Samsung Electronics

Understanding contemporary organizations

Introduction

The 21st century brings new perspectives on globalization. The vision for the future development is associated with highlighting the economic, ecological, national, cultural issues and interests above the interests of the nation.

In the contemporary world, if organizations want to be capable of competing with other organizations and be able to satisfy the high expectations of the customers they have to innovate and adapt to the new conditions. (Child, 2015). It is noticeable that the conventional forms of companies cannot meet the changing face of making business.

According to Yaneer (2005), the organization should be treated as a complex adaptive system rather than dealing separately with its various parts. It is billed form strategies, structures, relationships and others. In the following assignment we will try to demonstrate the different contemporary practices on a very successful organization. We will analyze the organizational structure, people management, marketing and finance contemporary practices.

Introduction to the organization- Samsung

Samsung founded in 1970 is the biggest conglomerate in South Korea and one of the biggest in the world. (Samsung Engineering). Samsung groups several companies in the world.. The Samsung group consists of three major companies, Samsung Electronics, currently the largest manufacturer of consumer electronics, Samsung Heavy Industries, the company that is one of the largest shipbuilders in the world, and Samsung Engineering & Construction, a leading global architectural company.

There are several different views what the key to success is for Samsung. For example according to Yoo & Kim (2009) Samsung’s success in making this shift can be traced back to a single early decision—to build design competency in-house rather than import it. In the following paragraphs we will discuss Samsung’s contemporary practices in its organization structure,...