For the uninitiated, Samsung celebrates its 40th anniversary today. And expectedly, they also announced their future strategy, which they call “Vision 2020″ or “Inspire the World, Create the Future”. Samsung plans to attain revenue of $400 billion by 2020 that will make them one of the top 10 companies in the world in terms of annual sales.
The new vision and strategy has also listed few objectives which are as follows:
- Samsung will try to get a competitive edge in their existing businesses like memory, LCD panels, mobile handsets and will try to achieve about 30 percent revenue in the remaining businesses by year 2020.
- Secondly, they’ll try to find new markets for their electronic goods and while they develop their foothold in the next 5-10 years in the new market, subsequently expand into lifecare related products like biotech, medical devices etc.
- Will follow a market driven system by studying the consumer pattern and give them localized products according to the demand.
- Adopt an Open Innovation System by forging R&D partnerships with other companies; enhance corporate social responsibility; and create a fruitful organizational culture and amenities favoring the employees.