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LG Electronics: Case Analysis and a Critical Analysis of Journal - Assignment Example

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LG Electronics: Case Analysis And A Critical Analysis of Peng, W., et.al.’s 2008 Journal Task 010. Section A. LG Electronics Global Strategy in Emerging Markets Up to 2007 LG Electronics is a Korean multinational which started as Goldstar Co. in 1958. The business used to be focused on plastics…
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Download file to see previous pages in the US electronics market. By 1995, Goldstar changed name to LG Electronics when it acquired Zenith, a US firm. The company eventually focused on three industries –“electronics, chemicals, and telecommunication” ((Segal-Horn, S. and Faulner,D. 2010, p.362) by 2007. Its very successful products include the CDMA phones sold in the USA and the flat screen TVs for the world through a joint venture with a Dutch company known as Philips. One of the strategies implemented by LG Electronics was being aligned with Korea’s economic development spearheaded by the government. Another strategy involved entering into joint ventures with foreign firms like Hitachi, Daewoo, Samsung, Sanyo, and NEC. This made LGE dominate the electronics product manufacturing in Korea , with 70% of market share. In the 2007 Annual Report of LG Electronics (LGE Investor Relations 2007, p.9), the CEO of LGE declared: “Creating greater value for every stakeholder is our one and only focus.” Six (6) strategic initiatives were identified at that time. First, the CEO told the management to aim for both growth and Returns on Investment. He meant that the company as a whole should ensure profitability, ROI, and growth in terms of sales and market share (p.11). Second, aim for leadership in the business portfolio. Third, there should be clear targets, clear segments, and clear positioning insights as basis for strategies. Fourth, the company should invest on a way to gain clear global identity. Fifth, keep innovating in technology and design, And sixth, develop the global organization of LGE. He also identified the seven (7) criteria for performance evaluation of the company’s health, namely, the product pipeline health, “channel collaboration, consumer relationships, business portfolio, brand, organization, and finances” (LGE Investor Relations, 2007, p. 10). Product pipeline refers to having clear differentiation in terms of product position in the market. Channel collaboration meant not being dependent on limited patronage from those who buy in volume. As of 2007, LGE was reported to be operating in 120 countries. It had competitive products belonging to 30 categories. To develop advantages, LGE maintains an awareness of what people need and want, and strives to create more value that people will appreciate. Thus, because LGE management realizes how people want to feel sophisticated, the company keeps on innovating particularly the design and technology of its products To be able to maintain such ongoing improvements, LGE funded “38 research labs around the globe” (p.15). The most important issue for LGE has been about the right way for its business to sustain growth in the global community. All the combination of strategies implemented were geared towards resolving that issue which has led the management to decide in favor of adding value to the lives of people via research ad development followed by acceptable innovations. Section B. LG Electronics Global Strategy in Emerging Markets From 2008 Onwards In the 2008 Annual Report (LGE Investor Relations 2008, p.27), the thrust of LGE was towards becoming the # 1 in manufacturing devices for home entertainment by the year 2010. The rank of LGE in the production of mobile phones became 3rd in 2008 after achieving a high growth rate with a total of 100.7 million units sold, up by about 25% growth from the previous year. The same spirit of innovation and desire ...Download file to see next pagesRead More
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