A debacle surrounds the consumers in India with regards to LG’s position in the market. While some consumers state that LG might be dwindling in terms of its market position and dominance, others iterate that they are one of the greatest backbones to India’s electronic landscape. Responsible for re-moulding the technological landscape with their innovations, LG constantly invests its time and money into researching what exactly their customers require and how to satisfy these desires. In India, in specific, LG is one of the ‘big gun’ television (TV) producing corporations and below, we tell you exactly why.
1. Long-term Vision
The commencement of the LG journey in the Indian market was not a successful one. Weighed down by the Indian government prohibiting international corporations from working in India in the 1980s, LG tried to enter the Indian market twice with local partners and failed both times. However, with their constant need to upgrade their technology and overall provision of services to their customers, they have changed the TV manufacturing game completely. This is observed in how they started steadily building revenue over the years, especially with regards to their TV prospects. In 2019, LG reported an Rs. 15,945.2 crore total revenue stemming from India alone.
2. Research and Development
LG reckons that when a corporation initially begins its manufacturing adventure, the products they put together are built keeping in mind the corporation’s cultural heritage. However, as time goes on, LG believes that when tapping into another country’s market, tweaking your product to suit the needs of customers in that region is essential. Focusing on this, Rs. 800 crores was invested in research and development of the Indian market alone in 2017, and the result of this research has benefited both the firm and its customers.
3. Extension of Location Parameters
Customization of products forms only a minor fraction of the battle that LG deals with. For LG, the volume is the key to their success. About a decade ago, LG altered its vision and espoused a top-down approach. Investing in different villages in India, LG’s goal was to establish a remote office equipped with their own marketing team and individual budgets in each of these villages. For this reason, Sampoorna was produced. Sampoora, LG’s ‘rural dedicated’ TV, is an affordably priced colour TV that costs a little above black and white TVs. While a fraction of LG’s TV sales comes from urban stores, about half of their TV sales come from rural departments.
4. Political Sentiments
The anti-China attitude brought out by the 2019 Coronavirus pandemic resulted in consumers directing their product purchases to LG. Last year, due to this reason, LG’s smartphone sales increased. This is expected to continue and extend into the augment of TV sales as well. LG plans to take advantage of this situation and scale up their manufacturing units in India.
5. Made-in-India Strategy
This South-Korean giant expects to reboot its strategies with specific made-only-in-India products. The W series smartphones — W10, W30 and W30 Pro — which are sold via Amazon are available for the Indian market only. The sales from this smartphone range are expected to, in turn, garner more attention towards its extant TV models and augment TV purchases as well.
6. Technology
Focusing on guaranteeing their customers an immersive experience, the technology that gets fitted into LG TVs are advanced and durable. These TVs are clear winners in the eyes of most consumers according to the reviews left on the LG website. Although there have been a few complaints about delayed customer service provisions, its comprehensive features such as its Nano cell technology and gaming-friendly software ensures that customers are in for a treat.
7. Smart LED TV 32 inch
LG’s smart LED TV (32 inches) revolutionized the TV producing landscape with its state-of-the-art specifications and sleek looks. Powered by a Quad-core processor, this TV comes with a dynamic colour enhancer and Dolby audio system that ensures that customers have a wonderful theatre-like experience from the safety of their homes. The LG TV price range is from Rs. 16,000 to Rs. 22,000.
8. Corporate Social Responsibility (CSR)
The 2015 initiated Green Program Plus aids LG in their TV sales because of the difference they are making with the resources they have. It involves the active effort to reduce greenhouse gas emissions from all supplier sites, and the transfer of green technology related know-how between suppliers.
9. Environment-Friendly Approach
LG is involved in several environment-friendly strategies that have created more awareness around the environment’s needs and driven up its overall sales. Its hazardous substances management policy, for instance, aims to conduct safety and reliability tests on the technology used in the production of TVs. If the technology is deemed uneconomical or unsafe, alternatives are sought for replacement.
10. Employee Morale
Boosting employee morale is considered imperative to LG for optimal production rates and increased overall sales. LG works in accordance with the 2010 Labor Policy that ‘prohibits discrimination based on gender and race, promotes compliance with the maximum working hours set forth by the law, payment for overtime, and contributes towards local economic development’.
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