Strategic Plan Analysis Paper
The purpose of this paper is to evaluate the mission and the vision of LG Electronics Company, and to emphasize on its goals and objectives. The paper focuses on the management style used in LG and compares it with the management style of another company that has adopted Total Quality Management. It also highlights the characteristics of LG Company and contrasts it with the characteristics of the other company where TQM is applied. Finally, the paper lists the TQM practices applied by the other company and evaluates the possibility of applying those same practices into LG culture.
LG Mission, Vision, Goals, and Objectives
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 KRW 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 consumers by giving what they want. Capturing new markets and providing a strategic direction for all LG Electronics activities in the Middle East and Africa is the main target (Times of Oman, 2006).
On the other side, many promising markets like Algeria, Sudan, Angola and some others whose economic power is growing strong are being neglected. LG Electronics is focusing again to regain those markets. The company will use a new marketing strategy such as using power retailers instead of using traditional channels of marketing like using dealers. Traditional dealers are losing their power whereas the power retailers are gaining market share like Carrefour (Times of Oman, 2006). The company is looking to achieve a turnover...