South Korean based Samsung Group has been one of the most successful conglomerates with business interests in a number of different areas. With a stake in a variety of different fields of business, Samsung Group is a conglomerate that shows continued promise.
Samsung is not a group that confines itself to any one area. This is probably one of the business’ strengths. While known for its electronics, Samsung is involved in a wide range of areas including medicine, construction, and finance. Being a conglomerate, this company is actually made up of many smaller companies- over 78, according to their own website.
Although Samsung is a very powerful group, not everything is perfect. There have been some bumps in the road lately. In the conglomerate’s home base of South Korea, Samsung has been involved in a controversy over a film that allegedly depicts the group in a negative light.
The film is not a documentary per se, but is loosely based on a true occurrence. The film is about the father of a factory worker who died at a very early age due to prolonged exposure to dangerous substances. The real-life factory worker was an employee at a factory owned by Samsung Group.
The real controversy came when a South Korean news outlet took an article about the movie down. Apparently, Samsung Group had pressured the president of NewDaily Biz to censor the offending article. If true, it would seem that Samsung has a rather large influence in South Korea.
Despite setbacks such as the NewDaily Biz controversy, Samsung Group continues to show promise in many areas. For example, there has been some speculation that Samsung intends to compete with Google with a product similar to the “Google Glass.” According to one article, Samsung is expected to actually announce its “Galaxy Glass” sometime this fall.
Samsung is also looking into partnering with automobile industries. Essentially, the company’s interest seems to be in-vehicle integrated software and electronics. Samsung is currently competing with a couple of other South Korean conglomerates for a share in this relatively new market.
There has been talk of a slight strategy shift for Samsung in the smartphone industry. Competition among smartphone makers is rather stiff, and success for Samsung is not as easy as it once was. Therefore, Samsung intends to move away from looking to one or two smartphone models to deliver the bulk of its profits. Instead, the company plans to spread its attention among several models. The idea is for Samsung to focus on its ability to mass produce relatively inexpensive phones, rather than focus on one heavy-hitter.
When one looks at Samsung Group as a whole, it is apparent that diversity and flexibility are among the conglomerate’s greatest strengths. The ability to adapt and find ways to profit in many different markets is what makes Samsung such an influential business.
For this reason, Samsung can possibly sustain losses that would hurt other companies more severely. The company is constantly looking for ways to take the lead in various markets, from smartphones to car batteries. Samsung Group’s versatility is the main reason why the conglomerate continues to show promise.
Editorial By Zach Kirkman