Word: brandings
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...Seoul, young Koreans in jeans and hip black sweaters were packing up plastic models of computer monitors and microwaves to move to new offices. With the number of designers up 15% in the past year, to 390, the center has added an entire new floor. "As we emphasize our brand, design becomes more critical," says the center's president, Lee Hee Gook. "We're making ourselves more competitive...
...build LG into a global titan? Hurdles abound. LG still sometimes cuts prices to drive sales, softening both profit margins and its brand image. For example, LG sees 5% profit margins on its mobile phones; Samsung earns in excess of 20%. Nor does it help that LG Electronics is a member of one of South Korea's mammoth, family-controlled conglomerates, called chaebols, which are infamous for mysterious and convoluted business practices. In February the company broke a promise to investors by pledging $130 million to buy bonds of a nearly bankrupt affiliate, credit-card issuer LG Card. Kim says...
...Still, in Asia, LG has taken on the world's best and proved it can hold its own. In China and India, LG has become a preferred brand. In China, which Kim calls the "toughest marketplace in the world," sales last year rose 40%, to $2.8 billion. In India, LG has beaten out Sony and Samsung to claim the No. 1 market share in everything from TV sets to refrigerators to CDMA phones...
...take LG to the top only if he manages to solve that pesky branding problem. Its rival did it: four years ago, few in the electronics industry could have predicted the growing dominance of Samsung, despite its solid technology and financial clout. Samsung's surprise was its savvy at brand building. "In terms of the ingredients, LG has everything?the quality, the packaging, the global marketing reach," says Nam Park, an analyst at HSBC Securities in Hong Kong. "What's missing is the magic. It's missing that je ne sais quoi." If Kim finds it, he'll probably pour...
...Seoul, young Koreans in jeans and hip black sweaters were packing up plastic models of computer monitors and microwaves to move to new offices. With the number of designers up 15% in the past year, to 390, the center has added an entire new floor. "As we emphasize our brand, design becomes more critical," says the center's president, Lee Hee Gook. "We're making ourselves more competitive...