LG Electronics (LG) has revealed its 2015 consumer electronics business strategy focused on leveraging the company's value-added products to expand business opportunities around the world.
At a VIP media roundtable during the 2015 International CES, Brian Kwon, the new Executive Vice President and CEO of the LG Home Entertainment Company, outlined the company’s TV technology, product and marketing plans for the coming year, aggressive strategies designed to further enhance LG’s competitiveness and profitability.
“We are determined to create further growth momentum in next-generation home entertainment business areas by providing innovative solutions and services,” Kwon said.
“We will heighten LG brand’s profile in markets across the world by developing highly differentiated, world-class products, including our OLED TVs and ULTRA HD TVs.
"At the same time, we’ll enhance the convergence strategy allowing us to move toward integrating an array of new Internet of Things (IoT) solutions that will enable our customers to connect their TVs to multiple devices more seamlessly."
Addressing current global TV market conditions, Kwon noted that LG’s emphasis on product and cost competitiveness will put the company in a more favourable position to ward off increased competition from China and protect itself from the repercussions of the weaker Japanese Yen.
“We’re implementing a series of marketing and product strategies to better position the LG in light of this intense competition," he added.
Kwon cited four overarching strategies designed to solidify LG’s role in the home entertainment market:
(1) leading the global OLED TV market
(2) expanding LG’s penetration in the 4K ULTRA HD TV market
(3) securing a dominant position in providing outstanding user experiences
(4) strengthening the product competitiveness of its IT and AV product lines.
Leading the Global OLED TV Market
“In 2014, LG focused on gaining business momentum and positioning itself for the future by actively promoting our flagship OLED TV lineup,” Kwon said.
“This year, we intend to significantly expand the market penetration of LG OLED TVs which have been receiving superb reviews as the next generation TV.
"LG OLED means perfect black, perfect colours and a breathtaking viewing experience. Collectively, our OLED technologies will propel us forward as a trusted leader in the global premium TV market.”
LG launched the industry’s first 4K OLED TVs in August 2014.