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LG aims for premium status

Publication Date : 10-01-2014

 

LG Electronics, the world’s second-largest maker of TVs, appeared to be determined to prove critics wrong by solidifying its position in the global market on all appliance fronts by focusing on premium lineups.

“We will try to maintain our leadership over other competitors in the US household appliances market by rolling out leading products and putting more focus on technology innovation,” said Jo Seong-jin, president of LG Electronics’ home appliance company during a press meeting in Las Vegas on Thursday.

While LG still has a strong presence in the global appliance market, it has faced immense challenges, especially with its TVs, on account of a slow world economy.

LG is now hoping that its high-end brands will help it secure a leading position in the world market.

A premium kitchen appliance lineup, along with premium washing machines with advanced technologies that save both time and money, and refrigerators designed to cater to the tastes of American consumers, topped LG’s list of priorities for achieving its goal.

Connectivity was expected to be another key initiative of the Korean tech giant, Jo said.

LG introduced HomeChat, a mobile chat function which allows consumers to communicate with electronics products such as vacuum cleaners at the International CES in Las Vegas. It will be compatible with ovens, washers and refrigerators. The firm aims to expand the service to more mobile messaging services, such as Kakao Talk and WeChat.

TV market facing intense competition

As for TVs, securing technology advancement, ensuring broader compatibility and making TVs smarter are some of the top priorities for LG in its drive to outrun competitors in the global TV market.

“Without overhauling LG’s business approaches and value chain for the TV market, we will not be able to achieve continuous growth in a time when Chinese TV makers are chasing at a fast speed while Japanese companies are poised to recover from their past sluggish years,” said Ha Hyun-hoi, president of LG Electronics’ home entertainment company, at a different press meeting Wednesday.

He noted that the company would reinforce its marketing efforts to achieve a bigger presence in China, an area that is expected to see dramatic growth for ultra-high definition TVs.

“LG will maintain its competitive edge over Chinese UHD TV manufacturers with its advanced technology such as 3-D TV technology and webOS,” said Ha, adding that the company will step up efforts to promote OLED TVs as well.

He mentioned that the company is mulling over expanding the webOS, an easy-to-use operating system for smart TVs, into other products.

Ha also pledged that the Korean TV maker would create more UHD TV content by collaborating with global content developers.

 

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