Lg Electronics Strategic Planning
TM583 Strategic Management of Technology
Professor Woody Wu
August 18, 2011
LG Electronics Inc. founded in 1958 and headquartered in Seoul, South Korea. The company is a major producer of consumer electronics and has over 70 subsidiaries that manufacture TVs, video and audio products, appliances, refrigerators, wireless phone handsets, air-conditioners, and communications devices. LG Electronics has annual revenue of about 23.8 trillion and employs about 66,600 people. LG Electronics’ mission is to be among the top five electronics brands in the Africa and the Middle East. This vision is simple and clear: venture into new markets and win the …show more content…
What's more, the company is leading the new market by actively participating in pilot projects to develop new products with various service providers.
Quality products and unbeatable technologies constitute LG Electronics' core competencies when faced with emerging new markets. In addition to supplying premium, flagship products such as mobile handsets, digital TVs, flat panel displays, and commercial air conditioners, LG focuses on acquiring advanced technologies to further enhance its global leadership. In 2006, LG Electronics developed the first ever disc player to support both Blu-ray Disc and HD DVD content and once again proved why it holds the top spot for the production of optical storage devices. What's more, LG produced a host of technological top products such as the world's most energy-efficient side-by-side refrigerator, the industry's first ever steam washer, the ultra-responsive LCD monitor, as well as premium handsets including the A Cappella Music Phone, LG Shine Phone, and PRADA Phone by LG. LG has also succeeded in creating the world's first 60-inch single-scan Plasma panels and introducing first ever 3-up production of 50-inch PDP. LG is making huge investments in promising new business categories including car infotainment and next-generation displays such as OLED and flexible displays. And we are expecting to see results very soon. LG Electronics has established a global R&D system with 30 R&D