LDR 535 Week 6 Rachel Miller

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Jun 22, 2024

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CHANGE MANAGEMENT PLAN FOR SAMSUNG Rachel Miller University of Phoenix LDR/535 Dr. Renee’ Green June 3, 2024
OVERVIEW •Need for Change •Impact on the Company •Kotter’s 8-Step Change Model •Sustaining Competitive Advantage
WHY CHANGE NEEDS TO OCCUR To stay ahead in a rapidly evolving technological landscape and to address competitive pressures. 3 Market demands for innovation Adapting to new market opportunities Enhancing global competitiveness Improving operational efficiency
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GLOBAL IMPACT OF CHANGE 4 MARKET EXPANSION: NEW MARKETS AND IMPROVED MARKET SHARE IN EXISTING MARKETS. INNOVATION LEADERSHIP: CONTINUED INVESTMENT IN R&D FOR TECHNOLOGICAL ADVANCEMENTS. SUSTAINABILITY: ADOPTION OF ENVIRONMENTALLY FRIENDLY PRACTICES GLOBALLY.
IMPACT ON EMPLOYEES Skill Development: Ongoing training and development programs. Employee Engagement: Enhanced communication and involvement in change processes. Inclusivity: Strengthened diversity and inclusion initiatives. 5
KOTTER’S 8-STEP CHANGE MODEL: STEP 1 Create Urgency 6 Strategy: Identify critical areas needing immediate attention. Tactics: Conduct competitive analysis and market research to highlight urgency. Rationale: Helps in galvanizing employee support and motivating quick action.
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KOTTER’S 8-STEP CHANGE MODEL: STEP 2 Form a Powerful Coalition 7 Strategy: Integrate current managers with new talent. Tactics: Create a cross-functional team with clear roles and responsibilities. Rationale: Ensures diverse perspectives and robust support for the change process.
KOTTER’S 8-STEP CHANGE MODEL: STEP 3 Create a Vision for Change 8 Strategy: Develop a compelling and clear vision. Tactics: Host vision workshops and feedback sessions with employees. Rationale: Provides a unified direction and motivates employees.
KOTTER’S 8-STEP CHANGE MODEL: STEP 4 Communic ate the Vision 9 Strategy: Utilize multiple communication channels. Tactics: Regular newsletters, town halls, and social media updates. Rationale: Removes barriers that can impede progress and promotes ownership.
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KOTTER’S 8-STEP CHANGE MODEL: STEP 5 Remove Obstacles 10 Strategy: Empower employees with tools and resources. Tactics: Provide necessary training, technology, and budget. Rationale: Removes barriers that can impede progress and promotes ownership.
KOTTER’S 8-STEP CHANGE MODEL: STEP 6 Create Short- Term Wins 11 Strategy: Break down the change into smaller, achievable goals. Tactics: Recognize and reward early successes. Rationale: Builds momentum and demonstrates the benefits of change.
KOTTER’S 8-STEP CHANGE MODEL: STEP 7 Build on the Change 12 Strategy: Analyze successful outcomes and replicate them. Tactics: Document best practices and extend them to other areas. Rationale: Ensures sustained progress and widespread adoption of changes.
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KOTTER’S 8-STEP CHANGE MODEL: STEP 8 Anchor the Changes in Corporate Culture 13 Strategy: Integrate new practices into daily operations. Tactics: Leadership role modeling and ongoing training. Rationale: Reinforces the new behaviors and practices as standard operations.
SUSTAINING COMPETITIVE ADVANTAGE 14 Innovation: Continued focus on R&D to stay ahead of technological trends. Customer Experience: Enhanced by quick and effective responses to market needs. Global Leadership: Strengthened by sustainable and inclusive growth strategies.
REFERENCES 15 • Consumers are Changing. Brands Need to Change with Them. (2020, June 6). Samsung Newsroom U.S. https://news.samsung.com/us/consumers-changing-brands-samsung-next/ • Kim, H. (2021, June 4). [Editorial] How Samsung Works for a Better, More Sustainable Future for All Through Innovation. Hyeongnam Kim. https://news.samsung.com/global/editorial-how-samsung-works-for-a-better-more-sust ainable-future-for-all-through-innovation • Samsung Electronics [8 Steps] Change Management MBA Solution. (n.d.). Fern Fort University. http://fernfortuniversity.com/hbr/change-management/15660-samsung-electronics.php #google_vignette • Strategy | Sustainability | Samsung US. (n.d.). Samsung Electronics America. https://www.samsung.com/us/aboutsamsung/sustainability/strategy/b2bapp/
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