Samsung Electronics on Wednesday started its annual global strategy meeting, with some 600 executives and heads of regional operations around the world in attendance.
Samsung Electronics vice chairman Lee Jae-yong is also scheduled to join the meeting –the first this year. The one planned in the first half of this year was canceled due to the outbreak of Middle East respiratory syndrome.
The mobile and home appliance divisions are holding a three-day meeting through Friday at the Suwon campus in Gyeonggi Province, while the parts division will hold a separate meeting on Dec. 22-23 in Giheung, also in Gyeonggi Province.
The meeting comes at a crucial time when the company is scrambling to find new profit sources amid growing competition from Chinese rivals across its flagship device businesses.
Samsung said the meeting will focus on finding solutions to respond to a low-growth era that is projected to continue over the next 10 years. Key agendas include: online distribution channels, business-to-business areas; automotive parts and the Internet of Things.
Executives will discuss ways to strengthen its global online distribution channels. While Samsung has expanded its offline sales network around the world, its Chinese rivals like Xiaomi have poured resources into online sales with lower costs.
The company also plans to elevate its B2B sales. It is especially pinning high hopes on PCs and printers by setting up separate sales teams for global clients.
Detailed sales plans of its car parts business are expected to be discussed during the meeting of the parts business division. The division chief and one of the company’s three co-CEOs Kwon Oh-hyun will preside the meeting.
Industry watchers said Samsung would seek ties with European carmakers based on its brand power in the region.
Samsung Group’s Corporate Strategy Office, which has played a control tower role across Samsung companies, also plans a CEO meeting on Dec. 28.