Sustainability Marketing Practices of Samsung Electronics Sustainability Marketing Practices of Samsung Electronics Essay The modern business environment, globalization and increased public awareness have influenced companies to engage themselves in sustainable activities. The companies and policy makers are in the phase of developing and improving existing business practices for sustainable development of the surrounding.
As our team completed our research we came across many key issues in the electronics industry. Fueled by growing demands in both mature and emerging markets, electronics are in high demand. This demand coupled with intense competition for the lowest price creates many challenges for companies as they outsource and offshore to chase profits and supply.
Couple this with ever shortening product life cycles and sustainability begins to become even more critical for this industry. On the front end of the supply chain, we feel the industry needs better regulation of companies to audit their supply base. This can help prevent human rights labor violations, as well as, environmental destruction and pollution.
On the back end of the supply chain, as products become end of life EOLthis industry lacked consistency with recycling or take back efforts. While some companies tracked take back rates, in the wireless telecommunications sector for example, this effort lacked any consistency and came across as a marketing effort.
Across the entire supply chain, the industry lacks consistency with regards to corporate responsibility, sustainability and human rights programs.
Just as there are organizations such as ISO and TL that measure specific aspects or programs for companies and financial and regulatory requirements with thousands of consultants who assist, there needs to be a governing body to assist companies with the creation of sustainable supply chains.
This governing body would work to establish global standards for all aspects of supply chains. One idea we had was they could also establish consumer product labeling. This would help make it easier for sustainable minded consumers to make an educated purchasing decision, something similar to ingredient labels on packaged foods.
The final issue we came across was transparency, specifically with regards to those in the satellite TV portion of the telecommunications sector. While we understand this information could be part of their competitive advantage and therefore confidential, their scores are reflected as such.
The framework incorporates assessment about supplier relationship management SRMsupply chain management, LHR labor and human right risk and sustainability. Each indicator is ranked from 1 to 5 the worst to the best according to the result of group discussion.
Company research is conducted through reviewing corporate website, public news, and corporate annual report, documents from NCSU library, Garner database and inside information. List of Company Ratings The ratings for all companies we have accesses within electronics industry can be seen on the Appendix.
The average scores for the industry are as follows: For most categories the companies in this industry have scored in the middle of the range. However, we are concerned that LHR, Labor and Human Rights scores are the lowest, followed by second lowest score in sustainability.
That signals that the industry in general has significant room for an improvement in these areas. SRM, Supplier Relationship Management stands out with the highest score because companies are very aware of the need to build satisfactory relationship with their suppliers.
This is gaining importance as supply chains are more globalized, inventories are low and rely on just-in-time processing. Any glitches in supply chain system will affect thin profit margins typically found in electronics manufacturing sector.
Because of that, companies expend significant resources on SRM. Standards on Sustainability Sustainability is still very new, emerging business concept. Because of that, we lack uniform guidelines or standards applicable per industry sector that can help companies establish best practices.
Currently, there are two ISO standards available: Unfortunately, like all other ISO standards, they do not set performance benchmarks for companies in specific areas, but they rather focus on the internal compliance for the processes created by a firm. Even though ISO and do not enforce CO2 emissions from operation, water or energy use, they are still not implemented by the companies we have evaluated.
In fact, Whirlpool is the only one that have implemented ISO standard in their operations. Similarly, Nokia the only is IS certified company on our list. The primary goal for these organizations is to collect and report sustainability metrics from member companies.Wall Mart spearheaded Sustainability Consortium Group that attracted 82 members, with only few electronics companies joining (HP, Samsung, LG, Toshiba), but no companies on our list are members.
Carbon Disclosure Project, Supply Chain members list little over 50 member companies. Samsung Electronics developed new business conduct guidelines for the employee code of conduct to compliance to help ensure that we act with uncompromised integrity worldwide Samsung Electronics Sustainability Report People 1 compliance management Samsung Electronics strives to fulfill its roles and responsibilities as a leading global company by practicing compliance-driven 5/5(1).
As an industry leader in innovative products and practices, Samsung is on the forefront of creating a sustainable future for its customers, the environment, and society. ECO-MANAGEMENT PLAN Launched in , Samsung’s Eco-Management Plan is Samsung’s company-wide initiative to catalyze its long-term vision of leading the industry in green supply chain management and .
Sustainability Marketing Practices of Samsung Electronics Essay The modern business environment, globalization and increased public awareness have influenced companies to engage themselves in sustainable activities.
Samsung Electronics is one of the responsible companies following sustainable business practices. However, the company needs to improve its communications and marketing efforts to strengthen its marketing mix and brand reputation. Samsung Electronics leads into the imminent future of ever greater, ensure we adhere to world-class practices.
Samsung Electronics has been singled out for its excellent Marketing innovation–The race to attract global > 14 customers is both a marathon and a sprint. With.