Burj Khalifa – Creator?
Did you know that Burj Khalifa was built by Samsung.
Do you know How big Samsung is ?
The first thing which comes to our mind when we hear the word Samsung is, smartphones. Little do we know that Samsung is a lot bigger than just an electronics brand.
So before, moving forward to the numbers game, let’s get to know about a bit of Samsung’s history.
In 1938, an ordinary man from South Korea named Lee Byung-Chul started a trading company and named it as Samsung.
With only 40 employees, Samsung began as a grocery store, trading, and exporting goods produced in and around the city.
It mainly used to sell dried Korean fish as well as its own noodles.
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Samsung + Sanyo
Samsung entered the electronics industry in the 1960’s. During this period, they entered into a partnership with Sanyo, and with this their journey as an electronics manufacturer began.
In 1970, Samsung electronics launched their first-ever product ‘a black and white TV set’.
After this, they expanded themselves into building ships, petrochemicals, and aircraft engines. In just a span of 4 years, Samsung became one of the largest shipbuilders in the world.
The company further expanded in the following decades and in 1986, they entered into the mobile segment with a Car Phone.
While their TV was a great hit in the market, their Car Phone was not liked by the consumers and crashed badly in the market.
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A lot of Samsung Electronic products were not performing well in the market.
So, in 1993 Samsung Chairman Lee Kun Hee introduced a new management philosophy aimed at making ‘Product Quality’ as no.1 priority at Samsung.
But things didn’t improve much.
Observing the company’s lack of change and its low-quality products, Lee Kun Hee along with his board of directors stacked up over $50 million worth of Samsung’s products and destroyed them with a hammer, in front of their 2000 employees.
After that stunt from the board of directors, Samsung’s era of “new management” truly began.
The quality of their products improved marked by quick growth and global success, which has only continued to gain momentum in the decades to follow.
In 2011, Samsung became world’s largest smartphone manufacturer.
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So how big Samsung actually is?
- Samsung is made up of 80 different businesses including smartphones, Samsung heavy industries (which build ships, cranes, and other big engineering projects), Hotels/Resorts, and many more.
- Samsung has built some of the world’s tallest skyscrapers including Burj Khalifa, Taipei 101, and Petronas towers.
- Samsung employs more than 300 thousand people worldwide and spends nearly 18 billion US dollars on R&D each year.
- Samsung also ranks amongst companies with the most US patents granted.
- Samsung donates $100 million to its non-profit medical center every year.
- Samsung is so big that it has its own city in South Korea, named “Samsung Digital City. It’s built on 389 acres of land with 3 tall buildings and 131 small buildings.
- Samsung Techwin is another unit of Samsung Group which is into manufacturing defense equipment. They have made South Korea’s first fighter jet, KF-16.
- As of 2019, Samsung had over 200% more employees than Apple with Samsungs employing over 3,07,000, and Apple merely 1,37,000 employees.
Who would have thought that a noodle selling company, would one day be manufacturing smartphones, fighter jets?
Well after reading this case study, who do you think is bigger and better company.