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About Samsung
The Samsung Group (Korean: 三星 그룹, Samseong Geurup) is South Korea's largest conglomerate (chaebol) and one of the largest multi-billion dollar corporations in the world leading several major global industries. It is composed of numerous multinational businesses, all united under the prestigious Samsung brand, one of the most valued global brands, including Samsung Electronics, the world's largest electronics company, Samsung Heavy Industries, one of the world's biggest shipbuilders and Samsung Engineering & Construction, a major global construction company. These three businesses form the core of Samsung Group and reflect its name — the meaning of the Korean word samsung is "tristar" or "three stars". The Samsung brand is the best known Korean brand in the world and in 2005, Samsung overtook Sony as the world's No.1 consumer electronics brand and became part of the Top 20 global brands overall. Samsung Group is also the leader in several other industries domestically, such as the financial, chemical, retail and entertainment industries.
Samsung Group is South Korea's largest company and exporter and the 5th largest transnational corporation in the world. It has been run by generations of one of the world's wealthiest families, currently helmed by chairman Lee Kun-Hee, the third son of the founder, Lee Byung-Chul. Samsung Group is recognized as the most prestigious firm in South Korea, attracting and owning many of the country's most intelligent and best talented pupils, with 25% of its employees having a PhD degree or equivalent. South Korean Samsung employees are also highly loyal to the company, working for very long hours with no weekends or holidays until they retire.
Many major South Korean corporation such as CJ Corporation, Shinsegae department store and Joong-Ang Ilbo daily newspaper were previously part of the Samsung Group, split apart by the government in order to reduce its power. Many leading companies in South Korea, notably iriver, the No.1 MP3 Player maker in South Korea and Naver, the No.1 Search Engine portal in South Korea, were established by ex-Samsung employees. A large number of South Korean firms, particularly those in the electronics industry, are dependent on Samsung for the supply of vital components or raw materials such as semiconductor chips or LCD panels. Consequently, Samsung is able to artifically moderate prices and has been criticised for handicapping other rivals, leading to bankruptcy of mid to small sized businesses as they cannot compete with Samsung. As a result, many have been taken over by Samsung Group, leading to a complete dominance by Samsung Group in many industries.
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, its revenue as large as some developing countries' total GDP. The company owns or has taken over so many mid to small sized businesses that it is often called a 'colonial empire' or 'hungry dinosaur'. The company has a powerful influence on the country's economic development, politics, media and culture, being a major driving force behind the Miracle on the Han River. Many Koreans consider Samsung Group a symbol of national pride and businesses use its international success as a model, with the company being known as "Another Family" in South Korea. -
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Quotes about Samsung
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“ Samsung has therefore developed a range of intelligent printing solutions and managed print services to help businesses gain even more value from their printing investment. ”
In Samsung showcases printers line-up -
“ Dion and Philip's combined wealth of experience in the print, display and the IT industry make them invaluable additions to our team. We're continuing to build the foundations of Samsung UK's IT Business and I believe they will both play a key role in driving the long term growth of our brand across both markets. ”
In Samsung Appoints New Print and Display Heads -
“ This is the new generation of our industry and MPS is the growth engine! MWAi is very excited to be participating in the MPS European Conference for the second year in a row. We have partnered with companies such as Samsung, Sharp, and Intel and will be showcasing some very impressive new products this market is demanding. ”
Mike Stramaglio in MWA Intelligence Launches Phase 2 of Marketplace Penetration in Europe at the MPS Conference 2010!
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