Running head: LG MARKET TRENDS
LG Market Trends
University of Phoenix
February 28, 2009
LG Market Trends
The market trend for household industries has taken on many faces as new technology develops. Moving towards digital and electronic dependent products revolutionized by new trends forms unique opportunities cautiously monitored due to the economy. The authors of this paper consider the challenges and affects on the market including government regulations, changes in technology, pricing, and the impact felt. Analyzing the current trends lends insight to determining counteractions necessary to ensure survival for LG Electronics in the marketplace.
As a giant in the electronics world, LG is attempting to increase market share with the purchase of General Electric’s appliance unit. The Korean based organization maintains funds are available; the reason for purchase is an attempt to change the market structure for home appliances. A firm in China, Haier, failed last year in an attempt to purchase Whirlpool so fearing the next focus would be General Electric; LG is considering the overall benefits. While many product lines parallel LG’s, the market share is the focal point.
“LG Electronics marketing process is promoting customer insight management according to LG Electronics sustainability report” (2008). As technological changes evolve, the future trend leads to more dependability on digital electronics in home appliances and equipment. Time saving opportunities for consumers assists in everyday lifestyles. Focusing on a communication framework identified current inconveniences. Resolutions designed to anticipate future wants which will further secure LG Electronics as a major influence in the marketplace.
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