Samsung Saga

By: Neo Nashville Click author's name for more of his/her articles

The Samsung Group is a multinational corporation, perhaps best known for its production of electronic goods. However, the group now comprises of several industries, including shipbuilding, heavy industries, as well as engineering and construction.

It is by far and away the most famous brand ever to emerge from South Korea, and has surpassed even its Japanese rival Sony to lead the field of consumer electronics.

Looking back at the history of the business, one comes to understand the sheer magnitude of this achievement. Founding chairman Byung-Chull Lee essentially started out as a greengrocer, specialising in the export of food products to Manchuria and Beijing. His small Samsung Store started out in the 1930s and it is hard to believe that such a giant could emerge from such tiny beginnings.

The Korean War came and went, and Samsung were determined to weather the storm. The business continued in full swing after the war finished and by 1953 Lee Byung-Chull had moved into large scale food and sugar production. The company then diversified into the service areas where it offered life insurance and other financial products.

It seemed that every sector Lee Byung-Chull entered, he mastered, and he was a success in each. This led to further investment potential, and in 1969 he was able to start Samsung Electronics. Their first product was the black and white television, of which they had produced one million of by 1976.

Samsung certainly had some good fortune in that the Korean regime of the 60s and 70s was very supportive of the growing industries of South Korea, protecting it from foreign competition, and encouraging growth by investing heavily and offering government support.

And this it did when it began catering for the huge new consumer electronics demand that flooded the global markets throughout the 1970s. New electronics products were being developed all the time, and Samsung were at the forefront, producing television sets and microwave ovens for the homes all over the world.

Samsung in 2009 is a still a leader in the electronics field, specialising in mobile phone and LCD television technologies. Although still a diverse group, Samsung now tend to invest most heavily in the engineering, chemical and electronic industries.

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