Enterprise and Innovation in Practice Essay Example | Topics and Well Written Essays - 2500 words

Enterprise and Innovation in Practice - Essay Example The company was formed in 1938 by Byung-chull lee as a grocery, and later into a textile in 1947 (Michell, 2011). The company started a diversification strategy that became the company’s growth strategy, swiftly expanding to securities, insurance and retail business. The company further developed a redevelopment strategy with the key focus being industrialization, following Korea destruction after the Korean War. In 1960, Samsung ventured into the electronics industry with the creation of divisions focusing on electronics. These included the Samsung electro-mechanics, Samsung semiconductor and telecommunications that produced black and white TV sets. The growth strategy continued in 1980 when Samsung ventured into telecommunications industry, building telephone switchboards, phone and fax systems and mobile phones. This resulted in heavy investments in research and development, which resulted in cross border expansions to places like New York, England and Portugal. Byung-chull ’s death in 1987 led to the split of the Samsung group into four business groups; engineering, construction, electronics and high-tech products. Growth throughout the 1990s saw Samsung secure high profile construction projects like the Burj Khalifa Tower in UAE. Samsung underwent a reorganization in 1993 that entailed selling off of some auxiliaries and downsizing, with a growth focus on electronics. This made Samsung the largest LCD panels’ manufacturer in the globe (David and Foray, 2005). In 2011, Samsung acquired Sony’s stake in their 50-50 LCD supply partnership and took full control. The future’s focus for Samsung is centered on electronics, mobile and biopharmaceuticals. The most common imperative for firms and businesses entails the need to grow. All firms need to grow, and those that do not struggle to find new human resources and capital. The reason is that, a firm that does not grow is an unattractive investment, and will only