Word: samsungs
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Dates: during 2000-2009
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...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...
...latest models, 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...
...faces plenty of competition. Its biggest rival at home and abroad, Samsung Electronics, whose revenues of $36.4 billion are two times as large as LG's, has already hit the U.S.?and scored big successes. Samsung is also ahead of LG in developing a truly global brand. LG executives hope that competition from Samsung will make their company stronger. "Their presence as a very strong competitor in our neighborhood has always kept us alert and awake," says LG's Woo. "This has helped us compete in overseas markets as well. I can be more successful with Samsung's success...
...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...
...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...