This paved the way towards a stronger hold on the international market with high-tech products that will become a staple in every home. This development continued on through the next decade as Samsung kept on going beyond its boundaries and restructuring its business plan to accommodate the global scene.
Adopting a new form of management proved to be a wise move for the company as its products made their way on the list of top must-haves in their various fields. Even when the whole of Korea experienced a terrible economic decline in , Samsung was still able to cope with the changes. While it had its own share of suffering by being forced to restructure the whole corporation and release ten companies under its umbrella, it was still able to stand up and enjoy development.
Its highly qualified workforce is still striving for excellence in their respective fields making the whole company a huge success in the making.
In , Lee Byung-chull — of the large landowning family in the Uiryeong county came to the nearby Daegu city and founded Samsung Sanghoe???? It dealt in green-grocery and dried fish produced in and around the city, and the noodles, Byeolpyo Guksu produced itself. The company prospered and Lee moved its head office to Seoul in When the Korean War broke out , however, he was forced to leave Seoul and started a sugar refinery in Busan as a name of Cheil Jedang.
It was the first South Korean sugar manufacturing facility. It was the largest woolen mill ever in the country and the company took on an aspect of a major company. The company started moving into businesses such as insurance, securities, and retail.
Park placed great importance on industrialization, and focused his economic development strategy on a handful of large domestic conglomerates, protecting them from competition and assisting them financially. Samsung was one of these companies. Park banned several foreign companies from selling consumer electronics in South Korea in order to protect Samsung from foreign competition and nurture an electronics manufacturing sector that was in its infancy.
In the late s, Samsung Group began the electronics industry. It formed several electronics-related divisions, such as Samsung Electronics Devices Co. Its first product was a black-and-white television set.
In , the company acquired Hanguk Jeonja Tongsin in Gumi, and started to build telecommunication devices. Its early products were switchboards.
They have produced over million mobile phones to date. In the late s and early s, Samsung Electronics invested heavily in research and development, investments that were pivotal in pushing the company to the forefront of the global electronics industry. The s saw Samsung rise as an international corporation.
Not only did it acquire a number of businesses abroad, but also began leading the way in certain electronic components. In , the Samsung Group reacquired the Sungkyunkwan University foundation. Select personalised ads.
Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Samsung Electronics Co. It's the largest enterprise owned by the giant Samsung Group, which is one of Korea's famed chaebols. Chaebols are powerful business conglomerates whose companies are controlled by a single family dynasty and which often receive beneficial tax treatment and subsidies from the government.
While chaebols face increasing criticism over their ownership structure and involvement in corruption scandals, they played a crucial role in South Korea's rapid expansion from an agrarian economy into one of the world's largest economies centered around manufacturing and high technology. Samsung Electronics, founded in , originated during the early years of this transformation and quickly became one of the pillars of the South Korean economy.
Samsung today produces popular products like the Galaxy line of smartphones, tablets, and laptop computers. The company also sells industrial electronics products including appliances, semiconductors, memory chips, and integrated systems. During most of the past 5 decades, Samsung Electronics has expanded primarily via internal growth. But in recent years, the company has executed a number of key acquisitions to bolster and accelerate its expansion, including in the fields of cloud computing and artificial intelligence.
We look at five of these acquisitions in more detail below. Samsung breaks out the revenue and operating profit of only one of these acquisitions. Samsung's purchase of Harman International Industries in was its biggest acquisition ever. Founded in , Harman International is a Connecticut-based electronics company that designs and engineers connected products and solutions for consumers, automobile manufacturers, and other enterprises.
Its products include connected car systems, audio and visual products, enterprise automation solutions, and services that support the IoT. SmartThings, founded in , designs software applications and operates an open platform for consumers to use in the smart home. SmartThings also employs the IoT. The platform enables users to monitor, control, and automate their homes from anywhere with a single mobile app. SmartThings can be used to turn on lights when users wake up and turn them off when they leave for work; it can lock doors and turn on security cameras; it can alert homeowners of water leaks or unexpected activity; it can turn on music, other home appliances, and more.
LoopPay, founded in , offers a digital wallet platform that enables contactless payment solutions. Samsung then acquired LoopPay in to strengthen its capability to offer seamless, safe, and reliable mobile wallet solutions. TeleWorld Solutions, founded in , is a network services provider, offering wireless engineering and consulting services. Thus, CSR perspective embraced by Samsung covered a narrow scope, thereby, allowing the occurrence of business malpractices.
Besides the government and society, the business sector is a key player in business ethics. For this reason, business organizations unceasingly engage in corporate responsibility investments that aim at fostering sustainable development. In this regard, business organizations strive for mutually compelling labour relations, comprehensive transparency, and considerable social investment.
Therefore, Samsung is among the key actors that ought to focus on maintaining business ethics, its supply chains undertakings. Corporate social responsibility CSR infers to the voluntary commitments of an organization to ensure that it conducts its operations in social, economic, and environmentally sustainable way. CSR takes the forms of a self-regulation framework incorporated in a business model that underlines compliance with the relevant ethical standards, laws, and domestic and international norms.
Therefore, organizations that uphold CSR have the interest of sustainability at heart. Organizations construct their CSR models by considering the integration of key elements that facilitate the realization of the best goodness-of-fit.
The human rights component concentrates on the establishment of a business environment that is free from any forms of inequality or discrimination thereby, promoting creativity and positive learning experiences. Further, the human rights component of CSR facilitates the creation of decent codes of conduct that allow professionals and other stakeholders to uphold the essence of justice and equality.
Job security seeks to uphold the rights of parties involved in labor aspect of production. The components also discourage the vice of child labor since it strips off minors their rights besides addressing the forms of discrimination encountered by employees.
Since environmental issues in the contemporary corporate world have raised an array of concerns, organizations now concentrate on establishing workable solutions for the natural resources besides the minimization of their detrimental implications on the environment.
Interested parties including citizens, leadership companies, and environmental organizations are at the forefront in influencing corporate players to embrace environmental responsibility by applying a comprehensive approach to business processes, products, and facilities.
The leadership aspect of corporate operations plays a central role in fostering CSR. Essentially, leaders influence followers to uphold CSR in various ways. Firstly, leadership aligns the employee goals with those of CSR by establishing mutually supporting structures. Thus, Samsung could apply the approach to underline the relevance of CSR when undertaking its supply chain processes. Thirdly, leaders and managers play the role of facilitating extensive and continued research on issues regarding CSR concepts.
Business ethics is an integral aspect of operations in the corporate world. The article reveals that Samsung is responsible for ethical business conduct in its operations, thus, responsible for the child labor and environmental degradations issues. Moreover, the managers and leaders in the company need to assume their roles in promoting CSR in a way that reinforces the business ethics. Asif, M. An integrated management systems approach to corporate social responsibility.
Journal of Cleaner Production , 56 , By, R. Organizational change, leadership and ethics: Leading organizations towards sustainability. New York, NY: Routledge. Campbell, J. Multinationals and corporate social responsibility in host countries: Does distance matter? Journal of International Business Studies , 43 1 , Carroll, A. Business and society: Ethics, sustainability, and stakeholder management.
Ontario, ON: Nelson Education. Chell, E. Social entrepreneurship and business ethics: does social equal ethical? Journal of Business Ethics , 4 , Chin, M. Administrative Science Quarterly , 58 2 ,
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