As we have reported before, South Korea’s Samsung Electronics is a certainly a company to watch (click here, for example). Consider this: For six years, Samsung has been the second leading grantee of U.S. patents, behind only IBM. In the United States, Samsung sells one out of every four TV sets; a decade ago, it accounted for .5 of one percent of TV sales!
According to its Web site: “For over 70 years, Samsung has been dedicated to making a better world.” The company “leads the global market in high-tech electronics manufacturing and digital media.”
And Samsung plans on staying on the fast track. It spends $12 to $14 billion dollars per year on research and development activities.
In this month’s Costco Connection, there is an interesting in-depth cover story about Samsung’s recent growth and its product planning and management philosophy. Eric Traub reports that:
“It’s not just televisions where Samsung has taken the lead. The company now sells 23 different categories of consumer products in North America. Its Galaxy smartphones have become a viable option to Apple’s iPhone. The company has made strong inroads in large appliances, including washers, dryers, and refrigerators, winning praise for innovations and quality. And then there are its Blu-ray players, speakers, microwave ovens, vacuums, and LED lighting, which are also garnering sales.”
“‘We’re a company, even from a global perspective, that has anticipated changes in the marketplace,’ says Tim Baxter, president of Samsung Electronics America. Since joining Samsung, Baxter has been a key player in Samsung’s efforts to dramatically increase its American footprint. When it comes to television, ‘we anticipated the change from analog to digital, from picture tube to flat-screen HDTVs, and even from male-centric to female-centric purchases,’ Baxter explains. ‘In the process we decided to make some big bets that helped drive our TV business, our phone business, and even the semiconductor business, which were the three pillars that helped grow the company.’”
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Photo from Costco Connect