Samsung Introduction

Founded Samsung Introduction-2 Important points, 1970s subsidized, In 1938, Samsung began as a small business trading upraise and consumer goods. Almost 70 years later, Samsung has transformed itself into a world(prenominal) powerhouse whose superior products and services outright range from semiconductors and LNG ships to fine chemicals and financial services, just to name a few. 1938-1970 Samsung Beginning On March 1, 1938, substructure chairman Byung-Chull Lee started a business in Taegu, Korea with 30,000 won (South Korean currency).At prototypal, Mr. Lees little business was mainly in trade export, selling dried Korean fish, vegetables, and fruit to Manchuria and Beijing. But in just everyplace a decade, SAMSUNG meaning literally three stars in Korean would have its own flour mill around and confecti onenessry machines, its own manufacturing and sales operations, and ultimately become the roots of the modern world(prenominal) corporation that lock away bears the same name today. 969-SAMSUNG-Sanyo Electronics established (Renamed SAMSUNG Electro-Mechanics in March 1975 and merged with SAMSUNG Electronics in March 1977) 1969-SAMSUNG Electronics Manufacturing in corporeald (Renamed SAMSUNG Electronics in February 1984) 1970-1980 Samsung Industrial Era Throughout the 1970s, SAMSUNG laid the strategic foundations for its early growth by investing in the heavy, chemical, and petrochemical industries.The gilds min Five-Year Management Plan, announced in August 1973, targeted these industries and also introduced SAMSUNG to the shipbuilding industry Another conk out of growth for SAMSUNG came from the burgeoning home electronics business. SAMSUNG Electronics, already a major manufacturer in the domestic (Korean) market, began to export its products for the first magazine during this period. Another significant development was SAMSUNGs 1974 acquisition of a 50 percent stake in Korea semiconductor device, unless consolidate SAMSUNG Electronics reign as a leader in semiconductor manufacturing. 980-1990 Entering the spherical technology marketplace The late 70s and early 80s represented a time of increase diversification and global growth for Samsungs core technology businesses. In 1978, SAMSUNG Semiconductor and SAMSUNG Electronics became separate entities as new products were introduced to the global market. SAMSUNG Precision Company (established in 1977) laid the foundation in another high-tech industry aerospace.Renamed SAMSUNG Aerospace Industries in February 1987 (now known as SAMSUNG Techwin), SAMSUNG has been developing its aerospace capabilities with unprecedented speed ever since. Future plans include the development of future space stations and even space facilities for the Moon and Mars in the early 21st century. SAMSUNGs increasing focus on technology led to another key development in the mid-80s with the creation of the companys devil Research & Development institutes, SAMSUNG Economic Research Institute (SE RI) in 1986.SAMSUNG Advanced Institute of engineering science (SAIT) in 1987. Together, these two pioneering R&D organizations have helped SAMSUNG expand its reach even further into electronics, semiconductors, high polymer chemicals, genetic engineering, optical telecommunications, aerospace and new fields of technology innovation from nanotechnology to advanced network architectures. On November 19, 1987, SAMSUNGs founding Chairman Byung-Chull Lee passed away after almost fifty years at the maneuver of the company. His son, Kun-Hee Lee succeeded him as the new Chairman.On the 50th anniversary of SAMSUNGs founding in 1988, he announced the bit Foundation of the company, directing SAMSUNGs growth towards becoming a world-class 21st century corporation. For this Second Foundation, SAMSUNG challenged itself to restructure old businesses and enter new ones with the aim of becoming one of the worlds top five electronics companies. The merger of SAMSUNG Electronics and SAMSUNG Sem iconductor & Telecommunications was un distrustedly a key strategic implication in the progress towards this goal.For the first time in the groups history, SAMSUNG was now in a position to maximize its technological resources and develop value-added products. 1990-1997 Leaping onto the globose Stage New management Era New Management is more than a mere re-engineering of SAMSUNG moreover rather an entire revolution dedicated to making world-class products, providing total customer satisfaction, and being a good corporate citizen. In retrospect, New Management was a decisive turning point for SAMSUNG, the moment when the entire company was repositioned on the basis of Quality first. During this period, 17 different products from semiconductors to computer monitors, TFT-LCD screens to color consider tubes leaped into the ranks of the top five products for global market share in their respective areas. There is no doubt that part of SAMSUNGs success in these areas is due to its rigorous enforcement of quality control at all its plants across the world.? Thanks to the Line Stop system, any employee can shut down the assembly line when substandard products are discovered.Production is simply halted until the problem is solved. SAMSUNG also adheres to the Six Sigma concept of total quality management. 1997-2000 Digital verge 1997 was a dark year for nearly all of Korea. That year, nearly all companies in Korea shrank. SAMSUNG was no exception. The company restructured by reducing the number of its affiliated companies to 45, decreasing personnel by almost 50,000, and better the wiseness of its financial structure.Although the news was bleak, SAMSUNG was one of the few companies able to continue growing thanks to its leadership in digital and network technologies, and its steady concentration on electronics, finances, and related services. 2000-Present Pioneering the Digital Age With the start of the second millennium, SAMSUNG begins its second century. The digital age has brought revolutionary opportunities and changes to global business. The SAMSUNG Group has responded to these changes and is currently upgrading its business structure, management perspective, and corporate culture to meet global standards.Our commitment of being Worlds Best has won us the number one global market share for thirteen of our products. We succeeded in achieving the global competitiveness through continually improving our financial structure and profitability, as we examine the structure of our own organization. The quick pace of our development is reflected in our management philosophy We will devote our human resources and technology to create superior products and services, thereby alter to a better global society.