Lg Essay

Topics: Marketing / Pages: 12 (2945 words) / Published: Aug 28th, 2013
LG: From Underdog to Icon

LG Electronics started its journey when the two low scale Korean electronics companies Lucky and Goldstar joined forces in 1990 and became LG (Lucky Goldstar). Since then the transformation from ultra-cheap Lucky Goldstar to the LG brand that it is today has been nothing short of a remarkable journey. In 1995, Lucky Goldstar purchased the last remaining American-based TV manufacturer, Zenith Electronics. That acquisition provided the impetus for the plan to upgrade the brand, but it would take a number of years to accomplish this. From the very beginning of the of its operations LG has taken up unique marketing strategies to change its brand value and brand image and they have been successful in doing so and become the top name for electronic home appliances. LG have been named the 7th most innovative company in Business Week magazine’s annual ―50 Most Innovative Companies‖ story. With a circulation of just under one million and a history dating back to its first issue in 1929, this is a big accolade from a well-known and respected publication. LGE comprises of: LG Home entertainment Company, LG mobile Communications Company, LG Home appliance Company, LG air Conditioning Company, LG Business solutions Company.
To begin, LG made great improvements in terms of their financial performance. It generated noteworthy earnings, increased their market share, and achieved noticeable results in efficient cash management. It also made significant improvements in innovation, constantly demonstrating leadership in introducing a host of new and creative products. In addition, LG broke into the ―Global Top 3‖ as a result of our efforts in every aspect of our operations. It also brought an increased consumer focus to our businesses, stressing the need to understand and solve their problems and build closer and more strategic relationships with our partners. Besides this, its multi-talented human resources became more globally-oriented, helping it to

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