Samsung is one of the world’s largest technology providers. It started out as trading company exporting various products from South Korea to Beijing, China. Founded by Lee Byung-chul in 1938, Samsung gradually developed into the multinational corporation that it is today. The word Samsung means “three stars” in Korean. It became the name associated with different types of business establishments in South Korea and in various parts of the world. Internationally, people associate the name with electronics, information technology and development.
In 1969, Samsung Electronics was born. From there, the company started acquiring and creating different business establishments including a hospital, paper manufacturing plant, life insurance company, department stores and many others. The company was destined to become a household name starting in its mother country and spanning its reach to many other cities internationally. Samsung Electronics started catering to the international market in the seventies kicking off with the corporation’s acquisition of half of Korea Semiconductor which made it the leading electronics manufacturer in the country.
The success of Samsung as a technology provider continues to grow through the eighties as Samsung Electronics was merged with Samsung Semiconductors and Telecommunications. This paved the way towards a stronger hold on the international market with high-tech products that will become a staple in every home. This development continued on through the next decade as Samsung kept on going beyond its boundaries and restructuring its business plan to accommodate the global scene. Adopting a new form of management proved to be a wise move for the company as its products made their way on the list of top must-haves in their various fields. TV-LCD’s, picture tubes, and other high-tech products became popular acquisitions due to their high quality. When Samsung ventured into the LCD industry in 1993, it became the world’s best.
The company’s excellent method of quality control is what makes it successful in providing only the best products to the whole world. It applies a “Line Stop” system wherein anybody can stop the process of production in the event that substandard products are discovered.
Even when the whole of Korea experienced a terrible economic decline in 1997, Samsung was still able to cope with the changes. While it had its own share of suffering by being forced to restructure the whole corporation and release ten companies under its umbrella, it was still able to stand up and enjoy development.
To date, Samsung continues to maintain its status as the “world’s best” technology provider. Its highly qualified workforce is still striving for excellence in their respective fields making the whole company a huge success in the making. The secret to the company’s continuous success is in the constant improvement of its management structure and the application of its philosophies: “We will devote our human resources and technology to create superior products and services, thereby contributing to a better global society.”
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