Business News Event - Article Summaries Example | Topics and Well Written Essays - 1000 words

Business News Event - Summaries - Article Example In this article, the strategies that Samsung pursues to attain competitive edge together with the challenges and threats facing the company have been enumerated. The strengths and strategies of the competitors like apple, Nokia and Motorola have also been highlighted. The article will however be used in identifying some of the management concepts and elements that Samsung engaged in to make its products remain relevant in the market where consumer preference determines success. In this article, the management of Samsung recognizes the need to employ foreigners to help in the development of software for their handset. The company targeted the highly talented professionals from India and other nations who were ready and willing to offer their services to improve the quality of the handsets and products that were manufactured. Moreover, this would be a deviation from the company norms and culture whereby the company employees were entirely locals. Organization culture forms an important concept in the operations of businesses and the manner in which businesses conduct their activities (Treat 86). Organization culture is important for branding, identification, and history. It has often been used in developing strategies meant to ensure organization successfully markets its products. From the article, it is clear that managing competition requires high level of flexibility and breaking of organizations norms (KIM 25). Competition determines how management will conduct business and set their prices. Quality must be improved in a bid to ensure that customers prefer a company’s products more than those of competitors. Managing competition therefore requires the commitment of the managers and other important business stakeholders. In the case of Samsung, the company management had to act at the fastest time possible to have the company embrace competition in a the free market. Another management concept that can be learnt from the article is change management. Ch ange can be defines as the alteration of the status quo i.e. making adopting new ways and methods of doing things. In the business scenario, companies have to continuously conduct environmental scan in which they attempt to predict the possible changes in the environment and analyze the impact of such environmental factors on the business performance and operations (KIM 26). Companies that are able to accurately forecast on the possible changes in the environment and formulate policies that may assist in ensuring that the business is not adversely affected will always be in a position to survive and maintain desired growth. From the article, Samsung as a company has been in a position to realize the need to change some of the fundamentals that are necessary in ensuring it enhance efficiency and promote customer satisfaction. The company was in a position to predict the shifts in the market tastes and preferences by the development of smart phones and iPhones. Samsung realized the ne ed to have them change their employee base by employing and engaging employees who are foreigners (Treat 89). The company further went ahead to accept completely adopt new ways of conducting business without really remaining fixed on the mode of their operations. In addition, Samsung increased its investment in research and development in order to support the development of