LG Electronics, a major player in the global flat panel display market, recently announced business strategies and goals for its display business at IFA International 2008 in Berlin, Germany.
These objectives, intended to reinforce LG's status as a global top tier display maker, include increasing total display sales by 30 percent to $20 billion and tripling productivity by 2010.
'Competition has intensified since the flat panel TV industry has fully matured,' said Simon Kang, president and CEO of LG Electronics Digital Display Company, during a press conference at IFA.
'However, we are confident that focused, localised marketing activities emphasising our products, which embody the perfect harmony of design and technology, will separate us from our competitors.'
The president of LG Electronics Levant Operation, Kevin Cha said: 'we will continue to drive our Digital Display business in the area supported by product lineups that are innovatively designed - on the aesthetic and technological levels - to address the real needs of the consumer wherever they are, at home or in the office.
'Our new and refreshing products supported by the LG team members on the ground, I believe, constitute the right elements to attain our aims of increased sales and productivity.'
LG will take a four-part approach to achieving its ambitious goal to increase overall display sales to $20 billion by 2010.
This includes upholding its image as a premium brand, increasing returns on invested capital, maintaining product leadership and expanding its business portfolio.
LG has established itself as a premium brand by systematically focusing on brand marketing activities, for its products which balance stylish design and smart technology.
The company plans to invest in marketing and will take a segmented, regional approach. LG plans to reinforce partnerships with premium distributors and centralize brand marketing activities in developed markets such as North America and Europe.
LG will maximize its return on invested capital through outsourcing, innovative manufacturing technology, and an advanced supply chain management system.
In order advance its global supply chain management, LG will control its supply network in real-time and improve network visibility from supply to distribution. - TradeArabia News Service