Samsung Group is a conglomerate company based in South Korea that includes a number of subsidiaries. It is one of Korea's largest companies, producing nearly a fifth of the country's total exports, focusing mainly on the electronics, heavy industry, construction and defense sectors. The digital age has brought revolutionary changes and opportunities to global business, and Samsung Electronics has responded with advanced technologies and constant innovations. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Other major subsidiaries of Samsung include companies in the insurance, advertising, and entertainment industries. Samsung Electronics was founded in 1969 and quickly became one of the leading manufacturers in the Korean market. During this initial period, a burst of growth came from the burgeoning home electronics business, and the company began exporting its products for the first time. Samsung Electronics also acquired a 50% stake in Korean semiconductors, further solidifying Samsung Electronics' position as a leader in semiconductor manufacturing. Profit strategy occurs when a high-growth organization, substantially expanding the scope of one or more businesses in terms of customer groups, implements alternative changes in order to improve its overall performance. With just 30,000 won (about $27 USD), Lee Byung-chull founded Samsung on March 1, 1938, as a trading company based in Taegu, Korea. The small company of just 40 employees began as a grocery store, trading and exporting goods produced in and around the city, such as dried Korean fish and vegetables, as well as its own noodles. Samsung grew and soon expanded to Seoul in 1947, but left once the Korean War broke out. After the war, they started a sugar refinery in Busan called Cheil Jedang, before expanding into textiles and building the largest woolen mill in Korea at the time. In 1980, Samsung entered the telecommunications hardware business with the purchase of Hanguk Jenja Tongsin. Initially building telephone switchboards, Samsung expanded into telephone and fax systems and then moved into the production of cell phones. The mobile phone business was grouped together with Samsung Electronics which began investing heavily in research and development during the 1980s. During this period Samsung Electronics expanded into Portugal, New York, Tokyo, England and Austin, Texas. In 1987, with the death of Lee Byung-chull, the Samsung Group was divided into four business groups, leaving the electronics, engineering, construction and most high-tech products sectors to the Samsung Group. Retail, food, chemicals, logistics, entertainment, paper and telecommunications were grouped under the Shinsegae, CJ and Hansol groups. Samsung grew as an international company throughout the 1990s. Sony partnered with Samsung in 2006 to develop a stable supply of LCD panels for both companies, which had been a growing problem for Sony, which had not invested in large LCD panels. Although the partnership was almost a 50-50 split, Samsung owned one more share than Sony, giving them control over production. In late 2011, Samsung purchased Sony's stake in the partnership and assumed full control. Samsung's focus going forward will be on five core businesses, including mobile, electronics and biopharmaceuticals. As part of its investment in the biopharmaceutical sector, Samsung has formed a joint venture with Biogen, investing $255 million to.