Samsung was founded by Byung-Chull Lee in 1938 when Byung-Chull Lee came to the nearby Daegu city. It was a small trading company with 40 employees. The word of Samsung means ‘three stars’ in Korea which represents big, numerous and powerful. Byung-Chull Lee established a sugar factory in South Korea in 1953. In his opinion, this act is important because this is the first manufacturer factory built after the Korean War. In 1960s, Samsung moved into various service businesses. Examples of the service businesses are insurance, broadcasting, securities and even a department store. In the late of 1960s, Lee was charges with an illegal sale.
Nevertheless, one of Lee’s son was arrested and Lee forced to donate a fertilizer plant to the government to win his release. After Lee’s son was arrested, he decided to break into mass communication industry by launching radio and television station, as well as by manufacturing televisions and electronic components through the Samsung Electronics division. Samsung Electronics was established in Taegu, Korea in 1969. It was the chief subsidiary of South Korea Samsung group. And it also was the largest electronic producer in Asia. Four main divisions in Samsung Electronics, there are Digital Media, Semiconductors, Information & Communication, and Home Appliances.
The first product of Samsung Electronics was a small and simple black-and-white television that began selling at early 1970s. From this product, Samsung Electronics developed a different line of consumer electronics that is first sold domestically, and later began exporting. Samsung Semiconductor and Telecommunications Co. was formed in 1978 to make up lack of technology expertise in South Korea. Utilizing its newly acquired knowledge, Samsung became the first Korean manufacturer of low-cost, relatively low-tech, 64-kilobit dynamic random access memory (DRAM) chips.
The success of Samsung as a technology provider continues to grow when Samsung Electronics and was merged with Samsung Semiconductor 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, Samsung printers 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. 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.”