History Of Samsung.

 

History Of Samsung

The dark days under Japanese rule at the age of 29 a young man with a dream just like the light that sets in the early morning hopes and dreams that strive to save Korea to a successful company and endless effort to reach the dream be great strong and everlasting this belief still lives and breathes with us today Samsung's past 70 years filled with a challenging spirit and creativity March 1st 1938 Diego Sudan a young businessman at the age of 29 founded. Samsung with just $30 number-three pronounced some is a popular number for Koreans, it symbolizes something grand and mighty and Star pronounced sung symbolizes an eternally shining star be great strong and everlasting a business that started out as a small store was the beginning of the Samsung as we know it today since being freed from the Japanese rule the fact that Korea was one of the poorest countries in the world encouraged the founder to commit himself to economic contribution a strong commitment to contribute to the national and social development through business as Samsung actively ventures its way into trade industry it begins to ease Korea's resource shortage it was just after Korea's liberation from the Korean War, all of Samsung's assets were buried under the ashes of war but that didn't stop Samsung from getting back up again trading daily necessities Samsung's revenue reached two billion won in just one year after its foundation, however, Korea was suffering from an acute shortage of commodities and was highly dependent on import for consumer goods as a became urgent to develop industries to make products that can replace import goods founder Lee decides to make affordable daily goods for the public.

          Samsung's choice was sugar and wool manufacturer technologies and market a bold and brave challenge on a barren soil it turned out to be a huge success affordable price and good quality resulted from an explosive demand for sugar and wool with competitive quality and production cost Samsung swept the Korean market and this exponentially boosted Samsung's capital and manufacturing capacity Samsung's success in the trade and manufacturing industry opened up the opportunity to step foot in the finance sector based on stable management Samsung starts to diversify its business throughout industries through capital investment and merger as a result in the late 1950s Samsung became the single largest corporation and slowly geared up to become a conglomerate with multiple subsidiaries a company is its people is the spirit that has been passed down since the foundation, Samsung initiates open recruitment of college graduates for the first time in Korea to select top talents for Samsung selected employees took the new employee course for a month and got stationed to different divisions this laid the foundation of the current SVP new employee course to foster top talents or Samsung as the Third Republic is established after the April student revolution and the military coup of 1961 introduction of foreign capital and industrialization was urgent for economic development since Korea's industry was an infant.

      Samsung proposes the ideal direction of Korea's economic development to the government and leads government business cooperation venturing into fertilizer and paper manufacture business the key industries of Korea Samsung leads national economic development under the government's strong export policy Samsung places export on its top priority and devotes all its energy on exploring and expanding markets abroad as a result from 1961 to 1965 Samsung's export jumps over Eightfold driving Korea's entire export taking over Tong bong life insurance and Shinsegae department store Samsung started to expand its presence in the service industry life insurance and distribution by establishing Tony young broadcasting and Chuang you both Samsung helps to establish a sound press culture in Korea furthermore as Samsung begins to return its profit back to the community by actively engaging in public services such as Education Culture and medical care it truly begins to represent Korea Samsung fearlessly jumps into Korea's undeveloped electronics market Samsung was sixty years behind its rivals from developed countries the most urgent priority for Samsung was to stop doing just simple parts assembly and use domestically produced parts and develop our own technologies by learning advanced technologies and carrying out vertical integration of manufacturing processes Samsung secures platform technology and builds manufacturing infrastructure and in 1975 with the release of Econo TV Samsung electronics becomes one of the leading electronics makers in Korea's market Samsung develops colour TV for the first time in Korea and exports it to Panama making it a new strategic export product for Korea from refrigerators to microwaves and VCRs Samsung successful development of its own technology places Samsung Electronics on top of the entire electronics market in Korea in 1975 as Samsung's products hold 14% of Korea's total export volume it clearly reveals it's potential of developing electronics as Korea's flagship export industry in the same year.

         Samsung C&T corporation Samsung's leading export business is designated as the first general trading company by the government and officially becomes the leading export company in Korea in the 1970s Korea was at a crossroad of a new choice, it was a critical decision of upgrading the entire industrial structure to focus on a heavy chemical industry to meet such needs of the time Samsung established Samsung Heavy Industries in 1974 and aggressively made its way into petrochemical construction aviation and plant business keenly monitoring the changes of time as it moves forward Samsung was able to gain the image of the so-called national company that pops up the national economy the 1973 oil crisis was a wake-up call for Samsung to domestically develop its own components and jumped into the semiconductors industry at the time Japan and the US were already the dominant players in the semiconductor industry while Korea was making its baby steps however in 1983 already having a firm belief in the immense potential of the high-tech industry Samsung decides to set foot in the semiconductor business focusing on memory chips and this gave Samsung a turning point to transform into a truly high-tech company in just six months for the first time in Korea Samsung succeeds in developing 64k DRAM in November 1983 this narrowed the technological gap to only three to four years a huge progress from ten years in July 1986 as the era of megabytes arrives Samsung brings Korea to the ranks of the most advanced semiconductor making country talent and technology was becoming increasingly important with the entrance into the high tech industry and with the arrival of information society the need for IT-based reorganisation was growing faster and deeper in response to this trend.

       Samsung opened Advanced Training Institute to systematically train its talents and established Samsung advanced Institute of Technology to play a leading role in developing cutting-edge technologies as Samsung continues to build the infrastructure for knowledge-based information society it completes its preparation to deal with the century and changes on November 19th 1987 a great star in Korea's economy thoughts he was Eve Yong Chun the great founder of Samsung passed away although his passing left us in great sorrow his outstanding leadership that founded and developed Samsung into Korea's top company his contribution to the national economy the Samsung spirit and the philosophy of a company as its people stay with us till today as indeed a great legend of our time Chicken Little Pony none eager than a singing chair Rhydian ADA yakshagaana change Hanna from Sookie hello Nana the Declaration of the second foundation was a true turning point for Samsung to become a youthful and dynamic company with a new vision and passion aspiring to become the world's top company Samsung makes a strategic move to secure opportunity ahead of others by organizing its business structure to focus more on specialized and upgraded industries of the 21st-century Chairman Egan he recognizing technology as essential for survival and business management in The 21st century swiftly transformed a manufacturer based company into a high-tech a company that competes based on technological innovation such as semiconductor the fifth anniversary of the second foundation chairman Egan he emphasizes the need for all Samsung people across all levels to be truly united to realize the dream of becoming the world's top company in the 21st century to achieve this goal Samsung officially announces its brand new logo and sets up a new management philosophy five years after its second foundation.

     Samsung sees its growth figures jump more than twice five years after its second foundation Samsung sees its growth figure jump more than twice however Samsung put too much focus on qualitative growth and to a chain was called a second third class company later Senate immediate interest on a European amended or declaration of the new management Samsung's risk awareness that unless it changes it will not survive led to the Declaration of the new management Samsung through its new management changed inside out from its people's mindset to the quality of its products and services management system and its corporate culture and finally was reborn as a truly different company since then Samsung's globally competitive products continue to make huge hits throughout the world market translating into trillions of dollars in revenue through dramatic change and innovation Samsung proves its really worth during the Asian financial crisis at the end of 1997 Samsung undertakes selective and bold restructuring to build profit-oriented management system it was able to turn risk into an opportunity to move forward because it has long been preparing itself against dramatic changes to its new management spirit around the year 2000 the world was no longer the same as everything was being digitalized due to the development of digital technology and the rapid spread of internet markets was also converging into a single global market it was digitalization that allowed Samsung to go global as a result in April 2002 it surpassed Sony in the amount of market capitalization and by the year 2004 Samsung achieves its biggest ever performance recording 135 trillion Korean Won in total revenue and 19 trillion in pre-tax profit rising as a truly global top company in 2003 Samsung chooses to strengthen soft power competitiveness and people-driven management as its future strategy and further speeds up its race towards becoming a world-class company Samsung was able to rise as one of the world's top by training potential leaders of the digital society and by boosting its competitiveness in soft power in areas such as R&D design brand and global marketing furthermore Samsung has been an official Olympics partner sits it signed Olympics partnership with IOC back in 1997 it has also been contributing to enhancing Korea's national image by sponsoring the Chelsea Football Club of the Premier League carrying out its global citizenship responsibilities creative management it was the beginning of samsung's creative innovation and challenge to become the world's respected top company Samsung continuously explored new markets new businesses and new products by being truly creative slowly changing the playing field we now stand at a crossroad where we need to be more creative and more speedy in the race towards becoming a globally top-ranked company only those who challenge have built the future only those who break new grounds have led the future a company that started off in a tiny store from the world's poorest agricultural country has become one of the top global companies in just seventy years what Samsung achieved in the past two decades since its second foundation withstanding the decadence and digital switchover was indeed unprecedented our nature of becoming even stronger in times of crisis has allowed us to build new and better future through continuous change and innovation Samsung creating new values through endless challenge behind the power of Samsung lies it's endless the effort to make better people and better technology Samsung the great the strong and the everlasting and now it's time for you to write the next legend of Samsung for a hundred two hundred years to come.

Writer: Fahad Rajpoot