LG, the Korean Company is betting big on its new strategies and is expecting its revenue to go up by 20 per cent in the coming year. The company has adopted several strategies to revamp its presence in the market and is coming strong on its P- strategy. It is seen that the company has introduced 70 new products in the market and all these products are accompanied with new promotions and campaigns. The company is concentrating and banking heavily on rural marketing.
The Korean Company also foresees India as a potential market and is all set to tap the best out of the Indian market. The company is planning to bring out products that best suit the Indian market and captures the minds of Indian consumers. A wide range of flat panel televisions are being introduced by the company and it includes Jazz and transform television sets. The company says that 16-17% of its revenue comes from rural India and that is one of the primary reasons behind the company focusing on rural market.
LG is placing high hopes on India and the Indian market and expects India to become one of its top three markets in the coming years. In the current market conditions, 6% of the company’s global revenue comes from India and the country is placed in the fifth position behind United States, South Korea, Brazil and Russia.
A diverse range of products known for its innovative and high-end technology is the specialty of LG and the company is planning to come out with more products in future. The company sells television sets that are made up of cutting-edge technology, refrigerators, PCs, and mobile phones. The range of products and technology only proves that LG doesn’t leave any stone unturned. India emerging as a potential market for several players is a clear indication of India becoming a growing country capable of generating bigger revenues.