Strategic Management plays an important part in structuring how the organization will tackle its obstacles. A set of goals and objectives are set into place to make sure that the plan plays out well. In this assignment the roles of the organization and its people will be discussed in detail. Strategies are formed to help the organization maximize its resources and make work more efficient within the company. Management is operating and ensuring that there is progress within the organization. Strategic Management is bringing the company to a new level through management techniques that will enhance work effectiveness with goals and objectives in mind.
Task 1 (Strategic Management) LO1
1.1 The role of organizational values, mission, vision, goals and competencies in strategy formulation
There are different factors that are involved in the formulation of a strategy in Samsung. These factors each have a role in how Samsung will be able to maintain or even surpass its position in the market.
Role of Strategy
Mission
• A mission statement is a short term goal and the current obligation that a company wants to do to serve its customers.
• It must describe what the company does.
• The mission statement must be clear, inspiring, precise, unique, and reliable. (Lindblad, 2017)
Mission Statement of Samsung
“Inspire the world with innovation, make products that will enrich the lives of people” (Samsung, 2017)
The current mission and goal of Samsung is to continue to create products