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Samsung - Essay Example

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From a small export business in Tague, Korea, Samsung has grown to become one of the largest multi-billionaire corporations in the world. Samsung electronics was established in 1969 in Suwon (South Korea)…
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Samsung

From a small export business in Tague, Korea, Samsung has grown to become one of the largest multi-billionaire corporations in the world. Samsung electronics was established in 1969 in Suwon (South Korea)The products offered by the company are electronic and electrical appliances which include television, refrigerator, air conditioners, washing machines, calculators, semi conductors and digital media. Today Samsung products are recognized in terms of quality and unique technology all around the world. In 2007, the company exceeded the $100 billion mark in terms of annual sales for the first time in the history. This is the reason why Samsung is in the list of one of the top three companies in the electronics industry where only two other companies are Siemens and Hewlett Packard that have posted larger revenues. Samsung today owes much of its success to its value innovation program. With new technologies coming in the market speed and mobility is essential for remaining in the market and also to pioneering in new markets. With 42 research facilities around the world and 42 thousand people are working daily in these research facilities, Samsung is serious about understanding what the consumers need is long before considering the technologies required to deliver them for the fulfillment of that need. Samsung is aware of the fact that success is temporary in the field of electronics and there should always be a goal displacement policy going around. The company is always setting new targets, working hard and focusing on ways to achieve those goals. Though Samsung is achieving continuously and rapidly by sheer policy, hard work and competence the list of achievement is way to long some important and recent achievements are given below: In 2005 Samsung surpassed Japanese rival company Sony, for the first time to become the world twentieth largest and most popular consumer brand as per” Interband”. In 2006 Samsung comes second in the electronics industry as per “business week”. In 2007 another important achievement was made by Samsung mobiles, over throwing Motorola for the first time and as they became the second largest mobile phone maker in the world. In 2011 Samsung electronics sold its Hard disk drive (HDD) commercial operation to Seagate Technology for approximately $ 1.4 billion. And most recently in the first quarter of 2012 Samsung beats rival company Nokia in selling the highest number of mobiles 93.5 million as compared with 82.7 million. Samsung has expanded from a small company to the largest company in Korea and the second largest company in the world in terms of electronic divisions which is somehow the most successful around the world. Management accounting: Management accounting deals with providing accounting information to the managers within organizations to help them taking decision in business that will allow them to be better equipped in their management and control functions. This technique or process focuses on effective and efficient use of organizational resources in order to support or assist managers to take decision in their task of enhancing both customer value and shareholder value. Distinguishing between Management accounting and financial accounting In contrast to financial accounting information, management accounting information is different in number of ways. Some are enlisted below. Management accounting deals with perception of forward looking; on the other hand financial accounting is historical and is based on the historical data. Models are based in terms of abstractions or possibilities in order to support decision making generally, whereas models are case based. Management accounting deals with the designs that are intended for use by managers within the organization; on the other hand financial accounting deals with shareholders, creditors and public regulators. Management accounting is usually confidential, whereas financial accounting is for public or is publicly reported. Management acco ... Read More
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