Background Of Lg Electronics Inc Marketing Essay
As the third largest conglomerate, or chaebol (Korean word for business conglomerates, Payer 2005) in South Korea, LG electronics company has employing more than 80,000 people working in over 115 operations around the world. With 2009 global sales of 55.5 trillion Korean Won (43.4 billion US Dollars), LG comprises of five business units – Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Business Solutions (lg.com). Their asset consists of a total of 51 companies, with 9 in electronics, 8 in chemicals, and 34 in telecommunications with locations all around the world(oppapers.com).
Before LG Electronics Inc., its original name was The Lucky Chemical Industrial Corporation, and was the first Korean company to enter the plastics industry in 1952. While expanding its plastics business, the company moved into electronics with a new brand name in 1958. In 1959, the company produced South Korea's first radio. In 1995, however, its electronics arm was renamed something completely different in order to better compete in Western markets. Recently, the company has associated its marketing slogan which has become well known. In January 2009 they became one of only a handful of companies to own a two-lettered domain name on the internet. Many companies simply can't use a two letter domain name because their company name isn't as easy to abbreviate as others (oppapers.com). Today, their company is the world's second largest producer of television sets and the third largest manufacturer of mobile phones. As reported by www.lg.com (2009), LG continues to pursue its 21st century vision of becoming a worldwide leader in digital that ensures customer satisfaction through innovative products and superior service as their vision.
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