Samsung Electronics Holds Global Strategy Meeting to Address Economic Downturn
Key Highlights :
As the global economy continues to struggle in the wake of the COVID-19 pandemic, Samsung Electronics is taking action. On Tuesday, the company held a global strategy meeting to address the current challenging business environment and come up with turnaround measures amid a deepening global economic downturn.
The meeting was held at Samsung Electronics' plant in Suwon, Gyeonggi Province, and was attended by Vice Chairman Han Jong-hee, head of the Device Experience (DX) division, as well as other executives and overseas branch managers. Approximately 100 executives from the DX division and over 130 executives from the Device Solutions (DS) division, totaling around 230 domestic and international executives, participated in the meeting both online and offline.
The Mobile Experience (MX) business unit, which contributed to defending the company's first-quarter performance with strong sales of the Galaxy S23, shared its marketing strategies for upcoming products such as the Galaxy Z Fold 5 and Flip 5, set to be launched in the second half of the year. The Visual Display (VD) and Home Appliances business units, affected by the economic slowdown, assessed market changes resulting from the COVID-19 endemic and discussed strategies to boost sales and competitiveness in the second half of the year.
The DS division evaluated the performance and strategies of each business unit while exploring ways to overcome the semiconductor crisis. Discussions covered expanding global new orders in the foundry sector based on the outlook for the latter half of the year, long-term technology development roadmaps and strategies to seize future markets.
In addition to the global strategy meeting, Samsung Electronics will also hold its first domestic smartphone unveiling event, "Galaxy Unpacked," in the latter half of next month. This event will provide a glimpse into the company's new products and strategies as it looks to rebound from the economic downturn.
Overall, Samsung Electronics' global strategy meetings are an important part of the company's efforts to remain competitive in a challenging business environment. By gathering top executives and overseas branch managers to discuss the current issues of each business division and region, the company is able to come up with strategies to address the current economic downturn and come out on top.
