Samsung
The World’s Largest Electronics Firm
Since the early 21st century, Korean Samsung has become the most popular electronics brand for the consumer markets, eclipsing its Japanese rivals in consumer electronics. It is, in fact, the world largest maker of electronic products for both industrial and consumer markets. It is part of the giant Samsung Group of Companies which is involved in major domestic industries that have made it a large conglomerate in the world in terms of revenues.
It’s an interesting side note that the Korean word Samsung means “three stars” which refer to the three major affiliates of the Group namely, Samsung Electronics, Samsung Heavy Industries, which is the world’s number two in shipbuilding, and Samsung Engineering & Construction, a major global construction company.
This hasn’t confined Samsung from venturing into other businesses like retail, entertainment, chemical and financial services. It is not surprising that with its extensive and financially successful business and industrial reach, Samsung has contributed to South Korea as one of the major developing tiger economies that can’t be ignored in world economy so much so that Korea is often referred to as the “republic of Samsung.”
A Short Historical Ride
Headquartered in the Seoul, South Korea, Samsung has a history dating back to 1938 when Lee Byung-Chull founded a nondescript trading firm he named Samsung with just 40 employees. After the Korean war, Lee established a sugar refinery, the first major industrial facility in Korea. It flourished and Lee diversified Samsung into other areas with a singular vision to make Samsung as an industry leader where it has ventured into.
The 60s and 70s were great times for Samsung as Park Chung-Hee’s regime focused on economic development that placed Samsung into every opportunity to grow and prosper especially when Park embarked on a protectionist economy with liberal financing and banning foreign companies from marketing consumer electronics in the country.
It was at this time that Samsung Electronics became a domestic force in consumer electronics. The 80s and 90s saw Samsung’s entry into world markets. With high quality consumer appliances at low prices, the world soon took notice of the great value this Korean upstart was giving them. The rest is history.
