Samsung had had its fair share of historical of historical development phases right from when it began in 1938 by Lee Byung-Chul. Advancement in its operations and expansion of the company forced it to relocate to Seoul in 1947(Siegel & Chang, 2006). Though it was rapidly developing, dark times brought about by the war of 1953 greatly affected its operations. With time it got back on the right foot, and currently it is an international corporation with its headquarters in Seoul in South Korea. Samsung provides an umbrella for many constituent firms that deal with the manufacturing of varied technological products.
Some of its well-known subsidiary firms include; Samsung Engineering, Samsung Electronics, Samsung C & T, and Samsung Heavy Industries. The most notable subsidiary is Samsung Electronics, since its large revenue of 2010, put it on the business charts as the giant information technology company. The other subsidiary firm that is worth noting, and is ranked second in the shipbuilding arena Samsung heavy industries. Samsung is mainly involved in the production of household appliances and electronics such as smartphones, washing machines, computers, and even washing machines.
It has gathered for itself a large market for its products since they are said to be of quality and user-friendly to the consumer. They influence to a very great extent the global technological market, and they know how to stay ahead of their game despite the stiff competition over the recent years. Just like most companies Samsung felt the effects of the economic recession that occurred in 2013, whereby there were challenges with the volatile currency and high competition in pricing. Despite all these hurdles, Samsungs mobile communication unit re-emerged much stronger than before and ended up having record revenues of up to 13.7%, when compared to the previous year(Siegel & Chang, 2006).
Sales in the mobile sector improved significantly in 2013, with models such as the Galaxy Note series, and the Galaxy S4 that brought sales of up to KRW138.8172 trillion, this signified a 31.3 percent increase from the previous year(Siegel & Chang, 2006). The operating profits rose by 28.6 percent from the previous year, this translated to KRW24. These statistics provide proof of the upward trend, and the enormous success of Samsung Electronics(Ihlwan, 2009).
Samsung is technologically ahead of its competitors. This enables it to produce quality products at a lower
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