10 Econ Samsung

The Samsung Group is South Korea's largest conglomerate and one of the largest multi-billion dollar corporations in the world leading several major global industries. The Samsung brand is the best known Korean brand in the world and in 2005, Samsung overtook Japanese rival Sony as the world's No.1 consumer electronics brand and became part of the Top 20 global brands overall. Samsung has been run by generations of one of the world's wealthiest families, currently helmed by Chairman Lee Kun-Hee and the third son of the founder, Lee Byung-Chul. Samsung Group accounts for more than 20% of South Korea’s total exports, with strong government support, including the ability to access unlimited amount of funds from major banks in South Korea. In many domestic industries, Samsung Group is the sole monopoly dominating a single market. Samsung was reportedly sued in 2006 by companies 20th Century Fox, Paramount Pictures, Time Warner, Disney, and Universal Studios, claiming that one of Samsung's DVD players can be used to avoid encryption technology. Still, in Korea,

many people are loyal to the Samsung brand claiming it to be a part of national pride.

Timeline 1938: Lee Byung-Chul founded his small business as 'Samsung Store' at Daegu 1950: Lee Byung-Chul founded Samsung trading company in Seoul (YPM). 1953: Samsung starts sugar production, which has since been spun off into the CJ Corporation. 1954: Cheil Industries Inc. founded. 1958: Samsung starts insurance business 1963: The first Shinsegae department store opens in Seoul. 1964: Samsung starts Tongyang Broadcasting Company (TBC), which later merged with KBS. 1965: Samsung starts the Joong-Ang Ilbo daily newspaper, which is no longer affiliated with the company. 1969: Samsung Electronics was founded. 1974: Samsung Petrochemical and Heavy Industries were founded. 1976: The Company was awarded an export prize by the government as a part of the country's development program.

1977: As a result of this export prize, Samsung Construction emerged. In addition, Samsung Shipbuilding is formed. 1982: Samsung establishes a professional baseball team. 1983: Samsung produces its first computer chip: a 64k DRAM chip. 1996: CDMA Handset/System is commercialized. 1997: GSM Handset is commercialized.