The author will select giant South-Korean conglomerate LG, for the purpose of illustrating the concept of theory of corporate identity.
The journey of Lucky and Gold Star Co. Ltd, a chemical company founded in 1947 which produced cosmetics and plastics, to LG, as we know it today, is replete with inspiring tales and mesmerising feats. The company when founded was into chemicals business however, later on, it entered into consumer electronics & appliances segment through brand called GoldStar. The company decided to re-name itself in order to seize new, varied & exciting opportunities offered in the other parts of the South Korea & globe. Lucky and Gold Star Co. Ltd thus changed its name to LG in 1995. The move was chiefly orchestrated to elevate …show more content…
Strategy is a definitive blueprint, a considered roadmap if you will, where the LG sets out its objective & goals, both for short term/long term, and then strives to achieve them, or even surpass them. In the context of identity, the strategy codifies extent of products and reviews LG’s market scope. The document even offers course of action in relation to a path to be taken. For instance: LG in its most recent policy statement has accepted the growing importance of emerging market economies to its own growth and thus has decided to re-direct organisational efforts & resources to countries like: India, China, Vietnam, Philippines, and Indonesia, for assured return on …show more content…
The product/brand approach LG may take has consequences for relationship with LG’s stakeholders & image of the brand. That relationship maybe categorised as: Single entity; brand dominance; equal dominance; mixed dominenence; or corporate dominance. For LG, its strategy is to be a corporate dominant company. In this scenario, we discover that LG brand name is prominently displayed on all of its products & offerings. Visibility and identification is a masterkey to successful brand re-inforcement. By embracing this arrangement, LG has committed itself to not to relate its products to brand and corporate names. Corporate identity thus remains at paramount centre of focus & all activities are aimed at solidifying the corporate
The journey of Lucky and Gold Star Co. Ltd, a chemical company founded in 1947 which produced cosmetics and plastics, to LG, as we know it today, is replete with inspiring tales and mesmerising feats. The company when founded was into chemicals business however, later on, it entered into consumer electronics & appliances segment through brand called GoldStar. The company decided to re-name itself in order to seize new, varied & exciting opportunities offered in the other parts of the South Korea & globe. Lucky and Gold Star Co. Ltd thus changed its name to LG in 1995. The move was chiefly orchestrated to elevate …show more content…
Strategy is a definitive blueprint, a considered roadmap if you will, where the LG sets out its objective & goals, both for short term/long term, and then strives to achieve them, or even surpass them. In the context of identity, the strategy codifies extent of products and reviews LG’s market scope. The document even offers course of action in relation to a path to be taken. For instance: LG in its most recent policy statement has accepted the growing importance of emerging market economies to its own growth and thus has decided to re-direct organisational efforts & resources to countries like: India, China, Vietnam, Philippines, and Indonesia, for assured return on …show more content…
The product/brand approach LG may take has consequences for relationship with LG’s stakeholders & image of the brand. That relationship maybe categorised as: Single entity; brand dominance; equal dominance; mixed dominenence; or corporate dominance. For LG, its strategy is to be a corporate dominant company. In this scenario, we discover that LG brand name is prominently displayed on all of its products & offerings. Visibility and identification is a masterkey to successful brand re-inforcement. By embracing this arrangement, LG has committed itself to not to relate its products to brand and corporate names. Corporate identity thus remains at paramount centre of focus & all activities are aimed at solidifying the corporate