A Business Report on the Samsung Group

Samsung was founded in 1938 by Lee Byung-Chull in Daegu, South Korea. The Samsung group is often referred to as the founder of Korean industry. Byung-Chull Started his company as just a small simple trading company, and expanded it, eventually forming the massive worldwide electronic company people know today. Samsung has been around for over seventy-five years, and is advancing rapidly and consistently (Jung-Hyun). This company, over the many years, has developed a lot of credibility and has demonstrated originality. The Samsung Group is the largest corporation in South Korea. The company functioned in over fifty countries and employed more than two hundred-thousand people worldwide. Among the main business subdivisions within the Group, Samsung Electronics is the most prominent and well known one. The organizational structure of Samsung Electronics consists of 5 business departments. They have demonstrated significant successes in such industries as mobile phones, liquid crystal displays, and memory products enabled Samsung to grow into a global company. However, current successes do not guarantee the leading position on the market in future. The American market is of high competition. In order to operate successfully on this market, it is necessary to make right-time decisions concerning business, labor, and production. Americans should support this company because it was originally created for a good cause. Lee Byung-Chull created the company as service for his country. According to Bang Jung-Hyun, a writer for Korea IT Times, “…he [Lee Byung-Chull] realized how a country is vulnerable against lack of vigorous ventures keeping the nation afloat and that the nation's stake was poised on the edge of the chair without the existence of strong capitalism.” At the time of 1930s Korea was much dependent on Japan, their economy was fragile, and the country required a stronger economy in order to become independent. Samsung was Byung-Chull’s attempt to strengthen the Korean economy. Byung-Chull’s persistent efforts to construct an enhanced economic base in Korea to strengthen the nation displayed his strong passion towards business and his country. His actions results in the unprecedented economic prosperity in Korea. In Lee Byung-Chull’s eyes employees were the most valuable quality in a company. He had very unique business philosophies. Bang Jung-Hyun also says “The most interesting choice he made for the company's security and well-being was selecting a psychologist as his consultant instead of a business specialist.” Lee Byung-Chull believed that a business is best managed by understanding people rather than statistics and numbers. It is these factors that a quality company should have, Samsung places their employees first and values them. Using many employees worldwide also creates many job opportunities for people all around the world, which, ultimately, strengthens the economy (Jung-Hyun).Therefore Samsung is a company that puts its employees’ first, and makes it their top priority to have them pleased. All of their efforts have been to help the company and the economy grow. During the 1980’s Samsung was only known as a follower company in the electronics industry. This also improves its credibility because Samsung was founded so long ago from nothing, and now they are still standing strong and prominent. They manufactured mediocre quality products and were not considered a significant threat by any of the other major electronic companies; However, Samsung now is widely viewed as one of the most technologically advanced companies in the world, in which it competes for top market positions in several electronic departments. Samsung has made a wide variety of products in its many years as an established company. They started off as a food exporter and shipped items to China. They then moved on to other business such as life insurance and textiles. Eventually they started to manufacture electronics. The electronic department began by making televisions to sell. They continued to expand even further and manufactured many common household appliances such as washing machines, refrigerators, and microwaves. Around 1980 Samsung produced a verity of electronics ranging from personal computers to tape recorders and began exporting them to North America. Samsung constantly were advancing and crating new technology for society to benefit from, they had been advancing since they were founded and have not slowed down (Kovach). Today, Samsung manufactures more smartphones than any other competitor in the world. Competitors such as apple may receive more attention; However, according to Stephen D. Simpson “Korean electronics giant Samsung actually sold more smartphones and sits in the catbird seat in the global cell phone market.” This can be associated with their variety of products and smartphones, while Apple has very little variations in their smartphones (Simpson). This is a great example of how Samsung has been using their own original methods that has made them successful. Samsung has exhibited a lot of success, and this can be attributed to its marketing strategy. Brad Reed, news editor exclaims that “their recent success but one of the under-appreciated ones is their willingness to crank out new products at a rapid pace without fear of diluting their brand.” Samsung creates their phones faster than any other company. They adjust to the needs of the people simply by making many variations of their phones, and creating a wide array of features available. Samsung realizes that everyone has different opinions so they take their products and match it with the needs of the consumers at a specific time (Reed). Samsung is one of the major leaders in most of the technological subdivision, they have offered the latest technology to the buyers over the past few years. Their unique strategys progresses sales and increases the number of customers. In every field of technology, Samsung provides such a wide variety of products. With the technology department growing so fast, the competition in finding and marketing the newest technological innovation is crucial. Samsung does a phenomenal job in providing the people with the newest technology when it is readily available. They take advantage over their quick production rate which the other companies cannot keep up with. Samsung can be associated with great success. The company was founded for a country and continued for the consumers. American people would benefit form purchasing their products. Jay Yarow, newspaper writer says “Samsung, on the other hand, makes skyscrapers, big ships, smartphones, TVs, and refrigerators, to name a few items.” Their products are very advanced and can greatly simplify everyday life of modern society. Samsung has been established for an extremely long amount of time, they will continue to prosper in the future. Samsung’s business and market strategies are unique and effective. Samsung has developed tremendously from when it was first established in 1938. Now it is consisted of over 80 different business departments. Samsung extremely values employees, they have over 370,000 employees worldwide, that is more than Apple and Microsoft combined. Samsung rapidly produces product to be sold they shipped 215.8 million smartphones in 2012, more than Apple, HTC, and Nokia combined (Yarow). Samsung is recognized as the most respected company in South Korea, attracting many of the country's most intelligent and talented pupils. Lee Byung-Chull has greatly impacted the electronic industry by founding Samsung. Americans should support this company and help it grow even further. Supporting such a company would can lead to them developing better products to help humans in their everyday lives. Samsung is one of the most innovative companies today, they display all the characteristics of an ideal company. They value employees, have original business tactics, creates many job opportunities, and is a credible company due to how many years it has been established.

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