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Building the Entrepreneurial Machine Jay 제이 Ito Moeko 이토 모에코 Yeji Song 송예지 Eunsoo Shim 심은수
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재벌 CHAEBOL
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Definition of CHAEBOL : a family-controlled industrial conglomerate in South Korea : a closely held, integrated, yet diversified corporate entity that produces a wide array of product lines for global consumption Origin of CHAEBOL 재 財 chae wealth, property 벌 閥 bol faction, clan
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Hyundai 현대 - Jung Family, Jung Ju Young ( 정주영 ) Samsung 삼성 - Lee Family, Lee Byung Chull ( 이병철 ) LG Group 엘지 - Koo & Huh Family, Koo In Whoi ( 구인회 ) Huh Man Jung ( 허만정 ) In the year 2004, after 57 years of partnership, LG Group GS Group
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- Early 1960s President Park Jung Hee encouraged business to invest in the productive economy - With other late industrializing countries after World War Ⅱ, Korean firms had to industrialize by borrowing and improving technology that had been developed by experienced firms in more advanced economies - Korean firms began their rise by combining reengineered technology and mass production with competitive labor costs
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Samsung From 1938 ~ Present
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Lee Byung-Chull ( 이병철 ) 1938 - Samsung Trading Company( 삼성상회 ) in Daegu 1953 & 1954 - Cheil Sugar & Co., Cheil Wool Texitle & Co. 1960s - Moved into the service sector - End of 1960s total sale: $100 million 1970s - Entered Electronics and Heavy Industries - End of 1970s total sales: $3 billion 1980s - Succeed in making 64KDRAM - Started to make “Worlds First” different types of semiconductors
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1990s - Digital Frontier Samsung - With it’s digital and internet technology Samsung became a “Digital Company” 2000 – Present - Represents Korea - Selected in Top 5 Brand Company - Take 21% of Korea’s export Lee Kun Hee ( 이건희 )
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124,100,000 EUR 220,120,400,000 KRW
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Machinery & Heavy Industries - Samsung Heavy Industries Electronics Industries - Samsung Electro-Mechanics - Samsung SDI - Samsung Corning Precision Materials - Samsung SDS - Samsung Techwin - Samsung Mobile Display - Samsung Digital Imaging
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Chemical Industries - Samsung Total Petrochemicals - Samsung Petrochemicals - Samsung Fine Chemicals - Samsung BP Chemicals Financial Services - Samsung Life Insurance - Samsung Fire & Marine Insurance - Samsung Card - Samsung Securities - Samsung Investment Trust Management - Samsung Venture Investment
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현대 現代
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1940s 1947 Establishment of Hyundai Togun by Chung Ju-Yung Chun Ju-Yung November 25, 1915 ― March 21, 2001
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1960s 1965 Hyundai Construction become the first construction company to go overseas ex) → Thailand, South Vietnam, Australia Alaska, and Guam 1968 Hyundai Motors was established
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- Hyundai Merchant Marine - Hyundai Securities - Hyundai Elevator - Hyundai Logiem - Hyundai Asan - Hyundai U&I - Hyundai Research Institute - Hyundai Investment Network Chung Ju-Yung resided as the president of the Federation of Korean Industries (FKI)
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Hyundai Motor Company Pony Sonata more upscale midium-sized car →North American Market
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1990~21C Hyundai kicked off high-technology R&D and restructuring auto, machine ship building, and electronics → over 10% of the total revenue into R&D 1994 U.S sales of Hyundai cars topped 125,000, a company record
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HISTORY 1998 – Visit to the North Korea with a herd of cows and the launching of Mt. Kumgang tourism 1999 – Establishment of Hyundai Asan 2000 – Former CEO Jung Mong-hun continues inter-Korean economic cooperation 2001 – The honorary chairman, Jung Ju-yung passed away and the completion of Hyundai group restricting 2003 – Chairman Jung Mong-hun passed away and commencement of a new system and structure for further breakthroughs under CEO Hyun Jung-eun 2004 – Proclamation of Vision 2010.
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Nowadays consisting of 47 companies with 83 branch offices in 46 countries Annual Sales for 1994 $ 49 billion more than 161,000 employees worldwide
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Lucky-Goldstar
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Background 1947 founded by Koo In-Whoi Started as Lucky Chemical Company Initially manufactured cosmetics. branched out into plastics (combs, toothbrushes, basins…)
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1953 Establishment of Trading company. 1958 Creation of Goldstar. –Production of radios, refrigerators and Tvs. –Mergeance of Lucky-Goldstar. 1967 Pioneer in oil refinery ( South korea) 1995 Renamed LG
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70-80’s Lucky ch emistry Goldstar electr onics « Dual-tra ck » product innovations
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Nowadays 39 Affiliated companies, 39 joint-ventures 130 Branch offices around the world
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Differentiation Personality Cult Decentralized. –Development of competent professional man agers –Major strategic decisions still made in the chai rman’s office but individual companies are fre e to pursue their business as they see fit.
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A Conservative company –Avoids risky ventures Group harmony oriented –Motto is « INHWA » Emphasis on the sustainability Emphasis on the importance of competitiveness
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Majors efforts and investments on R&D –Centered in the Central Research institutes in taedok Undertakes research in chemical technologies –R&D complex in Anyang Focused on electronics research Agressive production overseas
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Strict attention on QualityCommitment to efficiencyStrategic Management Mission LG’s goal is to become number 1 electronics manufacturer in the world
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DAEWOO Group Founder : Kim Woo-jung Founded : 1967 Defunct : 1999
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DAEWOO’s Past & Present Daewoo firstly started aggressive management and had many good effects on the development of South Korea. Also, like Samsung and Hyundai, Daewoo attracted attention from people all over the world by performing a role of enhancement of national interests as a globalized conglomerate.
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Although Daewoo group is disappeared now, it’s affiliates such as Daewoo Construction, Daewoo Internationals, and Daewoo Shipbuilding & Marine Engineering are still remaining and being acknowledged as international companies from all over the world.
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Founder : Choi Jong-geon ( 최종건 ) Founded : 1939 Headquarters : Seoul, South Korea
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HISTORY 1953 - Sunkyung Group began when the current founders acquired Sunkyung Textiles 1958 – Sunkyung started the Korean first fiber export and producing the basic polyester thread 1973 – Sunkyung established Sunkyung Petroleum 1980 – Sunkyung took over the privatized Korean Petroleum Public Corporation 1983 – Sunkyung started to develop overseas oil fields 1985 – Sunkyung formed the basis of the general information communications business
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1996 – Sunkyung Telecom launched the first commercial CDMACDMA cellular phone service for the first time in the world 1997 – Sunkyung changed its name from Sunkyung to SK 2004 – SK succeeded in launching DMB saterlite 2006 – SK launched into revitalizing mobile phone market of 3.5 generation 2007 – SK provided more advanced services by constructing nationwide HDSPA network 2010 – SK Group is now the fourth largest conglomerate(chaebol) in South Korea
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Energy & Chemicals - SK Energy - SK Chemicals - SKC - SK E&S - SK Gas - SK Lubricants Marketing & Logistics services - SK Networks - SK Walkerhill - SK E&C - SK Shipping - SK Securities - SK M&C
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Information & Telecommunication - SK Telecom - SK C&C - SK Broadband - SK Telesys - SK Telink - SK Communications
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There is a criticism about SK group that it has developed itself with a improper way such as a cozy relations between politics and business. When Roh Tae-woo was the president of South Korea, Roh Tae-woo’s daughter and Choi Tae-won, the current CEO of SK group, got married. Because of it, Sunkyung could make the basis to develop the company to the number one oil refining company and telecommunication company in South Korea.
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KOREAN CHAEBOLS VS JAPANESE KEIR ETU KOREAN CHAEBOLS (Samsung ) $ 62 billion 50 150,000 Family held Highly centrali zed Early stage of de velopment JAPANESE KEIRETU (Mitsubishi) $ 433 billion 189 400,000 Publicly held Moderately dec entralized Clearly establis hed Size ・ Annual Sales ・ Number of companie s ・ Number of employee s Nature of ownership Centralization of pow er Professionalization of Management
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KOREAN CHAEBOLS VS JAPANESE KEIR ETU KOREAN CHABOL S(samsung) unequals ; gov ernment over fi rm Almost exclusive ly external financ ing Employees as v ariable cost of pr oduction relative equals Large percentage of internal financing Employees as fixed cost of production Business-governme nt relations Nature of financing Approach to human resource manageme nt JAPANESE KEIRETU(Mitsubish i)
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