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  • Subject area(s): Marketing
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  • Published on: 14th September 2019
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Contents

Introduction 2

Biography 2

Samsung 2

HIstory of Samsung 2

What made the business successful? 3

Impact of samsung in the market 3

Failures and what did they learn 4

What values have made Lee byung-chul successful? 4

Corporate philanthropy 4

Conclusion 5

Bibliography 6

Images 7

Introduction

This report is about Lee Byung-chul who was the founder of Samsung group. In this repot, history of Samsung, reasons Samsung became a successful company and corporate philanthropy will be explained.

Biography

Lee byung-chul was the founder of Samsung group and one of the most successful businessman in South Korea. Lee byung-chul was born in Uriyeong, Gyeongsangnam-do, Korea on 12th February,1910. (doopedic, 2017) His family was very wealthy, owning a very big land famously known in the Gyeongju Lee clan. After finishing primary, middle and high school from his hometown, he went to Waseda University located in Tokyo. (Upclosed, 2017) However, before he could finish his degree Lee had to go back to Korea due to his father's death. His family now which is also known as “Lee family” is the Asia's Richest Family with a value of $29.6 billion (Forbes, 2017). Lee died on 19th November,1987 at the age of 77. (doopedic, 2017)

Samsung

Samsung is one of the most famous brand in the world which is known famously for making phones (Galaxy). Samsung first started in 1938 not as an electronic company but as a trading company. Samsung has many subsidiaries starting from Samsung Electronics, to Cheil worldwide. (Success Story, 2017) The main headquarter of Samsung also known as ‘Samsung Digital City' is located in Suwon, Gyeonggi-do, South Korea, with 390 acres of office space and approximately 35,000 Samsung employees every day. (News Samsung, 2017) According to Forbs, the market value of Samsung Electronics is $254.3billion which is ranked #14 worldwide. (Forbes,2017)

HIstory of Samsung

With approximately $30 AUD, Lee started Samsung as a trading company in March 1938, in a place called Taegu, Korea. (Lifewire, 2017) The aim of the company was to trade and export goods produced in and around the city. Lee named the company as Samsung (三星) which meant 3 star for his company to become powerful and everlasting like stars. (doopedic, 2017)  This is seen on their logo from 1938 ~ 1990s (fig3). In 1947 Samsung soon expanded and has moved the company based to Seoul transporting goods throughout Korea and to other countries.

As Samsung was gaining more popularity in Korea, Korean War broke in at the start of 1950. Due to the war, the base of the Samsung had to be moved to Busan where there was less destruction of the war. (Lifewire, 2017) When the war finished in 1961, General Park seized power. Lee who was in Japan at the time did not want to return to Korea. Eventually in the end Lee had to return to Korea and Samsung had to give up control over the banks and had to follow directions from Park's government. (researchpedia, 2017) After Lee came back to Korea, Samsung entered the electronics industry with their first product being black and white television. (Samsung, 2017)

What made the business successful?

There are many factors that made Samsung successful as a business. Firstly, Samsung has one of the most unique designs of phone leading the trends of technology. Especially the designs of Samsung Galaxy phones are gaining popularity. (Kovach, 2017) Secondly Samsung has one of the most reliable products with a desire to deliver high-qualities with not only phones but also with appliances, televisions, laptops and many more.

Impact of samsung in the market

Samsung has the best android-based devices in the world with advanced phones and tablets with other competitors such as Apple. (Khan, 2016) Samsung with many other electronic companies changed the use of the phone. Before smart phones were created phones were just a method of calling and messaging people, however now phones are used to do almost everything. There are functions such as fingerprinting and voice recognition called Bixby which makes phones ideal for almost everyone especially teenagers. Samsung was also the first company to produce dual screen which is commonly used now. (UKEssays, 2017) Samsung also innovated varieties of products such as CDMA, digital TV, watch phone and MP3 phones. Samsung also makes one of the best DRAM which is used on 70% of smartphones worldwide. (News Samsung, 2017)

Failures and what did they learn

Lee Byung-Chul did not have much problems as he was running Samsung however after the Korean war broke in 1950s, Samsung had to give up control over the banks and had to follow directions from Park's government. (Upclosed, 2017) Lee Byung-Chul also opened a rice mill before starting Samsung however information isn't readily available to why and when it came to a failure. (researchpedia, 2017) One of the biggest failure made by Samsung was the explosion of Galaxy Note 7. Galaxy Note 7 was released in August 2016 however Samsung decided stop producing on October 10 2016. (Samsung UK, 2017) After the phone was released, hundreds of them caught on fire and some even exploded. This was later to be found as a problem with the overheating of the battery had been stopped producing for nearly and year.  (CNET, 2017) From this problem, Samsung enhanced a new battery check known as the eight-point battery check. (Covach, 2017) This assures people that problems with batteries would not happen again and new devices made by Samsung can be more trusted.

What values have made Lee byung-chul successful?

Lee Byung Chul was a founder of Samsung. Even though his first business came to a fail he did not give up and tried again. Lee always tried to make his company better by adding innovative ideas and by challenging himself. Lee knew what was needed the most at 1940s in Korea and has used his opportunities to continue his business. Lee did not only stop at making Samsung and has challenged himself more to creating Cheil Jedang which was a food company that manufactures food ingredients, food, pharmaceuticals and biotechnology.

Corporate philanthropy

Samsung always tries to participate and help people in need especially to children with limited education. Samsung assists many charities and run its own business called Samsung Hope for Children. (Samsung Electronics America, 2017) According to the Samsung official site, Samsung Hope for Children is a program designed to offer better health and educational opportunities to children in need around the world since 2011.

“Samsung Electronics' CSR philosophy is to leverage its legacy of technology innovation to change our communities and human life, and to offer new opportunities to more people by preserving the environment for future generations.” (Samsung, 2017) Samsung also have recently donated and helped to run a Cookies for Kids' Cancer event called Chefs for Kids to help kids with cancer in America. (Samsung Newsroom, 2017)

Conclusion

In conclusion, Samsung is one of the most leading electronic company in the world producing new products every year. Although Samsung had some failures during its journey they overcome those problems by making better methods. Although Lee Byung-Chul died in 1987, his company continued to expand with the control of his sons and grandsons.

Bibliography

  CNET. (2017). Here's why Samsung Note 7 phones are catching fire. [online] Available at: https://www.cnet.com/au/news/why-is-samsung-galaxy-note-7-exploding-overheating/ [Accessed 17 Aug. 2017]

  Forbes.com. (2017). Forbes Welcome. [online] Available at: https://www.forbes.com/companies/samsung-electronics/ [Accessed 3 Aug. 2017].

  Forbes.com. (2017). Forbes Welcome. [online] Available at: https://www.forbes.com/profile/lee-byung-chull/ [Accessed 5 Aug. 2017].

  Khan, F. (2016). What made Samsung succeed. [online] linkedin. Available at: https://www.linkedin.com/pulse/what-made-samsung-succeed-fahad-khan [Accessed 11 Aug. 2017].

  Kovach, S. (2017). How Samsung won the smartphone wars -- then blew it. [online] Business Insider Australia. Available at: https://www.businessinsider.com.au/samsung-rise-and-fall-2015-2 [Accessed 11 Aug. 2017].

  Kovach, S. (2017). We finally know what caused the Samsung Galaxy Note 7 to overheat and explode. [online] Business Insider Australia. Available at: https://www.businessinsider.com.au/samsung-issues-galaxy-note-7-battery-report-2017-1?r=US&IR=T [Accessed 17 Aug. 2017].

  Lifewire. (2017). The History of Samsung Group: South Korean Tech Company. [online] Available at: https://www.lifewire.com/history-of-samsung-818809 [Accessed 3 Aug. 2017].

  naver.com. (2017). 이병철(Lee Byung- Chul). [online] Available at: http://m.terms.naver.com/entry.nhn?docId=1134686&cid=40942&categoryId=38271 [Accessed 16 Aug. 2017]

  News.samsung.com. (2017). 20 Things You Didn't Know about Samsung's Headquarters in Suwon. [online] Available at: https://news.samsung.com/global/purposely-leaked-20-things-about-samsungs-digital-city [Accessed 10 Aug. 2017].

  News.samsung.com. (2017). [Infographic] 20 Things You Didn't Know about Samsung. [online] Available at: https://news.samsung.com/global/20-things-you-didnt-know-about-samsung#sthash.8AkTXyYE.dpuf [Accessed 16 Aug. 2017].

  Newsroom, S. (2017). SAMSUNG Teams Up with Cookies for Kids' Cancer to Benefit Childhood Cancer Research - Samsung Newsroom. [online] Samsung Newsroom. Available at: https://news.samsung.com/us/samsung-teams-up-with-cookies-for-kids-cancer-to-benefit-childhood-cancer-research/ [Accessed 12 Aug. 2017].

  ResearchPedia.Info. (2017). Lee Byung-chul Founder of Samsung Group - ResearchPedia.Info. [online] Available at: http://researchpedia.info/lee-byung-chul-founder-of-samsung-group/ [Accessed 5 Aug. 2017].

  Samsung Electronics America. (2017). Samsung Hope For Children. [online] Available at: http://www.samsung.com/us/samsunghopeforchildren/ [Accessed 12 Aug. 2017].

  Samsung. (2017). SAMSUNG. [online] Available at: http://www.samsung.com/us/aboutsamsung/sustainability/socialcontribution/ [Accessed 12 Aug. 2017].

  Samsung.com. (2017). History - Corporate Profile - About Samsung - Samsung. [online] Available at: http://www.samsung.com/us/aboutsamsung/corporateprofile/history06.html [Accessed 10 Aug. 2017].

  Samsung uk. (2017). note7exchange. [online] Available at: http://www.samsung.com/uk/note7exchange/ [Accessed 16 Aug. 2017]

  Successstory.com. (2017). Samsung Story - History, Founder, Founded, CEO | Conglomerate Companies | SuccessStory. [online] Available at: https://successstory.com/companies/samsung-group [Accessed 3 Aug. 2017].

  UKEssays. (2017). Samsung Was Founded By Lee Byung Chul Marketing Essay. [online] Available at: https://www.ukessays.com/essays/marketing/samsung-was-founded-by-lee-byung-chul-marketing-essay.php [Accessed 10 Aug. 2017].

  UpClosed. (2017). Lee Byung-chul Biography | Entrepreneur | South Korea. [online] Available at: https://upclosed.com/people/lee-byung-chul/ [Accessed 10 Aug. 2017].

Images

  Android Central. (2017). Samsung Galaxy Note 7 hands-on preview. [online] Available at: https://www.androidcentral.com/samsung-galaxy-note-7-preview [Accessed 19 Aug. 2017].

  BusinessKorea. (2017). Vice President of CJ Cheil Jedang Resigns. [online] Available at: http://www.businesskorea.co.kr/english/news/industry/6529-cj-scandal-continues-vice-president-cj-cheil-jedang-resigns [Accessed 19 Aug. 2017].

  News.samsung.com. (2017). 20 Things You Didn't Know about Samsung's Headquarters in Suwon. [online] Available at: https://news.samsung.com/global/purposely-leaked-20-things-about-samsungs-digital-city [Accessed 10 Aug. 2017]

  knowledgegeekss, V. (2017). Lee Byung-chul Founder of Samsung Group. [online] GyanBook. Available at: https://knowledgegeekss.wordpress.com/2013/07/23/lee-byung-chul-founder-of-samsung-group/ [Accessed 19 Aug. 2017].

  Oxo.com. (2017). Cookies For Kids Cancer | OXO. [online] Available at: https://www.oxo.com/cookies-for-kids-cancer [Accessed 19 Aug. 2017]

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  Successstory.com. (2017). Samsung Story - History, Founder, Founded, CEO | Conglomerate Companies | SuccessStory. [online] Available at: https://successstory.com/companies/samsung-group [Accessed 3 Aug. 2017].

  Walgrove, A. (2017). Join What's Trending Live From The Samsung Hope For Children Gala Blue Carpet - What's Trending. [online] What's Trending. Available at: http://whatstrending.com/uncategorized/5674-join-what-s-trending-live-from-the-samsung-hope [Accessed 19 Aug. 2017].

  Woods, B. (2017). How 21 Big Tech Companies Got Their Names. [online] The Next Web. Available at: https://thenextweb.com/insider/2014/10/24/how-21-big-tech-comapnies-got-their-names/#.tnw_ti0zYQnc [Accessed 19 Aug. 2017].

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