You might be surprised to find out that Samsung wasn't always selling Smartphone’s, Televisions and Fridges but in fact started off selling dried fish noodles and groceries and there is a lot of the story
but today I'm gonna break it down into these
seven things Samsung did, seven pivot points that took Samsung from selling
grapes to selling Galaxy S 10s.
Let's rewind 80 years to 1938
this was the very beginning, there was a man
named Lee who was part of a wealthy family and had a bit of money and he
founded Samsung
At the time it was just a trading company dealing
in all manner of consumables and it was a huge hit, as the company started to
grow, Lee started a sugar refinery moved in to insurance and just generally
started to do a bit of everything and this leads us to our first turning point
when Samsung finally branched out into electronics they had an advantage over
other new electronics brands.
In that, they had their income from all these
other sources which was leveraged to fund their ventures so that's one thing
they started creating TVs, appliances a little bit more the Samsung you know
today
But Lee realized something, he had the insight in
a time when it wasn't so clear that electronics was gonna be huge for something
in the future as it was.
Samsung was importing many of its parts from
Japan which means that there is still another company taking a cut on each
component, not ideal
So out of his own pocket Lee bought a majority
stake in the company Korea semiconductor by owning this majority stake Lee had
control over the company's decisions and said this was soon renamed to Samsung
semiconductor and started making all manner of components just for Samsung and
this was a huge gamble at the time.
Everyone was telling him Lee don't do it, don't
spend this money, it's too risky but looking back from now we can see it
handsomely paid off Samsung semiconductor has only grown since and has allowed
the company to even take over Intel as a chip maker for smart devices.
In fact Samsung is now the largest chip maker in
the world and it's all thanks to that seemingly unprofitable gamble made back
Lee in the 1960s.
So Samsung continued to expand but they had one
looming issue "Quality".
To establish brands like Sony. something it was a
very tough sell for customers especially ones abroad this wasn't helped when
Lee eventually died of lung cancer in 1987
fun fact here, Lee number 1 was replaced by a
second man named Lee who we're gonna call Lee number 2 for now and this leads
us into the third point.
Because Lee number 2 wasn't gonna stand for low
quality products
In 1993 Lee 2 famously held a meeting in Germany
where he gathered 200 Samsung executives and spelled out his entire vision to
them.
It took three days, his famous words were
"Change everything but your wife and kids"
Lee 2 was so disgusted by the quality of products
that were coming out of Samsung in the 1990s that in a fit of anger he ordered
them all to be destroyed something like fifty million dollars worth of hardware
was burned on a single day! in 1995
And this was kind of like a message to the rest
of the company
This was him putting his foot down and saying
this is not okay and Samsung Electronics emerged from those ashes a very
different company the transition from cheap mass-produced products to being at
the cutting edge of technology was a long difficult Road but a lot of people
would say this is where it started.
Samsung was an early adopter of the cell phones
way before it was considered a necessity before every man woman and
two-year-old had one and when the smartphone arrived, Samsung run with the
opportunity even as early as 2010 along with their flagship Samsung Galaxy S
The company made over 50 different models of
phone and each of these were specifically targeted to a certain niche.
It could be People who wanted a super cheap
phone, People who wanted a physical keyboard or People who needed a good camera.
So up against a company like Apple, while Samsung
perhaps lost in refinement they gained back in sheer numbers although their
profits per phone weren't close to this high they were slowly but surely building
a reputation for quality.
But even at this point Samsung wasn't destined to
success. There were a few more key decisions that had to be made the next big
thing.
This was a powerful move by Samsung . They
carefully planned marketing stunt that brought them right into center stage.
It was essentially a massive stab at Apple
pointing at the iPhone 4s and its small display unreliable battery and lack of
4G connectivity and the timing was clever "the Samsung Galaxy S".
The company had finally made a phone that could
stand toe-to-toe with the iPhone this marketing campaign should have created
the idea in consumers minds that Samsung's phones were a viable alternative.
The most important thing which really cemented
Samsung's position as a true creator of modern flagships was its early adoption
of large displays.
With the Galaxy Note, Samsung was the first to
fully embrace large screen smartphones some people laughed them off claiming
that to the 5.3 inch display was excessive but in hindsight it's clear that
Samsung saw a gap that others didn't.
By then consecutively delivering with their Notes
lineup, they became one of the go-to devices. If you wanted a big screen phone.
So this was the Long story short of One of the Smartphone Market leader,
Samsung.
We actually tried to cover most things in minimum words. Hope you
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