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They had long term vision about where they wanted to take the company and what opportunities they wanted to pursue based on the resources and skills available in the country
• The Korean people were highly skilled. Even though company gave them low wages, they were highly committed and were very professional and highly motivated
• Samsung took care of the basic needs of their employees by giving then housing, food, medical services, and life time jobs and in return they got their employees life time commitment.
• Samsung also improved on Product Quality and Total Quality Management and Product Innovation
• They anticipated market and demand
• They controlled entire supply chain and distribution channel (input-sourcing-production-marketing)
• Detailed understanding of market --Anticipated declining American demand and upcoming European demand
Other companies can learn the following key lessons: Don’t fear rivalry, invest in innovations...
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