LG Asian InnoFest
Indonesia - Home appliance, electronic and China-made mobile phones are now a threat to the world's major companies such as LG. Not to mention a tight competition from allied companies, such as Samsung. How LG stance against them?
LG Asian executives answer the above question in the 2014 Asian Innofest event at the Grand Intercontinental Hotel, Seoul, South Korea, at 1-3 and April 2014. There are three bosses who attended the Asian LG, LG Group's Senior Vice President James Park, senior vice president of LG Asia Weon-Dae Kim and Executive Vice President of LG Asia, Ki-wan Kim.
All three provide opportunities for dozens of journalists from Asia, from Taiwan, Malaysia to Indonesia to ask about the LG and its products. Question and answer session was conducted after the presentation of the latest LG product innovation.
There are two questions about LG and competitors. First, about the strategy to face competition from competitors LG fellow of the South Korean Samsung, and second on the competition with Chinese products. For these two questions, the answers of the executives are: differentiation!
"Our strategy is to fight competition with product differentiation and continue to innovate," said Kim Weon-dae.
Weon-dae Kim pointed out, the product OLED (Organic Light-Emitting Diode) TVs made by LG. Organic technology used is claimed is the only one in the world.
With OLED TV, the audience can see a clearer picture, a comfortable angle and excellent color contrast and detail. "This differentiation we mean," he added.
Ki-Wan Kim added, product of China does offer a cheaper price. But she said, price is not everything for the consumer, but the 'value' is something that is most sought after.
"The value is the result of a reduction in the price of reduced profits. Products of China are cheaper, but we offer greater benefits," he explained.
Thus, LG ensures not afraid of competition that exists today. The company has 87 thousand employees who are ready to compete by giving more value to the consumer and give satisfaction, according to the needs of the user.
"We will give value, not compete with the price," said Ki-Wan Kim.
LG revenue in 2013 stood at USD 53.10 billion. LG products are now sold in 113 locations around the world. Specifically in Asia, Indonesia is the largest contributor to their revenue, with values reaching 20% of total sales.
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