Samsung | Success Story of one of the top companies in the world

Samsung is a South Korean multinational conglomerate company headquartered in Samsung Town, Seoul. It comprises numerous affiliated businesses, most of them united under the Samsung brand, and is the largest South Korean chaebol (business conglomerate).

Samsung was founded by Lee Byung-Chul in 1938 as a trading company. Over the next three decades, the group diversified into areas including food processing, textiles, insurance, securities, and retail. Samsung entered the electronics industry in the late 1960s and the construction and shipbuilding industries in the mid-1970s; these areas would drive its subsequent growth.

As of 2021, Samsung has the 6th highest global brand value.

How Samsung Started

Samsung was founded by Lee Byung-Chul in 1938 as a trading company in South Korea. At the time, Korea was under Japanese rule, and Lee saw an opportunity to start a business that could help the country become more self-sufficient. He started by exporting goods produced in the region, such as fish, vegetables, and fruit to other countries.

In the late 1950s, the company entered into the sugar refining business, and in the 1960s, it diversified into the textiles and insurance industries. In the 1970s, Samsung began to expand into new areas, including shipbuilding, construction, and the petrochemical industry.

It was in the late 1960s that Samsung entered the electronics industry. The company released its first black-and-white television in 1969, and by the 1970s, it had become a major player in the Korean electronics market. In the 1980s, Samsung expanded its electronics business even further, developing a wide range of products including home appliances, computers, and mobile phones. Today, Samsung is a global leader in the technology industry, with a presence in a wide range of markets including consumer electronics, telecommunications, and home appliances.

After Lee Byung-Chul Death

After the death of its founder, Lee Byung-Chul, in 1987, Samsung was separated into four business groups:

• Samsung Group
• Shinsegae Group
• CJ Grou
• Hansol Group.

Each group was given a specific area of focus and set of businesses to manage.

Samsung Group, the largest of the four groups, was responsible for the majority of Samsung’s businesses, including the electronics, engineering, and financial services sectors. Shinsegae Group was focused on the retail and department store industries, while CJ Group focused on food, entertainment, and chemical products. Hansol Group was responsible for the telecommunications and media businesses.

Since the separation of the company into these four business groups, Samsung has continued to grow and expand into new markets. It has become a global leader in the technology industry, with a presence in a wide range of markets including consumer electronics, telecommunications, and home appliances.

Samsung Top Acquisitions

Samsung Group has made a number of acquisitions over the years to expand its businesses and enter new markets.

Samsung’s contribution in Burj Khalifa

Samsung C&T Corporation, a subsidiary of Samsung Group, was the main contractor for the construction of the Burj Khalifa, the tallest building in the world. Samsung C&T was responsible for the construction of the building’s foundations and superstructure, as well as the installation of the building’s elevators and air conditioning systems.

The Burj Khalifa project was a major undertaking, and Samsung C&T faced numerous challenges during the construction process. The company had to develop new technologies and techniques to deal with the extreme heat and high winds in the area, as well as the logistical challenges of building such a tall structure. Despite these challenges, Samsung C&T was able to complete the project on schedule and to the highest standards of quality.

The Burj Khalifa is a testament to Samsung’s engineering and construction capabilities, and the company’s work on the project has helped to solidify its reputation as a leading global contractor.

Samsung contribution to south Korea’s GDP

Samsung is one of the largest and most successful companies in South Korea, and it has played a significant role in the country’s economic development. According to data from the Korean International Trade Association, Samsung’s exports accounted for about 20% of South Korea’s total exports in 2020. In the same year, Samsung’s revenue made up about 17% of South Korea’s gross domestic product (GDP).

Samsung’s success has also had a positive impact on the South Korean economy in other ways. The company is a major employer in the country, with a workforce of over 300,000 people in South Korea alone. Additionally, Samsung’s research and development (R&D) efforts have helped to drive technological innovation in the country and have contributed to the growth of South Korea’s high-tech industries.

Interesting Facts About Samsung

• Founded in 1938 as a small trading company in South Korea. It has since grown into a global conglomerate with a presence in a wide range of industries, including electronics, telecommunications, finance, and more.
• world’s largest manufacturer of smartphones and TVs, and it is also a major player in the semiconductor and home appliance markets.
• Has a strong focus on research and development, and it is one of the top investors in R&D in the world. In 2020, the company spent over $15 billion on R&D efforts.
• Has a strong commitment to sustainability, and it has set ambitious goals for reducing its environmental impact. The company aims to become carbon neutral by 2050.
• Has a diverse workforce, with employees from over 80 different countries.
• Has a long history of philanthropy, and it supports a wide range of charitable causes through its corporate social responsibility program.

Samsung Affiliates

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Today, Samsung is one of the top companies in the world. The company has a powerful influence on South Korea’s politics, media, economic development, and more. Their success story is very inspiring. In 2012, Samsung Electronics became the top cellphone manufacturer. Every second person in the world has a Samsung device in their hand. In addition, its construction company constructed the Burj Khalifa. Samsung also employs more than 370,000 employees all around the world. 17% of Samsung’s Gross Domestic Product is owned by Samsung. 

From a grocery store to becoming one of the top companies in the world, the company’s success story of truly inspiring. In 2018, the company made a profit of $41 billion. However, the company also faced several setbacks and challenges. They were the center of several corporate scandals including patent-infringement suits and bribery cases. But, they pushed through all the hurdles and overtook the electronics industry. Samsung’s subsidiaries include Heavy Industries, Samsung Engineering, C&T Cooperation, Life Insurance, and many more. 

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