Samsung: South Korean Multinational Conglomerate
Samsung is a South Korean multinational conglomerate that has become one of the world’s biggest and most influential companies. Founded in 1969 by the late Lee Byung-Chul, Samsung has grown to become a household name in many countries, with a wide range of products and services ranging from electronics, to shipping, to insurance. As of 2019, the company was listed as the 80th biggest company in the world and the 16th largest company in Asia.
This article looks at the history of Samsung, its current product and service offerings, and its growth over the years.
History of Samsung Electronics
Firstly, let’s look back at Samsung’s history and its origin as an electronics company.
In 1938, the Samsung group was established by Lee Byung-Chul as a trading company. Then, in 1969, the electronics arm of the company, Samsung Electronics, was founded. Since then, Samsung Electronics has become one of the world’s leading producers of various electronic devices, including smartphones, televisions, and home appliances.
In the early years, Samsung Electronics focused on the production of black-and-white televisions, as well as VHS systems. The company then moved into the manufacture of color televisions, mobile phones, and personal computers in the early 1980s.
In the early 2000s, Samsung Electronics launched its first digital camera, mobile phones, and the world’s first “smart” phone. Samsung has since become one of the strongest players in the smartphone market, with some of its products even outselling Apple’s flagship iPhone products.
Samsung’s Current Product Range
Today, Samsung Electronics produces a wide range of consumer electronics, including:
-Smartphones: The Samsung Galaxy series is one of the most popular smartphones in the world.
-Televisions: Samsung produces a wide range of televisions, from low-cost flat-screen televisions to high-end curved, 4K, and 8K televisions.
-Home Appliances: Samsung produces a wide range of home appliances, including refrigerators, washing machines, dishwashers, vacuum cleaners and Air Conditioners.
-Smart Devices: Samsung has also developed a range of connected devices, such as smartwatches, virtual reality headsets, and wireless headphones.
-Computer Accessories: Samsung also produces a range of monitors, wireless keyboard and mouse sets, speakers, and computer memory.
Samsung’s Growth
Samsung has experienced rapid growth over the years, becoming one of the world’s biggest and most influential companies. In 2008, the company recorded its first annual operating profit of $4.3 billion. Since then, it has grown to become the 78th largest company in the world and the 16th largest company in Asia.
In terms of revenue, Samsung’s revenue has grown steadily over the years. In 2008, its annual revenue was just under $90 billion. By 2018, it had grown to just over $235 billion.
In terms of market share, Samsung is one of the leading producers of smartphones, televisions, and home appliances. It held a 25% market share of the global smartphone market in 2018. It also held a 25% market share of the global television market and a 20% market share of the global home appliances market.
Corporate Social Responsibility
In addition to its growth, Samsung also takes its corporate social responsibility very seriously. It adopts the most stringent standards of environmental management, has established an extensive network of education and charity partners, and has initiated a wide range of social initiatives.
Furthermore, Samsung also invests heavily in research and development. The company invests around 14% of its annual revenue into R&D activities. This investment has resulted in the development of new products, as well as partnerships with key players within the industry.
Samsung is a hugely successful South Korean multinational conglomerate that has experienced rapid growth over the years. From its origins as a trading company, Samsung has grown to become a leading producer of electronics, home appliances, and smart devices.
The company takes its corporate social responsibility seriously and invests heavily in research and development. Samsung is currently one of the most successful companies in the world and is showing no signs of slowing down.