Inquiry into Samsung Essay Example | Topics and Well Written Essays - 1500 words

Inquiry into Samsung - Essay Example Samsung group has grown through acquisitions and mergers like the move to buy DongHwa department store in 1963 and two years later the acquisition of Saena paper industry followed. Samsung electronics were established by Samsung group in the year 1969. However, it was in the 1970s when Samsung made a decision to enter into industries petrochemical, heavy and chemical industries. This was followed by the establishment of a new Samsung shipping company. The Samsung heavy industry was established in 1973. The Samsung group procured Daesung heavy industry to develop the Samsung shipbuilding company. Samsung precision, which was later renamed to Techwin, was established in the same year. Samsung was rising at an extremely high speed and expanding its influence to expanding its industrial influence and empire. This positioned the company to the present day growth culture. Samsung group is known to be one of the companies that are leading in innovation. The company has been introducing the latest Smartphone and has increased its market share by introducing superior products like Smartphone and tablets. The growth of this multinational has been gradual but steadfast. Samsung was founded in the year 1938 by Byung-Chull. The company used to export fruits, vegetables and dried fish produced in Korea. The exports were destined for Beijing and Manchuria in China. The company then started small-scale manufacturing by establishing confectionary machines and flour mills. The company was incorporated in the year 1951. Samsung Corporation started to substitute imported goods with locally manufactured products through the establishment of the industry called Ceil Sugar in the year 1953. This was later followed closely by the establishment of Cheil industries. Samsung group then went ahead to acquire Feb Ankuk Marine and fire insurance in the year 1958. The company was later renamed as Samsung fire and marine insurance. This was followed closely by the acquisition of Jul Dong Bang Life insurance in the year 1963. The company was later renamed to Samsung life insurance in the year 1989 (Michell 2011). However, in 1983, Samsung group has begun to develop the interest in the field of semiconductors. Up to 1983, the company was known to develop semiconductors for the local market. The development of the 64k DRAM (dynamic random access memory) by Samsung Company marked a fresh beginning with regard to international influence (Michell 2011). This marked the beginning of production of many semiconductor chips for the international market from Samsung Company (Chang 2011). In 1985, Samsung data systems were established. The company was rebranded to Samsung SDS in 1986. The aim was to pave the way for Samsung economic research institute. In the following year, Samsung advanced institute of technology was developed as the company’s main research center. Samsung group acquired KOCA. This was a credit company which was renamed to Samsung credit card in the year 1 995 (Books 2011). Through this, Samsung Company was increasing asserting itself in the world of technology and financial security systems. Samsung began acquiring many international companies with an aim of asserting itself in the international market and increasing its market share. Samsung group faces incredible competition from other South Korean industries.