Word: samsung
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Dates: during 1980-1989
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...discounting the South Koreans. In the past few years, several Korean companies, including Samsung, Goldstar and Daewoo, have successfully invaded America with television sets, videocassette recorders and even personal computers. Because wages are generally lower in South Korea than they are in either the U.S. or Japan, Korean products often sell for 25% less than their competition's. By offering attractive items at very low prices, the South Koreans may become the new Japanese. Says one Tokyo businessman: "Sometimes we see our spitting image in the Koreans, and we're downright afraid...
Price-conscious American consumers, though, are delighted. Robert Tout, a 29-year-old textile worker in Carlisle, Ky., owns a Samsung 19-in. color television set, which sells for about 50% less than a Sony of the same size. Says he: "I had no idea it was Korean when I bought it. It's good stuff." Though some consumers are wary of the quality of Korean imports, many others are impressed by the manufacturing standards. Jaclyn Jerabek, a research scientist at Columbus-based Battelle Memorial Institute, owns a Korean-made personal computer. Says she: "I made a good choice...
...Koreans have been exporting to the U.S. for decades, primarily selling such industrial products as textiles and, since the early 1970s, steel. Only recently have Korean firms begun to sell a variety of consumer goods. They first entered the mass market indirectly. In 1979 Samsung began making television sets that are among those sold in Sears stores as the company's house brand. Similarly, J.C. Penney started selling microwave ovens manufactured by Goldstar...
...first of several Korean companies that are eyeing the American market. Daewoo, a firm that is 50% owned by General Motors, hopes to be selling 80,000 cars in the U.S. in 1987. Kia, a Korean conglomerate, could link up with Ford, and Chrysler has held talks with Samsung, another firm with designs on the U.S. market. Maryann Keller, an auto-industry expert with Vilas-Fischer Assoc. in New York City, predicts that imports from such countries as South Korea, Taiwan, Mexico and Brazil will one day control the important U.S. market...