product development, and strategic partnership in a timeframe of two to three years.

Resource Needs

Various human skills needed to ensure the success of the business include proficiency in computer science, artificial intelligence, machine language, communication, collaboration, and problem-solving skills. Human resources will be acquired in two to three years upon understanding the company’s needs. The level of financial resources will comprise liquid securities, cash on hand, grants, private investment, and credit lines. There will be a need for physical resources such as workstations, telephone lines, and information systems in multiple geographical locations.

Sourcing and Procurement Strategy

Essential products will be bought from local wholesalers or manufacturers based on numerous factors, including quality, pricing, and suitability.

Marketing Strategy

Samsung Next’s marketing plan will entail setting achievable sales goals of at least 450,000 media sticks each year. A detailed consumer analysis will help the sales team to position the product in the market. It will use a prospect list where a few of the previous strategies will be implemented. Paid advertising, publicity, sales promotions, loyalty points rewards, and price matching will also play a critical role in boosting sales.

Performance Standards

Numerous performance standards will be used to keep the business in check. The proportion of sales resulting from recurring clients, complaints, items returned, order fulfillment duration, and response time will be monitored to ensure maximum customer satisfaction. The company’s staff will undergo thorough training to encourage them to maintain a customer service perspective and make recommendations based on consumer needs.

The company’s target is to make 120 devices per hour, reaching an efficiency level of 0.042.

Formula

Financial Plan

Financial Projections

The projected budget for this project is 1 million dollars. Samsung Next will obtain some of these funds from credit facilities. The rest of the money will be sourced from stock offerings, venture capital investors, and advances from strategic partners. Lenders and investors incline to businesses with lower debt-to-equity ratios since such liabilities are inherently risky. The company will obtain capital debit funds from stockholders and bondholders. Management of financial risks will entail the incorporation of a solid plan, quality control tests, loan avoidance, keeping low account receivables, income diversification, insurance covers, and good record-keeping, among others. Cashflow budgets and spending controls will be set to ensure enough money for repaying debts.

Contingency Plan

If the first plan fails, the company will initiate a risk assessment in a bid to seek solutions for vital business operations. An emergence checklist, which will be reviewed quarterly, will be implemented to ensure preparedness for possibilities such as disasters, technology failure, and security alerts, among other contingencies. If something happens to one of the critical members of the management team, the company will consider filling the position with an existing member or hire an employee with skills and commitment to the organization’s mission.

Work Cited

Kim, Chunhyo. Samsung, Media Empire, and Family: A Power Web. Routledge, 2016.

Cite this paper

Select style

Reference

BusinessEssay. (2022, December 12). Samsung Next Business Plan. https://business-essay.com/samsung-next-business-plan/

Work Cited

"Samsung Next Business Plan." BusinessEssay, 12 Dec. 2022, business-essay.com/samsung-next-business-plan/.

References

BusinessEssay. (2022) 'Samsung Next Business Plan'. 12 December.

References

BusinessEssay. 2022. "Samsung Next Business Plan." December 12, 2022. https://business-essay.com/samsung-next-business-plan/.

1. BusinessEssay. "Samsung Next Business Plan." December 12, 2022. https://business-essay.com/samsung-next-business-plan/.


Bibliography


BusinessEssay. "Samsung Next Business Plan." December 12, 2022. https://business-essay.com/samsung-next-business-plan/.