Today, Samsung Group is one of the largest industrial concerns in the world. Samsung’s main slogan is “Imagine the Possibilities” – “Imagine the possibilities.”
What is the history of the company?
From a small export firm for almost 80 years of its existence, Samsung has become a giant specializing in modern electronics, automotive, construction, chemical industries, and more.
Today, Samsung is an innovative company whose products are recognized globally, from Europe to the United States.
Today, we know Samsung as a giant global corporation, but its history began in the late 1930s, when entrepreneur Lee Benchol began to manufacture rice flour and opened a village store. Given that at that time Korea was a colony of Japan, it was very difficult to open a private enterprise, but in spite of this, in 1938 an entrepreneur founded a trading company that included forty state employees. In addition, Li Ben Chole established the first independent channel for exporting sugar, dried fish and rice from Korea to China and Manchuria.
Thanks to the active development of food supply at Lee Benchol, the opportunity to officially register the Samsung Trading Company brand has emerged. The name of the company was of foreign origin, indicating the far-reaching, ambitious plans of the Korean entrepreneur. Translated from the Korean language, Samsung means “three stars.” It was they who were depicted on the company’s first logo.
Reforming the company
After the start of cooperation with the US, the economy of South Korea has developed rapidly (from 6 to 14% per year). In spite of the long crisis in relations with Japan, in 1965 South Korea re-established diplomatic relations with it. Did Benchol manage to reach agreement with the Japanese leadership on technology support for the emerging electronics industry in South Korea.
The result of this collaboration was the creation in 1969, jointly with the Japanese company Sanyo Sanyo-Electronics (SEC), which specialized in the manufacture of semiconductors. A few years later, Samsung absorbed this company.
In 1970, the Samsung Electronics Corporation, which became the industry leader in record terms, was established in 1970. In 1972, the corporation released the first black and white TVs, which were only 2% of Korean residents.
In August 1973, the headquarters of the corporation was opened in Suwon, South Korea, and by December of that year the construction of a home appliance factory was completed.
In September 1974, the first air conditioner was introduced to Samsung, and two years later, the company began to produce compressors of its own production.
In 1977, Samsung Electronics exported more than $ 100 million. In the same year, the company introduced its first color TV. 1978 marked the opening of Samsung’s first subsidiary in the United States.
In 1979 the world saw the first household video recorders, but about half of their cost had to be given to the Japanese for the use of their designs and design.
Development of the company from 1980 to 2000
By the 1980s, the shares of the majority belonging to the concern Samsung, companies were in circulation only in South Korea and did not use much demand from investors. The reason for this was traditionally Asian management on the principles of Confucianism: at the head of the board could only be seen by representatives of the family Lee.
In the next few years, a number of marketing changes were introduced, as well as a completely redesigned company mission and changed its symbol. The company’s first logos featured three red stars, but Samsung’s leadership decided that they did not fit the image of the international corporation and decided to replace it. These changes lasted until the 1990s.
Today, Samsung Electronics is a multinational innovation corporation. Now the offices of the company are located in more than 60 countries of the world. Samsung has manufacturing facilities in Portugal, Mexico, Hungary, China and Thailand, and the South Korean city of Suwon, where the headquarters of the company is located, has long been called the “Samsung City” informally.