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Editorial
People Need Their Stuff and
Korea's Got It
Establishing Trends and Defining the Bleeding Edge is Korea's Electronics Industry's
Forte
12 KOREA IT TIMES | October 2010
People need their stuff. Before the onset
of the global financial crisis, not only were
people buying houses that they couldn't afford,
in addition they were refinancing
their homes and using the money to buy
stuff. Cars, TVs, computers, satellite radio,
cameras & camcorders , home audio &
cinema, DVD / Blueray players, cell
phones and a plethora of other tech gadgets
- the list goes on. Consumers wanted
it, it was there and they bought it. Chances
are, a lot of that stuff came from Korea.
While the rest of the world was trying to
figure out how to leverage technology to
improve their business, Korea was figuring
out to keep them cool while they were
doing it - with a Goldstar fan. According
to the LG's official history, the founder
Koo In-Hwoi established Lak-Hui
Chemical Industrial Corp. in 1947. In
1952, Lak-Hui (pronounced "Lucky", currently
LG Chem) became the first Korean
company to enter the plastics industry. As
the company expanded its plastics business,
it established GoldStar Co., Ltd.,
(currently LG Electronics Inc.) in 1958.
Goldstar produced South Korea's first radio.
Many consumer electronics were sold
under the brand name GoldStar, while
some other household products (not available
outside South Korea) were sold under
the brand name of Lucky. The Lucky
brand was famous for its line of hygiene
products, such as soaps and Hi-Ti laundry
detergents, but most associated with its
Lucky and Perioe toothpaste. In 1995, to
better compete in the Western market, the
company was renamed "LG", the abbreviation
of "Lucky Goldstar". More recently,
the company associates the letters LG
with the company tag line "Life's Good".
Not only did the Goldstar fan keep consumers
cool, but the present day LG keeps
consumers cool by offering the cool stuff
people want, like big flat-panel TVs and
LCD computer displays. Not to be left
out, the other consumer electronics giants
in Korea, Samsung and some lesser
known but globally successful, companies
like Cowon Systems (mobile audio /
video & content) and Thinkware (navigation
industry) are producing hot new gear
that is sure to be at the top of everyone's
wish list.
The Samsung Group is often credited
with beginning the electronics industry in
Korea. In the late 1960s, Samsung formed
several electronics-related divisions, such
as Samsung Electronics Devices Co.,
Samsung Electro-Mechanics Co.,
Samsung Corning Co., and Samsung
Semiconductor & Telecommunications
Co., and made the facility in Suwon. Its
first product was a black-and-white television
set. In 1980, the company acquired
Hanguk Jeonja Tongsin in Gumi, and
started to build telecommunication devices.
Its early products were switchboards.
The facility was developed to
manufacture telephone and fax systems
and became the center of Samsung's mobile
phone manufacturing. Off and running,
they never looked back.
Editorial Disclaimer: What follows contains
sweeping generalities, possible
stereo-typing and conclusions based on
observation, not science. That being said,
as an interested observer of Korea and her
people for nearly 35 years, there may be
some truth to it.
Korea's leadership in the consumer electronics
business didn't happen by accident
- but it's understandable why is came so
naturally. Korea is trend central. Whether
it's green technology, well-being healthy
diets, wine, coffee shops or every word describing
a new product or service starting
with an i-(iGoogle), e-(eBay) or u-(uverse),
Korea is on it.
Korea is also known as the “bali-bali”
(fast-fast) society, meaning everything
happens at the speed of light. Changing
trends are no exception. Koreans can and
do change their focus on what the new
thing to have or do with amazing regularity.
If they think the new thing or idea will
make their lives even marginally better,
then they'll change, so fast it'll make your
head spin. They've got to have it and I
mean right now. They shouldn't fear, for
the next trend is right around the corner,
like the proverbial street car, but Koreans
are also joiners. If the group is doing it, in
most cases, then they will, too. Being agile,
flexible and always keeping your eye
on the horizon will keep you alive in the
consumer electronic business.
Expressions of style are everywhere in
Korea. Take a walk down the street in
Seoul and you will see a parade of fashionistas
that will put New York or Paris to
shame. The rest of the world likes their
style too. You don't have to look any farther
than the skyrocketing global populari-