GOAL: Create an 800-1,000 word paper that presents a compare and contrast of three companies' mission/vision/values statements, utilizing the tools of strategic planning. 

Instructions:Write a 800-1,000 word paper (body content length) based on researched artifacts from three companies in the same sector of private or non-profit industry (e.g., restaurants, services, products, hospitals, etc.) and their individual presentation of mission, vision, and values. After presenting each company's brief history, mission, vision, and values, compare and contrast the various features and differences between the selected same-sector companies. Using relevant research via peer-reviewed journals from the online library, conclude your paper with a scholarly assessment about the strengths and weaknesses of the mission, vision, and values of the companies researched. Make sure to emphasize the compare/contrast element of this assignment as you look at the companies alongside each other—that is where the analytical assessment comes into play; that is the place to demonstrate your ability to think and write critically. 

Suggestions to help your writing: 

Use level headings (APA) to distinguish the various parts of your paper. No abstract is required, but a title page and references page are required.

Visit the following website to help you set up your APA paper: APA Format and Citation

You may use any level of sources—scholarly, popular press, or websites—to provide foundational information used to inform you about each organization. However, make sure to properly cite and reference these sources according to chapter seven of APA.

Regardless what sources you use to gain information about the companies, you are still required to list and use three scholarly journal sources in the assertions you provide at the end of your paper. Be careful to differentiate between "trade" journals and genuine "peer-reviewed" sources so that your compare and contrast is based upon theoretical foundations instead of opinions or advertisements.

 

BUSINESS PLAN

L.G. Electronics, Inc. is an electronic manufacturing company that produces home appliances, electronic parts, multimedia goods, display devices, and software. It began its operations in 1958, located in Seoul, South Korea. The firm operates through various business departments including, mobile communications, home appliances, Air conditioning, home entertainment, and other business areas. In 2020, LG made a revenue of $3.85 billion (LG ThinQ, n.d). The company's corporate mission is to maintain its hard-earned reputation by bringing added value to the consumer's lives. Equally, L.G.'s current vision statement is to continuously research and introduce an extensive assortment of innovative, greener products and services and continuing to be the principal of developing green innovations. L.G. ought to become the Global Top Company in the EESH industry by engaging in corporate-level EESH management system operations, business site safety, and health. Also, it can achieve this status through energy efficiency optimization and employee health improvement programs. Besides, through the provision of differentiated customer value, the firm pursues earth environment preservations and appropriate social advancements and improve its stakeholders' quality of life. In addition, the values of L.G. electronics include Communication with speed and accuracy, control of self-price, open-minded thinking, and respect (LG ThinQ, n.d).

Besides, Samsung Electronics Corporation Limited is the second largest technology company globally, producing electronic devices. Samsung is also a conglomerate business in South Korea founded by Lee Byung-Chull in 1938, comprising 15 percent of South Korean GDP. It is also considered the largest consumer electronics brand worldwide and recognized for its exceptional advancement in digital technology. The firm produces equipment that comprises home appliances, electronics, semiconductors, and telecommunications. In 2020, Samsung generated a revenue of about 200 billion U.S. dollars. Samsung’s mission is to dedicate its human capital and technology to manufacture or offer exceptional products and services, thereby improving global society. Samsung’s corporate mission was established in the ninety’s when the firm was experiencing speedy internationalization of semiconductors related technology, and electronics (Samsung U.S., n.d). Equally, Samsung’s vision is inspiring people worldwide with their innovative technologies, products, and layout that improve individuals' lives and lead to social affluence by establishing a new high-tech apparatus. Samsung follows the vision statement in maintaining profitable technology business processes contributing to improved lives. Samsung's values include excellence, co-prosperity, people, change, and integrity (Samsung U.S., n.d).

Nonetheless, Sony Group Corp. is an organization engaging in the manufacturing, developing, designing, and selling electronic equipment, game consoles, divides, and software. Previously, its name was Sony electronics Corporation until 2021, when it changed to Sony Group. Its headquarters are located in Minato, Tokyo, and were founded by Masaru Ibuka and Akio Morita. In 2021 first quarter, it produced a revenue of 8.999 trillion Japanese yen (Sony's mission, n.d). Sony group Corp.'s mission is inspiring and fulfilling customers' curiosity. Equally, its vision is using limitless passion for technology, content, and services in delivering exceptional new enthusiasm and entertainment as only Sony Group can. In addition, Sony has a purpose: filling the world with emotion through its power of creativity and technology. Also, its values including dreams and curiosity, integrity and sincerity, diversity, and sustainability (Sony's mission, n.d).

Analysis

According to Ozdem (2011), an effective vision statement emphasizes on unique characteristics of a firm that differentiates it from other companies, and takes all future activities. Equally, a mission statement ought to be clear, concise, and intense by defining the firm's purpose and state of the field in which a company operates. Based on L.G.'s statement, it is evident that the business uses its reputation for good products and services as its selling point for attracting customers. The firm uses reputation and product quality as a strategy, and all company segments focus on minimizing selling prices to achieve competitiveness. Equally, Sony has maintained a spirit of making exceptional products and satisfying customers' exceptional needs. Further, its vision aligned with values seeks to satisfy the unique needs of customers.

Currently, Sony emphasizes business flexibility in the accommodation of customers to accommodate customer’s needs. On the other hand, Samsung classifies human capital and technology as the primary resources that it utilizes in pursuing its purpose and strategic objectives in its international industries.  Just like Sony, Samsung seeks to sustain an extremely competitive reimbursement package and related H.R. administration and development plans in attracting good talent when competing against firms such as Google LLC and Apple Inc. Samsung’s vision statement portrays that it seeks to satisfy the needs of the global society by improving the current product offerings. Lastly, L.G.'s vision statement highlights that the firm aims to become the leading electronics manufacturer globally. It has also aligned its operations to match its mission, which seeks to achieve customer satisfaction, which is an objective for the mission and vision of a firm (Alegre, Berbegal-Mirabent, Guerrero & Mas-Machuca, 2018). Based on Ozdem’s (2011) insights, all the mentioned firms have good mission and vision statements that differentiate them from other firms. Samsung wants to Create superior products and create a better society, while LG intends to become the global leader and satisfy customers. Ultimately, L.G. and Sony use their power of creativity as their selling point and attract customers with exceptional needs.

LG

• L.G. Electronics, Inc. is an electronic manufacturing company that produces home appliances, electronic parts, multimedia goods, display devices, and software.

Samsung

• Besides, Samsung Electronics Corporation Limited is the second largest technology company globally, producing electronic devices.

Sony

• Nonetheless, Sony Group Corp. is an organization engaging in the manufacturing, developing, designing, and selling electronic equipment, game consoles, divides, and software.

Analysis

• According to Ozdem (2011), an effective vision statement emphasizes on unique characteristics of a firm that differentiates it from other companies, and takes all future activities.
• Conclusion
• Currently, Sony emphasizes business flexibility in the accommodation of customers to accommodate customer’s needs.