Word: samsungs
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Dates: during 2000-2009
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...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...
...nondescript engineer at an LG refrigerator factory, climbed the ranks and claimed the CEO post in October. Now he aims to duplicate the same feat with LG--lifting a consumer-electronics company little known outside Asia into the stratosphere of global brands with Sony, Panasonic and Samsung. "I want to go down in LG history," says Kim. "After death, a tiger leaves its skin. A man leaves his name...
...mobile phones. Its latest model, the SC8000, which came out in Korea in April, combines a PDA, an MP3 player, a digital camera and a camcorder. The advantage is paying off. In May, LG launched a new mobile phone in Korea with a 2-megapixel color screen simultaneously with Samsung. In the past, LG lagged at least several months behind its competitor's phone launches, missing out on higher prices and margins. LG became the largest supplier of mobile phones last year to service provider Verizon Communications...
...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 and pledged $130 million to buy bonds of a nearly bankrupt affiliate, credit-card issuer LG Card. Kim says...
...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...