Take a look around an average household, and it’s highly likely that at least one of the electronics will either belong to the Samsung brand or feature Samsung parts. From phones and tablets to TVs and appliances, Samsung has its hands in almost every industry touched by electronics.
A Clear Vision
The guiding principle behind Samsung is something they call Vision 2020, which essentially states a three pronged goal: become a beloved brand, inspire admiration from consumers, and gain a reputation for innovation. In application, this goal is expressed through a dedication to creativity, partnering with like-minded brands, and committing to exploring new industries like automotive electronics and healthcare.
This company hopes that their electronics will inspire consumers, and help foster a more productive global community by pushing the boundaries of innovation.
Grocer to Global Phenom
Samsung was founded in 1938, but not as it is known today. Back then, Samsung was a grocery trading store in Korea. Later, they moved into textiles, opening a wool mill and leaning into industrialization. The company continued to progress in the manufacturing field for several decades before it broke into electronics in 1969.
The first Samsung electronics were black and white televisions, and it was in the 1970s that the company began to export personal electronics like these overseas. The end of that decade came with rapid expansion for Samsung, as they ventured into aerospace and telecommunications, among other industries.
By the 2000s, Samsung had blossomed into a thriving electronics company, taking most of their market share in smartphones, tablets, computers, and TVs after leading the charge on LCD screens. As they continue to explore how their technology might be useful in home appliances and healthcare, it would come as no surprise if Samsung transforms themselves yet again to maintain dominance in the electronics industry.
Diverse Offerings, Diverse Competition
One drawback to Samsung’s highly diversified line of products is that it comes into competition with a wide array of powerhouses that dominate individual sectors of Samsung’s industries. For example, Samsung directly competes with Apple for market share over smartphones and laptops (though Apple obviously wins).
LG and Sony are competitors in many of Samsung’s other electronics territories, and though Samsung is a younger company, it wins out heavily over these two.
Looking Toward the Future
Much of Samsung’s current effort for visibility leans into their intention of driving the future of electronics. Their ads deftly blend storytelling with innovation features, giving the sense that they are a company with character in addition to being on the forefront of new technology.
In 2017, the Samsung heir was convicted of making donations in order to receive political favors. While the conviction dealt a blow to the business at the time, the effects were relatively short-lived, and Samsung doesn’t appear to be hurting now.
In 2019, Samsung sits at number seven on the Forbes list of the World’s Most Valuable Brands, with a brand value of more than $53 billion, which is an 11% increase over the previous year. One of their biggest competitors, Apple, ranks at number one, but that still means Samsung is highly competitive.
As Samsung makes good on its promise to continue innovating and forging a more advanced future, there’s no telling just how high this tech giant might soar.