Lg Electronics Strategic Planning Essay

3967 Words Sep 29th, 2011 16 Pages
LG Electronics’ Strategic Plan Analysis

Greg McMillan
TM583 Strategic Management of Technology
Professor Woody Wu

August 18, 2011
Introduction

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
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LG’s technology strategy focuses on gaining advanced technologies to drive you forward. LG’s vigorous commitment to R&D is demonstrated by their creation of the world's first Blu-ray disc and the next-generation flat-panel display. LG Electronics is increasing its focus on "Smart Technology" technology that adds convenience and joy to customers' lives. Smart Technology is a development philosophy that embraces sensitive communication with customers in order to provide products that everybody wants to use, and easily can. This customer-oriented principle has become the most important development philosophy for LG, a result of collecting customer feedback and applying it to our products. In order to sustain leadership among global electronics and information technology companies, LG Electronics' R&D is driving the development of "Great Products" and strengthening core technological capabilities through a process of "select and focus" in key areas such as cell phones and digital TVs. In important business areas such as digital appliances and audio/video products, LG is establishing global leadership in development by focusing on premium products while enhancing R&D capacities in new product categories. Furthermore, in new-business areas such as home networking, GPS, and mobile A/V, the company is directing its efforts toward

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