Samsung Has Become A Household Name Essay

Samsung Has Become A Household Name Essay

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Over the course of the past 80 years, Samsung has become a household name. Currently, the company manufactures and sells everything from refrigerators to televisions to smartphones. But Samsung was not always a multinational appliance and electronics giant. The company, which was founded in 1938 by Byung-Chull Lee in Taegu, Korea, began as a small exportation company, trading dried fish and produce with China (Grobart). Samsung has since become one of the strongest leaders in smartphone manufacturing and sales in the global market.
Samsung has been a name tantamount to the electronics industry since 1993, when Lee Kun Hee (who took over the company after his father’s passing in 1987) transformed the business from a small TV manufacturing company into the largest electronics conglomerate in the world today (Jones). Since that time, Samsung has reached new heights in technology and innovation and has become a trusted brand name among consumers worldwide.
Samsung began its rise to global leadership in the electronics industry by manufacturing and distributing some of the most expensive fundamental electronic components, such as microprocessors and memory chips, to other companies (Jones). In 1991, Samsung began manufacturing LCD television panels and selling them to other companies. Using the profits earned from these sales, Samsung started building larger facilities to manufacture and distribute their own lines of digital televisions at a lower cost than some competitors. In 1998, Samsung developed the first flat-screen TV and it began mass producing the first digital TV the following year. In June 2009, Samsung partnered with Google’s Android and introduced their first smartphone, the Galaxy. By 2012, Samsung had surpassed Nokia...

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...all of the phones. According to Forbes magazine, Samsung released a statement on September 2nd advising its customers of the issue and offering to exchange the phone for a different model or replace the devices once the issue is resolved (Spence). This problem could cost Samsung millions of dollars in lost revenue, as well as consumer trust in the brand. Therefore, Samsung’s team of executives will need to run some major damage control over the coming months. In the meantime, Apple’s sales may gain some momentum during the third quarter of 2016.
For now, Samsung still remains the smartphone leader in the global environment due to its dedication to providing the world with new and innovative smartphone technologies and, if it continues to effectively manage its place in the global market, it will likely continue to dominate the smartphone industry for years to come.

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