Samsung Electronics often face the challenge and stickiness in knowledge transfer to the subsidiaries in other countries. Please explain what the main sources of stickiness are, why it happens, and provide solutions for each source of stickiness that we learned. Also, using the International Product Life Cycle (IPL) model, please explain how Samsung Electronics can achieve competitive advantages in the marketplace.
Strategic management is a field of study which focused to achieve competitive advantages in the marketplace as compared to the immediate competitors in a particular industry. It's basically the function of top management. It is designed to achieve long term business development objectives. Now a days, due to strong influence on internet , social media and other factors company will have to implement this approach of strategic management to achieve competitive advantages in the marketplace. It can be utilized to cater new customer group, to position a new product and to build a strong brand identity as compared to reveal firms.
Strategic management may involve in a corporation with the following steps ,
1) Environmental scanning
2) Strategic formulation
3) Strategic implementation
4) Strategic evaluation and control
5) Strong feedback system
A company may utilize the strategic orientation by analyzing its external and internal environment so that these factors might help in formulating well known strategies.
A company should implement only result giving strategies for short while. Performance evaluation and control can be used to get the gap between current and expected level of organizational performance. Feedback helps an organization to achieve more sophisticated level of business outcomes.
Strategies may operates at three levels in an industry,
A) Corporate level
B) Business level or strategic business unit ( SBU)
C) Functional level strategies.
Strategies are created to serve the customers and their aspirations.
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