Samsung’s dominance on the world stage is unsurpassed. Apart from being the leader in global production of Smartphone’s and other electronic devices for consumers and other consumer electronics, it also earns billions of dollars from its financial and manufacturing industries. The climb to the top was long and tough for Samsung however Byung-chul, the founder of the company, and Lee Kun-hee, his son, did not give up, and eventually turned the struggle into one the most memorable business success stories of all time.
It was the Samsung Group is a South Korean conglomerate, which includes a variety of subsidiaries. It’s among the biggest companies in Korea that produces more than one-fifth the nation’s exports total, with a major emphasis on electronics and heavy industry, construction and defense. Other important subsidiaries of Samsung include advertising, entertainment, and insurance.
The meaning behind the word Samsung means “three stars,” with the number three symbolizing “something powerful.”
Brief Introduction of Samsung
Samsung is a South Korean company which is among the world’s biggest producers of electronic gadgets. Samsung is a specialist in the manufacturing of a broad range of industry and consumer electronics, which include appliances and electronic media equipment, semiconductors memory chips and integrated devices. It is now one of the most recognized brands in the field of technology. It is responsible for about a fifth of the country’s total exports.
Full name: Samsung Electronics Co.,Ltd.
Headquarters: 129, Samseong-ro Yeongtong-gu Suwon-si Gyeonggi
Suwon; Gyeonggi; Postal Code: 443742
- Audio and Video Equipment Manufacturing
- Computer and Peripheral Equipment Manufacturing
- Telephone Apparatus Manufacturing
- Household Appliance Manufacturing
- Electrical Equipment Manufacturing
Samsung was established as a store for grocery trade on the 1st of March 1938 by Lee Byung Chull with just 3000 won (about 27 dollars). The company was established with his company in Taegu, Korea with 40 employees, trading noodles and other products made within and around the city, and then exporting them to China and provinces.
Following the Korean War, Lee expanded his operations to include textiles, and he opened the largest textile mill of wool in Korea. Lee was heavily focused on industrialization in the hopes of helping the country rebuild itself following the conflict. In the period of his work, his company profited from the protectionist policies enacted by the Korean government, whose goal was to aid big domestic conglomerates by protecting them from competition and offering the companies with easy funding.
Samsung Entered Into Electronics
In the early 1960s Samsung joined the electronic business with the creation of several divisions focusing on electronics:
- Samsung Electronics Devices
- Samsung Electro-Mechanics
- Samsung Corning
- Samsung Semiconductor & Telecommunications
Samsung first started its electronics business in the year 1969, with a variety of electronic divisions.
Their first products were black and white TVs. In the 1970s, the company began exporting electronic home appliances to overseas markets. In the 1970s, Samsung had already established itself as a leading producer in Korea and purchased a 50 percent stake within Korea Semiconductor.
In this time, Samsung acquired DongBang Life Insurance and created Joong-Ang Development (now known as Samsung Everland). A partnership between Samsung and Sanyo was established, opening ways for manufacture of microwaves, TVs, and other consumer goods.
In the year 1970, Samsung-Sanyo produced its first black and white televisions. It also expanded its offerings to shipbuilding, petrochemicals, as well as aircraft engines. The next decade saw Samsung also manufactured transistor white and black televisions and refrigerators, color TVs, electric desk calculators and air conditioning units.
In 1978 Samsung Company was able to reach the milestone of producing 5 million televisions.
In 1974, Samsung Heavy Industries was one of the biggest shipbuilders worldwide. In the late 1970s Samsung Heavy Industries company founded Samsung Electronics America and the Suwon R&D Center.
Samsung entered the telecommunications hardware market
In the year 1980, Samsung entered the telecommunications hardware market with the acquisition from Hanguk Jeonja Tongsin. Initially, they built telephone switchboards. Samsung moved into fax and telephone systems, and eventually moved to manufacturing mobile phones.
In the beginning of the 80s Samsung was expanding to Germany, Portugal, and New York. In 1982, Samsung Printing Solutions was created. This division of the company provided digital solutions for printers. In the next year it was the year that the company began producing personal computers. By 1984, the sales of Samsung reached the trillion-dollar mark.
Later on, Samsung expanded to Tokyo and the United Kingdom, positioning itself as a leading company on the market for technology and semiconductor manufacturing, with a huge production of 256K DRAM.
In 1987, the company’s founder Lee Byung-chul’s death occurred and his son Lee Kun-hee took over the control of Samsung. In the following year, Samsung Semiconductor and Telecommunications joined forces along with Samsung Electronics. The combined company was concentrated on the home appliances, telecommunications and semiconductors.
The next decade brought more expansion and accomplishments. Samsung quickly became a world top producer of chips which led to the creation of Samsung Motors and began making digital TVs. Its company was also investing in the development and manufacturing of other companies’ components. It was determined to become the world’s biggest producer of consumer electronics.
Samsung Ventures was founded in 1999 to invest in new businesses that focus on Samsung’s core offerings.
Samsung New Era of Innovations
- The year 2000 saw the debut of the Samsung Galaxy Smartphone series, which quickly was praised as the most popular product of the company but often also featured on annual lists of the top-selling phones in the world.
- Samsung launched its phone business by launching the SPH-1300 touch screen, a first touch-screen prototype that was released in 2001.
- The company also created the first phone that used speech recognition in 2005.
- In the year 2006, Samsung has been the company has been the highest-selling worldwide manufacturer of televisions.
- In 2010 the Galaxy series was expanded to tablet computers through launch of Galaxy Tab.
- In the 2000s and the early 2010s, Samsung bought companies that were developing technology to make electronic gadgets.
- As of 2011, Samsung introduced their Galaxy S II, which was followed in 2012 by the Galaxy S II which was and in 2012 it released Galaxy S III. Galaxy S III, one of the most well-known phones.
- 2012 also marked Samsung becoming the world’s biggest mobile phone manufacturer and it acquired mSpot for entertainment services to Samsung smartphone users.
- The company acquired additional companies during the years that followed which included organizations which would allow it to expand its products in medical technology smart TVs, OLED displays printing solutions, home automation cloud-based solution, solutions for payment and artificial intelligence.
- The month of September was when Samsung introduced the Gear VR Virtual Reality device that was designed to be used on Samsung’s Galaxy Note 4.
- In the end of 2015 Samsung was the only company with the most U.S. patents granted over any other company and had greater than 7500 utility patents approved by the end of the year.
- In the year 2017, Samsung was given governmental approval to test self-driving cars. In the next calendar year Samsung declared that they will expand its renewable energy programs and employ 40,000 people in the coming three years.
And this journey is never ended Samsung continuously improving and moving into new horizons of innovations and want to become leader in market.