The last one year has seen LG going premium in its imagery in a big way. How has it impacted the business?
LG has grown by 15% in its core business of home entertainment and home appliances. There is a growth of 30% in home appliances business and 25% in flat panels. We estimate that the total industry for these categories has grown by 7-8%. Therefore, in a tough year, our growth is very satisfactory. In fact, last year, we launched flagship products across categories, like Cinema 3D Smart TVs with the world’s slimmest bezel , the world’s first wonder door refrigerator, the world’s first six motion inverter direct drive washing machine, et al.
What are your expectations from the current fiscal?
The business environment is challenging, but we are looking at healthy growth with a focus on premium products across categories. Obviously, flat panel TVs continue to be a growth engine, though categories like refrigerators and washers are also rapidly growing due to low penetration. A slowdown scenario indicates that fewer consumers are willing to buy. So marketing has to focus on converting customers willing to buy. Marketing spends will focus in the short term on in-store excellence via display, demonstration and branding visibility for flagship products. At the same time, advertising will be more streamlined to be able to deliver higher efficiency within the same budget. This will impact media choices in print and TV media. Digital media, which plays a very important role in the consumer decision journey of searching and evaluating products, will be given a bigger share to have an early influence on potential customers.
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Source : IIPM Editorial, 2012
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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