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Samsung Success Story, Journey

Samsung Success Story

History of Samsung

Samsung (The word Samsung is actually a Korean word which means three stars) is multinational South Korean company. It is one of the largest companies in the world having headquartered in Samsung Town, Seoul, South Korea. This is also considered one of the world’s largest electronic devices producers. As of 2020, Samsung is considered as the world's 8th highest brand value. Samsung also has an official website samsung.com where customers can buy the original products.

Samsung was founded by Lee Byung-Chul in 1938. The founder made Samsung a grocery trading company. Lee Byung-chul was born on 12 February 1910 in Korea. At first when lee Byung-Chul start his business in Taegu, Korea on 1 March 1938 he did the trading of noodles, groceries, and other dried fish. Then these things were exported around the city and provinces of China. This is the time when Korea is ruled and occupied by Japan.

At first, this was the company which is start with 40 employees. Later its main office was transferred to Seoul. After the Korean War lee expanded his business from groceries to textiles. After this Lee was forced to relocate his business to Busan. Later his company became one of the ten largest trading companies near the time of the war. Half of the war was proved successful for the trading company of lee. By the year 1950 company lee diversify his company into other lines of business then Samsung acquired three of Korea’s largest commercial banks as well as an insurance company and firms that made cement and fertilizer.

Later Samsung acquired more insurance company which include an oil refinery, a nylon company, and others. In the period of 1970s the company started to invest in the heavy, chemical, and petrochemical industries, providing the company a promising growth path. . As the company has amazing performance in groceries and textiles but then the owner lee decided to enter into another business line which is electronics. Later in the late 1960s, Samsung has entered electronics.

At first, it formed several electronics-related divisions, such as Samsung Electronics Devices, Samsung Electro-Mechanics, Samsung Corning, and Samsung Semiconductor and Telecommunications. The first product of Samsung was a black and white television set. After two months of production, this television set was exported to Panama. In the year 1970, the Samsung Company began to export electronics items.

In 1979 Samsung began mass production of microwave ovens. In the 1980s Samsung Samsung acquired the Gumi-based Hanguk Jeonja Tongsin. In the same year, Samsung started manufacturing telecommunication hardware. Later it became the center of Samsung’s mobile phone manufacturing. In 1987 the first original owner of the Samsung Lee Byung-Chul died. Then his son Lee Kun-Hee became the second chairman of Samsung. After lee death, Samsung separated into five different groups: Samsung, CJ Group, Hansol Group, JooAng Group, and Shinsegae Group. Each group specializes in a specific industry.

Today Hansol Group (Paper/Telecom) and the JoongAng Group (Media) are still separated and these groups are independent and not even the part of Samsung group. From here the groups of electronics from Samsung achieved the peak of success. Samsung was actually succeeded by his son. Later the Samsung began to invest heavily in research and development. When Samsung was separated into five groups one group of electronics was run by Lee Kun-Hee and the other four were run by other sons of Lee Byung-Chul and daughter.

In 1992 the Samsung became the world's largest producer of memory chips. As Lee Kun-Hee focused more on electronics to make the Samsung world best and Power Company with affordable products. For this Lee Kun Hee said to executives “Let’s change everything except our wives and kids” in 1993. Now here he means management. As lee Kun hee was more passionate about it his hard work succeeded his company.

Later in late 2000, Samsung launched, it galaxy series of smartphones and this is the most praised product and also the world's best-selling mobile. At the beginning of 2010, the series galaxy expanded to computer tablets, and in 2013 Samsung launched its galaxy smartwatches series. Samsung launch its fold mobile in 2019. Today Samsung owned many companies. There are many Subsidiaries of Samsung which are Samsung Electronics, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Engineering, Samsung C&T Corporation, Samsung Heavy Industries, Samsung Life Insurance, Samsung Fire & Marine Insurance, Cheil Worldwide, and Samsung Biologics.

Samsung Electronics is a South Korean Multinational Corporation having headquartered in the Yeongtong District of Suwon. Samsung Electronics has assembly plants and also has sales networks in 74 countries and employs 290,000 people around. As of 2019, Samsung Electronics is the world's second-largest technology company by revenue. Samsung electronics is the major manufacturer of electronics such as lithium-ion batteries, semiconductors, image sensors, camera modules, and displays for clients such as Apple, Sony, HTC, and Nokia.

Samsung electro-Mechanic is a multinational electronic component company of Samsung. This company has headquartered in Suwon, Gyeonggi-do, South Korea with additional manufacturing facilities in Sejong and Busan. The company produces chip parts such as MLCCs, printed circuit boards, camera modules, network modules, and semiconductor substrates.

Samsung SDI is a manufacturer of battery electronic materials. This company has headquartered in Yongin, Gyeonggi-do, South Korea.

Samsung SDS (Samsung data system) was established in 1985. This company is a provider of information technology and also consulting services, technical services, and outsourcing services. Samsung SDS has headquarters in South Korea and also has eight overseas subsidiaries, in America, Asia-Pacific, China, Europe, Latin America, Middle East, India, and Vietnam.

Samsung Engineering is a construction and Management Company. This company provides engineering services including feasibility studies, design, procurement, construction, and commissioning.

Samsung Fire & Marine Insurance is an insurance company specialization in the non-life insurance business. This company also provides loan service, insurance contract loans, and credit loans, emergency relief, and claims surveying services.

Samsung biologics is South Korean Biotechnology Company. This biotech division of Samsung Group provides contract development and manufacturing (CDMO) services to the biopharmaceutical industry. This company has headquartered in Songdo, Incheon, South Korea.

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