Samsung Electronics has unveiled its mid-term management plan and with it a set of goals that includes it becoming one of the world's top three electronics companies within the next five years.
That goal was one of five major objectives outlined by the company, which has grown from a manufacturer of low-cost televisions into one of the world's largest semiconductor and electronics companies. The goals were presented at an event for financial analysts in Seoul and are:
- To be one of the top three electronics companies in the world in quantity and in quality by 2010.
- To more than double its 2004 sales revenue, which was 79 trillion won ($US77 billion [bn]), by the year 2010. Samsung's revenues have been rising at a compound annual growth rate (CAGR) of 18 per cent between 2000 and 2004 and the latest figure was almost double the 41 trillion won it achieved in 2000.
- To have 20 number one market share products in the world by 2010. At present the company claims the top spot in eight product categories: televisions (9.8 per cent market share), monitors (14.9), CDMA (Code Division Multiple Access) cell phone handsets (20.6), SRAM chips (34), liquid crystal display panels (23.3), video cassette recorders (21.4), DRAM chips (31) and NAND flash chips (61).
- To identify eight growth engines for Samsung's business including its digital television products and printers.
- To pursue innovation throughout all six main areas of the company's business operations.
Additionally the company said it hopes to be one of the top three companies in the world in terms of new patent holdings by 2007; to achieve $US61 billion in sales from 24 domestic semiconductor plants by 2012; to become the leading producer of all-in-one mobile phones; to reach $US20 billion in sales of LCD panels by 2010; and to achieve sales of $US30 billion in the digital media business by 2008.