Lg Business

In: Business and Management

Submitted By BING1296
Words 273
Pages 2
Based on the case study, why do you think its important for companies to respond to local markets?
In order for companies to succeed in their relevant industries and the global market, they must be able to adapt to its differing needs. These needs are established through companies implementing strong action plans in relation to its global expansion, or globalisation. LG Electronics effectively expanded their market through adapting their products to fit the needs of the everyday consumer of different regions, cultures and people of the world.
This is exemplified through their understanding of Korean culture, through designing a refridgerator to separate the potent odour of common a Korean cuisine. Following the success of this product the company then proceeded to adopt these idealogy across the whole of the company, in that they remain dynamic and compete against other companies through establishing a need of these particular products in different envoronments.

Other examples of market research leading to successful products include the implementation of larger vegetable and water storage compartments in fridges on the Indian market. LG has established itself as a major international appliance company through targeting the largest consumer market in the world, China. The globalisation of the company has allowed it to dominate in a competitive industry over the last two decades, shown through its impressive financial gains, in 2005 their global sales reached US$2.27 billion. Furthermore LG electronics im implementing marketing strategies specific to each region shown through their targeting of Bollywood actors to endorse their products. This would reach a large audience in India as Bollywood forms a huge part of the unique country’s…...

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