Initially, the founder of the company, Bjong Chul Lee, placed great emphasis on the agricultural industry. His first step towards the development of his own business was the acquisition of a rice mill.
True, it did not bring the expected profit, so the young entrepreneur quickly changed his line of business, registering the shipping company Samsung Trading Co. on March 1, 1938.
Translated from Korean, Samsung means “three stars.” There is no unambiguous interpretation of such a name, but according to the most plausible version, the company received such a name due to the fact that its founder had three sons, who later became followers of his father’s business.
In subsequent years, Samsung has experienced many more reincarnations. Under this name, Bjong Chul Lee produced beer, rice vodka, textile products, sugar, and even provided insurance services.
Only more than 30 years after the start of operations, Samsung began to move towards the technology segment, in the 70s, entering the semiconductor market. This was facilitated not only by the entrepreneurial attitude of Bjong Chul Lee himself but also by favorable conditions in the state – at that time the authorities pursued an active policy of reviving the economy in Korea, lobbying for the interests of domestic companies.
It was in the 70s that Samsung Electronics Co. was registered. Ltd, which included a number of departments involved in various areas of electronics. After 5 years, the company begins production of refrigerators and washing machines, after 5 it produces its own air conditioners and microwaves.
The end of the 80 – the beginning of the 90s became a new milestone in development – Samsung, has taken over more than 20% of Korea’s total exports, opens a branch in the United States and then in other countries. Further, the development of the line of devices does not slow down:
- The 80s – the company enters the market of personal computers.
- 1991 – Samsung introduces the first mobile phone.
- 1992 – the company develops its first DRAM memory chip.
- 1999 – the first smartphone is released under the Samsung brand.
Until now, Samsung annually expands and improves the range of its own devices, offering consumers not only reliable but also innovative products, which many other manufacturers are equal to.
Samsung Brand Today
To date, Samsung’s sales amount to tens of billions of dollars, and its products are sold in the USA, Europe, and Asia. The South Korean manufacturer offers a wide range of different products:
- Household appliances (hair dryers, vacuum cleaners, refrigerators, microwave ovens, etc.).
- Acustic systems.
- Home theaters, etc.
In addition, the company has more than 20 divisions that are involved in the heavy and chemical industries, financial and insurance activities, the automotive industry, etc.
In various years, Samsung has been in the top 10 of the most expensive, most significant and most recognizable brands on the world market.
We should also consider Samsung smartphones, which many people know about the products of this brand. The most significant difference from analogs is that they are not produced in China, but in South Korea. This suggests that the manufacturer carefully monitors the build quality of devices.
In addition, Samsung is developing its own mobile processor called Exynos. This can only boast a few manufacturers on the market. Such an approach in production allows the company not only to provide better iron optimization but also to provide a lower price for its own gadgets.
To date, the range of Samsung presented the following line of smartphones: