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Marketing Strategy LG Electronics
Marketing Strategy LG Electronics
On
INTERNATIONAL
MARKETING STRATEGIES
OF
Despite all the limitations, obstacles, hurdles and hindrances, I have toiled
and worked to my optimum potential to achieve the desire goal. Being
neophytes in the highly competitive world of business, I came across some
difficulties to make my objectives a reality. Anyhow, with the kind help and
genuine interest of one and all and formally supported by the guidance of my
guide, I am presenting this hand carved effort in colored. I tried my level best
to conduct a research to gain a thorough knowledge about the project in my
topic “ International Marketing strategies of LG Electronics” I have put the best
of my efforts and have also tried to do justice with the available. If anywhere
something is found unacceptable or unnecessary to the theme, you are
welcome with your valuable suggestions.
CONTENTS
Abstract
Preface
Industry Prospects
Vision
Industry Overview
History
Future Prospects
Product Profile
HR System
Social Commitments
Strategic Alliances
Objective
Methodology
Limitations
Bibliography
CHAPTER-1
ABSTRACT
This study is divided into several parts. This project highlights the objective
and aims of L.G Electronics sales promotion strategies and how successful
these promotions have been.
In the end, conclusion has been made regarding the whole analysis and
several recommendations have been suggested, which could help in boosting
the success rate of sales promotion by L.G Electronics.
CHAPTER-2
INDUSTRY OVERVIEW
This desire stems from the fact that people have money at their disposal and
want to spend it only on the Products, which give them, value for money. This
is because after a hard days work people want to relax for which they
purchase products that help them to do so. For example: washing machines
that require only the clothes be put into it, air conditioners which provide relief
from extreme hot and cold weather, Cellphones that help in connectivity and
other similar products with their associated features that help in making life
smooth for the people. Companies are cashing on this aspect to fuel their
growth and are even succeeding in their efforts if they provide good quality
products. This industry is also witnessing growth because the companies are
concentrating on strengthening the R&D and expanding investments in home
& overseas market and by also developing core technologies. They are
working hard to expand their market position by producing innovative products
as well as improving product quality and cost competitiveness.
CHAPTER-3
COMPANY PROFILE
Fast Growth:
Fast growth is the result of strategies designed to expand the market
size and earnings quickly, in the process improving the growth rate
in terms of monetary value rather than quantity.
Fast Innovation:
Core Capabilities
Product Leadership:
Market Leadership:
Refers to the ability to achieve the "LG brand is No. 1" goal backed
by its formidable market presence worldwide.
People Leadership:
Corporate Culture
MISSION
The 1950's
1958 Gold Star (today's LG Electronics) established
The 1960's
1962 Radio exported to the US and Hong Kong as Korea's first
The 1970's
1974 Gold Star Communication went public
The 1990's
1990 Ireland-based design technology center established
BOARD OF DIRECTORS
STANDING
Name
BOD Title
Current Position
S. S. Kim
Representative Director
Director
NON - STANDING
Name
BOD Title
Current Position
Yu Sig Kang
BOD Chairman
Outside Director
Outside Director
Nyum Jin*
Outside Director
Outside Director
Chairman, G-Mobile
AUDIT COMMITTEE
Name
Title
Current Position
Note
Outside Director
Advisor
Il Sup Kim*
Outside Director
Advisor
Nyum Jin*
Outside Director
Name
Title
Current Position
S. S. Kim
Vice Chairman
President
President
President
President
President
President
Head of LGE China Holding Company
Ju Ik Song
Young Ki Kim
Financial Performance:
The Greater Noida manufacturing unit line has been designed with the latest
technologies at par with international standards at Korea and is one of the
most Eco-friendly units amongst all LG manufacturing plants in the world. LG
has been able to craft out in five years, a premium brand positioning in the
Indian market and is today the most preferred brand in the segment
Various studies have shown that the consumer is well informed on the health
awareness front. LG was one of the first companies who recognized the
emerging change in consumer needs and decided to differentiate their
products on the basis of technology, which appealed to the consumer on the
basis of health benefits. Its vision was to become a 'Health Partner' for its
consumers worldwide and therefore formulated its corporate philosophy to
make peoples' lives better, convenient and healthier.
For example: The CTV range offered by LG has 'Golden Eye' technology,
which senses the light levels in the room and adjusts the picture to make it
more comfortable for the eyes. The entire range of LG air-conditioners have
'Health Air System', which not just cools, but keeps pollution out. Similarly,
microwave ovens have the 'Health Wave System', refrigerators have the 'PN
System', which preserve the nutrition in food and washing machines have
'Fabricare System', which takes the health factor down to ones clothes. All the
products offered by the company have unique technologies, developed by its
R&D departments that give customers a healthier environment to live-in.
The year 2001 witnessed LG becoming the fastest growing company in the
consumer electronics, home appliances and computer peripherals industry.
The company had till the month of October 2001 achieved a cumulative
turnover of Rs 5000 Crores in India since its inception in 1997, making it the
fastest ever Rs 5000 Crores clocked by any company in the Indian consumer
electronics and home appliances industry. Having achieved this milestone, LG
achieved another benchmark with the first ever sales of One Lakh ACs
(Windows and Splits) in a calendar year. LG is poised to surpass its turnover
target of Rs. 2700 Crores this year and clock a turnover of Rs. 3000 Crores.
This year, LG has emerged as the leader in Color Televisions, Semi Automatic
Washing Machines, Air Conditioners, Frost-Free Refrigerators and
Microwaves Ovens. In Color Televisions having set the sales target of one
million units of Color Televisions for 2002, LG has already achieved the one
million mark in the month ahead of its target.
TELEVISIONS
PROJECTORS
LCD Projector
PLASMA TV’S
AUDIO PLAYERS
MICROWAVE
CONVECTION RANGE