Samsung Guide

Author: Li Fengxi
Publisher:
Publish Date: 2003-01-01
Features: In 1997, the financial crisis swept across Asian countries, leaving many businesses in deep. That same year, Samsung Korea bore a debt of 17 billion US dollars. At this critical juncture, Samsung Electronics actively adapted, viewing the crisis as an excellent opportunity for self-improvement and enhancing competitiveness. It first implemented large-scale structural adjustments, completing the transformation from a home appliance-centered enterprise to an electronics company. Simultaneously, adjustments were made in corporate culture, human resources, brand image, R&D, supervision mechanisms, global strategy, financial management, and information management, all of which yielded significant results. After five years of arduous efforts, Samsung has now become the world's largest manufacturer of memory chips, flat-panel displays, and color TVs, as well as the third-largest mobile phone manufacturer, with 89 branches established in 47 countries worldwide. From 1999 to 2001, the company achieved a total profit of 11 billion US dollars over three years. On April 20, 2002, Samsung announced its goals for the coming years: by 2010, Samsung aims to become the "pioneer of the digital integration revolution" and join the ranks of the global top three. When a crisis strikes, it is not only essential to see it as an opportunity for self-improvement but also to enhance corporate competitiveness through the crisis. To possess world-class competitiveness, one must dare to change—everything except for one's wife and son must be changed. In any organization, there are always the top 5% and the bottom 5%. If the top 5% is fully utilized to guide the group's development, the group will become increasingly excellent; otherwise, it will degenerate into a mediocre company.