lg company case study

LG Electronics Marketing Strategy 2024: A Case Study

In this case study, we will delve into the marketing strategy of LG Electronics, analyzing their brand positioning, competitive analysis, marketing campaigns, digital marketing efforts, target audience segmentation, and market share analysis. LG has established itself as a leading player in the tech industry through its innovative marketing strategies. The company strategically positions itself to cater to a diverse yet well-defined target audience. LG’s marketing strategy focuses on the 4 P’s: product, price, place, and promotion. They adopt a robust promotional and advertising strategy, including collaborations with brand ambassadors and sponsorship of sporting events. Digital marketing plays a crucial role in LG’s overall strategy, leveraging social media platforms and running hashtag campaigns.

Key Takeaways:

• LG Electronics is a global tech leader with a strong marketing strategy.
• The company strategically positions itself to cater to a diverse target audience .
• LG’s marketing strategy revolves around the 4 P’s: product, price, place, and promotion.
• They adopt a robust promotional and advertising strategy, including collaborations and sponsorships.
• Digital marketing plays a crucial role in LG’s overall marketing efforts .

About LG Electronics

LG Electronics, also known as Life’s Good and Lucky-Goldstar, is a South Korean electronics multinational company founded by Koo In-hwoi in 1947. Starting as a conglomerate, LG shifted its focus to electronics in the 1960s and has since become one of the largest TV manufacturers in the world.

With operations in over 100 countries, LG Electronics operates through various subsidiaries, including Zenith, LG Chemicals, LG Innotek, LG Electronics, and ZKW Group. The company’s commitment to quality and innovation is reflected in its diverse product range, which includes smartphones, TVs, home appliances, and home entertainment systems.

LG Electronics caters to a broad target audience, encompassing various age groups, genders, and socioeconomic demographics. From tech-savvy millennials who rely on smartphones to married couples who utilize home appliances, LG serves the diverse needs of its customers.

Recognized for its excellence, LG Electronics has received numerous accolades, including being ranked 811th in the Global 2000 companies list in 2017 and 65th in Forbes’ list of the world’s most powerful brands in 2012. LG’s market capitalization was reported at $10.2 billion in May 2017, with revenue amounting to $47.72 billion.

With a workforce of over 222,000 employees worldwide, LG Electronics embraces a commitment to research and development to drive innovation. The company heavily invests in its products to ensure they meet the highest standards of quality and performance.

LG Target Audience

LG Electronics strategically caters to a diverse target audience consisting of middle to high-income households, tech-savvy millennials, busy families, and environment-conscious individuals. By understanding the unique needs and preferences of these consumer segments, LG develops products and services that align with their lifestyles and values.

For its smartphones, LG primarily targets the younger generation, particularly tech-savvy millennials, who prioritize fast processing speeds, sleek designs, and advanced camera features. LG aims to capture their attention and offer them a seamless and immersive mobile experience.

In the home appliance market, LG has successfully attracted middle to high-income households. These consumers value quality, reliability, and innovation in their appliances, and LG has built a strong reputation in meeting these expectations. LG’s home appliances provide advanced functionalities, energy efficiency, and stylish designs that appeal to this target audience segment.

In addition, LG acknowledges the needs of busy families who seek convenience and smart solutions to simplify their daily routines. With features like remote control and AI integration, LG appliances enable families to manage their households efficiently and effortlessly.

Furthermore, LG recognizes the importance of sustainability and environmental responsibility. The brand appeals to environment-conscious individuals by offering eco-friendly products and promoting sustainable practices. LG’s commitment to renewable energy and innovation aligns with the values of these consumers, establishing the brand as a leader in sustainable technology.

By understanding and addressing the specific requirements of its target audience, LG Electronics continues to deliver products and services that resonate with the diverse consumer market.

LG’s SWOT Analysis

To assess LG’s current position and potential for growth, conducting a SWOT analysis is essential. This analysis examines LG’s strengths, weaknesses, opportunities, and threats in the market.

• Wide market presence: LG has established itself as a global brand with a strong presence in various markets worldwide.
• Strong distribution channel: LG has a well-developed distribution network, enabling widespread availability of its products.
• Diverse portfolio: LG offers a wide range of products, including electronics, appliances, and mobile devices, catering to diverse consumer needs.

Weaknesses:

• Lack of standout product: While LG offers a diverse portfolio, it lacks a standout product that can dominate the market.
• Weak management system: LG’s management system may require improvements to enhance operational efficiency and decision-making processes.

Opportunities:

• Market expansion: LG has opportunities to expand its presence in emerging markets like India, Southeast Asia, Africa, and Latin America, tapping into untapped potential.
• Changes in consumer lifestyle: As consumer lifestyles evolve, LG can leverage this shift to introduce new products and enhance its offerings.
• Focus on electric vehicle components: LG’s focus on electric vehicle components positions it to grow in the evolving EV industry by investing in research and development for EV parts.
• The growth of the Internet of Things (IoT) and smart home markets: LG can capitalize on the growing IoT and smart home markets to introduce innovative products and enhance home automation solutions.
• Investment in artificial intelligence and robotics: By investing in areas like artificial intelligence and robotics, LG can streamline operations, improve efficiency, and develop AI-powered services.
• Strategic acquisitions and partnerships: LG can enhance its competitive edge and fuel growth by accessing advanced technologies through strategic acquisitions and partnerships.
• Intense competition: LG faces intense competition from both established players and emerging brands in various markets.
• Changing government regulations: Shifting government regulations can pose challenges to LG’s operations and market strategies.

Overall, LG’s SWOT analysis highlights its strengths in terms of market presence, distribution channel, and diverse portfolio. It also identifies weaknesses in terms of standout products and management systems. However, LG has opportunities to expand in emerging markets, capitalize on changing consumer lifestyles, and focus on electric vehicle components, IoT, and robotics. To mitigate threats, LG must navigate intense competition and adapt to changing government regulations.

LG Marketing Strategy: LG’s 4 P’s

LG Electronics implements a robust marketing strategy centered around the 4 P’s: product, price, place, and promotion. By strategically addressing each element, LG maintains a competitive edge in the consumer electronics market.

LG offers an extensive portfolio of high-quality products, catering to various consumer needs. Their product range encompasses a wide array of home appliances, including refrigerators, dishwashers, microwave ovens, vacuum cleaners, washing machines, water purifiers, and air conditioners. Additionally, LG produces cutting-edge home entertainment products such as music systems, home theater systems, Blu-Ray players, DVD players, OLED TVs, Smart TVs, and Plasma TVs. This diverse product mix showcases LG’s commitment to delivering innovative and technologically advanced solutions to consumers.

LG’s pricing strategy has evolved over time to adapt to market dynamics. Initially, the company introduced high-priced products in India. However, to boost sales volume and penetrate untapped markets, LG gradually lowered their prices. This responsive pricing model has allowed LG to cater to a broader customer base and increase market share.

LG employs an omnichannel distribution strategy, ensuring their products are widely accessible to consumers. Through an extensive network of local stores and e-commerce platforms, LG products reach customers worldwide. This holistic approach to product availability enables LG to meet the diverse purchasing preferences of consumers.

LG recognizes the role of marketing in driving sales growth and intensifies its promotional efforts. The company collaborates with brand ambassadors and organizes events to create buzz around the launch of new products. Social media platforms, such as Facebook, Instagram, and YouTube, serve as effective channels for short product promotion commercials. LG’s targeted digital marketing strategies enhance consumer engagement and reinforce the brand’s visibility in the market.

By implementing a comprehensive marketing strategy focused on product innovation, competitive pricing, widespread availability, and strategic promotions, LG Electronics consolidates its position as a leading player in the consumer electronics industry.

Marketing Strategy Adopted by LG

LG Electronics, with its global presence in over 125 countries, has adopted a comprehensive marketing strategy to promote its diverse range of products and enhance brand awareness. The company’s marketing efforts encompass various promotional activities, collaborations, sponsorships, and the use of brand ambassadors.

Promotion and Advertisement

LG emphasizes the importance of effective promotion and advertisement to reach its target audience. The company leverages multiple channels, including television, magazines, newspapers, and the internet, to showcase its innovative products and engage customers.

Collaborations and Sponsorships

LG understands the significance of collaborations and sponsorships in expanding its brand reach. By partnering with renowned personalities and sponsoring sporting events, LG ensures its products are seen by a wide audience, enhancing brand visibility and credibility.

Brand Ambassadors

LG collaborates with brand ambassadors who align with its values and brand image. These ambassadors endorse LG products, contributing to brand credibility and trust. The association with well-known personalities creates a positive perception of LG and its offerings.

To further strengthen its marketing strategy, LG focuses on developing a diverse product portfolio that caters to various customer needs and preferences. This approach allows LG to appeal to middle to high-income households, tech-savvy millennials, busy families, and individuals conscious of the environment.

Moreover, LG’s marketing strategy considers the four P’s: product, price, place, and promotion. The company emphasizes product innovation and quality across consumer electronics, home appliances, and IT products. LG’s pricing strategy aims for competitiveness while balancing features and value.

LG’s place strategy includes a robust distribution network, ensuring products are readily available through retail stores, online platforms, and authorized dealers. The company’s promotion strategy integrates traditional marketing channels , digital platforms, and experiential marketing to create brand awareness and engage potential customers effectively.

Overall, LG’s marketing strategy adopts a holistic approach, combining promotion, advertisement, collaborations, sponsorships, and brand ambassadors to enhance its global market position . By continuously adapting and refining its marketing efforts, LG maintains its status as a leading brand in the consumer electronics industry.

LG’s Brand Ambassador

LG Electronics understands the significance of celebrity endorsements in shaping consumer perceptions and driving brand loyalty. By collaborating with renowned individuals as brand ambassadors, LG leverages their influence and popularity to amplify its message and reach a wider audience. These partnerships not only boost LG’s brand recognition but also enhance its credibility and trustworthiness in the market.

One notable example of LG’s successful brand ambassador program is its ‘Optimism your feed’ campaign. Launched in May, this campaign aimed to create a more positive online environment by encouraging users to share their optimistic moments on social media. The campaign quickly gained traction, with approximately 21,000 users joining the social media challenge within four days of its launch.

As part of the ‘Optimism your feed’ campaign, LG’s brand ambassadors actively promoted the campaign on their respective platforms, reaching a vast number of followers and generating substantial engagement. The campaign’s impact was further amplified through the creation of the ‘Optimism your feed’ playlist, curated by global influencers. This playlist garnered over 1.2 billion views within just three weeks on various social media platforms, showcasing the immense influence of both LG and its brand ambassadors.

It is worth mentioning that LG’s commitment to promoting optimism extends beyond the digital realm. The brand organized an offline campaign event called ‘Optimism your day,’ which involves a truck tour to 11 business sites in Korea. This unique initiative aims to spread positivity and deliver LG’s message directly to consumers. The event has been running since its launch and will continue until early July, maximizing LG’s brand exposure and creating memorable offline experiences.

LG’s emphasis on branding is reflected in CEO William Cho’s vision of considering every employee as a brand ambassador. This internal philosophy reinforces the importance of embodying the brand’s values and promoting positive experiences at every touchpoint. By aligning employee actions with the brand’s messaging, LG ensures consistent and authentic representation, ultimately contributing to its credibility and market position.

In conclusion, LG’s strategic use of brand ambassadors has proven to be a powerful marketing tool . Leveraging the influence and credibility of renowned individuals, LG successfully amplifies its message, engages consumers, and strengthens its brand image. By fostering a culture where every employee is seen as a brand ambassador, LG ensures a consistent and positive brand experience for its customers.

LG’s Brand Ambassador Statistics:

LG’s Market Position

LG Electronics, with its extensive product range and global presence, has firmly established itself as a key player in the competitive tech industry. Operating in over 100 countries, LG showcases its worldwide reach in the technology sector.

With a rich history spanning over six decades since its founding in 1958 by Koo In-Hwoi, LG Electronics has evolved into one of the most trusted brands globally. The company’s commitment to quality, innovation, and sustainable practices has contributed to its strong brand reputation.

LG’s diversified product portfolio encompasses a wide range of consumer electronics, home appliances, and IT products, demonstrating its market coverage and diversification. Through extensive research and development efforts, LG invests heavily in driving innovation, resulting in groundbreaking products like the world’s first curved OLED TV.

LG’s focus on mastering complex sales processes, digitalization, data integration, and scalable personalization has positioned the company for success in transitioning to B2B operations. Additionally, strategic partnerships play a vital role in supporting LG in complex B2B engagements and enhancing operational efficiency.

The company’s Vision 2030 aims to expand beyond hardware products, focusing on software platforms and content, showcasing LG’s strategic growth plan. By incorporating advanced technologies like OLED displays and AI-powered appliances, LG aims to differentiate its products in the market.

LG’s integrated marketing communication strategy combines traditional and digital channels, including interactive social media campaigns and influencer collaborations. This multi-pronged approach ensures a broad reach and engagement with its target audience.

Furthermore, LG has been recognized internationally, winning numerous awards at events like CES, IFA, and Mobile World Congress, highlighting its industry recognition and leadership.

In conclusion, LG Electronics’ market position is a testament to its global presence, diverse product range, strong brand reputation, commitment to innovation, and strategic growth plan. With its focus on sustainability, digitalization, and customer-centricity, LG remains a key player in the competitive tech industry.

LG’s Digital Marketing Approach

LG Electronics, with its wide market reach and global presence in over 100 countries, recognizes the importance of digital marketing in its overall marketing strategy. Leveraging the power of social media platforms, LG engages with its tech-savvy consumers, staying connected and relevant in the digital landscape.

One of LG’s key digital marketing strategies is its innovative use of hashtag campaigns. By creating unique and engaging hashtags, LG encourages users to share their experiences and generate user-generated content, further expanding the brand’s reach and visibility.

Furthermore, LG’s digital marketing approach extends beyond social media platforms. The company combines traditional and digital channels to create a multi-channel marketing approach, ensuring a comprehensive and cohesive brand experience. This includes TV commercials, influencer collaborations, and experiential marketing initiatives.

In August, LG Electronics launched its brand-new Life’s Good global campaign, captivating audiences worldwide. Supporting this campaign, LG implemented digital out-of-home advertisements at iconic landmarks in key cities such as Dubai, London, New York, Vietnam, and Seoul. These captivating advertisements were displayed in prominent locations, reinforcing LG’s brand presence and message.

“LG’s digital marketing approach combines the power of social media platforms with engaging hashtag campaigns and multi-channel marketing initiatives.”

To amplify the message of Life’s Good, LG collaborated with global influencers like Willow Smith, Cody Simpson, and Jenny Park. By partnering with influential personalities, LG effectively expands its digital engagement and connects with younger customers.

In addition, LG has introduced unique social media features such as the “LG Finger Heart Filter” and the “Life’s Good Sticker Package.” These interactive elements further enhance the brand’s digital presence and foster a deeper connection with its audience on popular platforms like Instagram and TikTok.

With a commitment to providing innovative customer experiences, LG continues to enhance communication with its customers worldwide. Through their comprehensive digital marketing approach, LG is successfully transforming into a “smart life solution company,” expanding and connecting with customers through diverse experiences.

In line with their digital marketing efforts, LG’s webOS platform powers more than 200 million TVs globally and is projected to reach over 300 million devices within the next three years. The rapid growth of webOS is further supported by the increasing number of third-party partner brands utilizing the webOS Hub, a testament to its popularity and effectiveness.

Investment in technology and content services is also a key focus for LG. In 2021, LG acquired the majority stake in the U.S. data analysis firm Alphonso, expanding its content services and strengthening its position in the digital realm.

Looking to the future, LG plans to invest KRW 1 trillion in its webOS business over the next five years, further solidifying its commitment to innovation and digital growth.

LG Channels, the company’s free streaming service, has garnered more than 50 million subscribers and offers a wide range of channels globally, available in 27 countries. In 2022, LG Channels witnessed significant growth, with a 75% increase in unique devices using the service, a 57% rise in viewing time, and an overall surge in usage frequency.

To further advance its smart TV platform, LG is investing in development by partnering with academic institutions in South Korea and securing software professionals globally. This commitment to development ensures that LG continues to provide state-of-the-art technology and an exceptional user experience in the digital era.

LG’s digital marketing approach has been instrumental in driving brand awareness, engagement, and growth. By leveraging social media platforms, running hashtag campaigns, and adopting a multi-channel marketing approach, LG remains at the forefront of digital innovation, catering to the evolving needs of its global audience.

LG’s Competitive Analysis

LG Electronics operates in a highly competitive industry, facing strong competition from major players in the market. However, LG has managed to maintain a competitive edge by offering innovative products and implementing effective marketing strategies.

With a diverse portfolio of consumer electronics, LG has a wide market presence and caters to various customer segments, including middle to high-income households, tech-savvy millennials, busy families, and environment-conscious individuals. This broad target audience allows LG to capture a significant market share and reach a wide range of consumers.

Despite its strengths, LG also faces several weaknesses and threats. One of its weaknesses is the lack of a hero product that can truly differentiate itself from the competition. Additionally, LG’s weak management system poses challenges in efficiently executing its marketing strategies and adapting to market changes.

However, LG identifies opportunities for growth and expansion in the market. They can leverage market expansion by identifying new regions with increasing demand for electronic products. Furthermore, changes in consumer lifestyle present opportunities for LG to introduce new products and target new customer segments.

Intense competition remains one of the significant threats to LG’s market position. Competitors such as Samsung, Huawei, Apple, and Xiaomi have a more significant market share in the smartphone industry, posing a challenge for LG. Government regulations also pose threats to LG’s operations.

To tackle these challenges and maintain a competitive edge, LG has implemented a comprehensive marketing strategy known as the 4 P’s – Product, Price, Place, and Promotion. This strategy focuses on diverse product offerings, competitive pricing without compromising quality, an extensive distribution network, and a comprehensive promotional strategy.

LG’s Market Share

Although LG faces tough competition, it has managed to establish itself as one of the largest TV manufacturers globally. With a strong market presence and innovative products, LG has been able to capture a significant share of the consumer electronics market.

However, it’s worth noting that LG’s market share is relatively limited compared to major smartphone brands such as Samsung, Huawei, Apple, and Xiaomi. These competitors have dominated the smartphone industry, leaving LG with a smaller share of the market.

Visualizing LG’s Market Share

In the table below, we compare the market capitalization of LG’s key competitor, Samsung, with LG’s net loss and revenue in 2011. It highlights the challenging competition faced by LG in the consumer electronics industry.

LG Electronics has successfully solidified its position in the tech industry through its innovative marketing strategies. By recognizing the importance of catering to a diverse target audience, LG has been able to capture various consumer segments and drive market dominance. With a strong focus on product quality and competitive pricing, LG has managed to experience constant sales growth over the years.

LG’s commitment to technological innovation has been evident through the introduction of groundbreaking products such as LCD and plasma TVs, mobile phones, and professional cameras. Additionally, the company’s initiatives towards a safer environment, such as reducing emissions and utilizing renewable energy sources, resonate with modern consumers who prioritize sustainability.

Furthermore, LG’s global presence, extensive distribution network, and effective promotional strategies have played a crucial role in its success. By collaborating with different geographies and diversifying its product lines, LG has been able to cater to consumers of all ages and create employment opportunities worldwide.

In conclusion, LG Electronics’ marketing strategy stands as a testament to its unwavering commitment to staying competitive and meeting the evolving needs of its diverse target audience. Through continuous product differentiation, cost-cutting measures, and advanced marketing tactics , LG has strengthened its market share and positioned itself as one of the leaders in the tech industry.

What is LG Electronics?

Who is lg’s target audience, what is lg’s swot analysis, what is lg’s marketing strategy, how does lg promote its products, who are lg’s brand ambassadors, what is lg’s market position, how does lg utilize digital marketing, how does lg analyze its competition, what is lg’s market positioning strategy, related posts:.

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Nina Sheridan is a seasoned author at Latterly.org, a blog renowned for its insightful exploration of the increasingly interconnected worlds of business, technology, and lifestyle. With a keen eye for the dynamic interplay between these sectors, Nina brings a wealth of knowledge and experience to her writing. Her expertise lies in dissecting complex topics and presenting them in an accessible, engaging manner that resonates with a diverse audience.

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Home » Management Case Studies » Case Study of LG Electronics: Repositioning a Successful Brand

Case Study of LG Electronics: Repositioning a Successful Brand

LG Electronics is the largest player in the consumer electronics market in India, which is worth Rs 35,000 crore per annum. And now it feels the need to take the brand to the next level. From an aggressive price warrior and technology provider, the brand will henceforth be communicated as a youthful enabler of life enrichment, and of value-added products.

For almost 10 years after it came to the country in 1997, LG had focused on the mass market. Initially LG’s objective was to create a footprint among the sizeable middle class, and other than its aggressive pricing, there was little to distinguish it from other consumer durable companies operating in India. Its product range choices also reflected the portfolio of its then rivals such as Whirlpool, Videocon, and Onida.

Changing profile of Indian consumer durables market

The Indian consumer durables market of today is very different, redefined primarily by the nimble Korean duo of LG and Samsung. Prior to their entry the consumer durables market in India was largely characterized by restricted product choice, very poor after-sales service, and distribution through limited multi-brand outlets. By the time the new millennium came around, LG and Samsung had started making their presence felt. Their priority was to establish an exclusive chain of company-owned and franchised outlets where consumer connect could be much more meaningful than in many of the poorly staffed multi-brand outlets that existed then. The other area which they felt required urgent attention was a service network which would not only ensure customer satisfaction , convenience, good word-of-mouth , and a favorable disposition towards repeat purchase, but could also become an additional source of revenue for the company. Finally, unlike Onida, Whirlpool, and Videocon which then had presence in limited product lines, the Korean companies expanded their product range to cover both home appliances such as washing machines, refrigerators, and microwave ovens as well as entertainment electronics such as music systems, VCD/DVD players and television sets. They wanted to dominate the entire chain of consumer durables for a household.

Though LG and Samsung were initially perceived as similar in their strategic approach, the latter was much more interested in developing a higher-end product range targeted at the more affluent consumer. Samsung’s vision in this respect reflected a shrewd understanding of the changing profile of the growing prosperity in the Indian consumer market. In fact, LG realized that a sizeable chunk of consumers over the years had moved up the value chain – a space well captured by rival brands like Samsung and Sony, which are also aggressively competing for market share. This shows up in the fact that LG is trailing Samsung in the LCD television market.

Mind over matter

Research carried out by AC Nielsen has shown, according to LG Electronics Chief Marketing Officer LK Gupta, that people associate LG with quality and reliability. “This is because of our wide presence in the country and our service network. Most households have an LG product now,” adds he. However the brand is not perceived as youthful and trendy.

Despite being the largest player in the consumer electronics market in India, LG now feels the need to take the brand to the next level. So LG is making a concerted effort to redefine itself as a youthful and up-market brand. Rivals like Samsung, Sony and Videocon too have turned aggressive. And India is a key element of LG’s global game plan. At the moment, India accounts for about 6 per cent of LG’s worldwide turnover. LG Electronics India Managing Director M B Shin wants to raise this to at least 10 per cent by 2012. By 2015, India will become the second largest contributor to LG’s revenue after the US and ahead of South Korea. It’s a tough challenge and the brand needs to keep the buzz alive to meet it.

So far LG has been known in India for its home appliances and entertainment electronics products, such as audio and video-based products. The product lines where LG intends to make a big splash in India in 2010 are LCD televisions, and in a departure from its past focus, for mobile phones. For the latter, being able to appeal to youth will be a key determinant of success. LG’s advertising campaigns and its recent products like the Jazz LCD TV sets and Chocolate mobile phones reflect this thinking.

The right match

Shin admits that the average age of the LG consumer is above 30. The brand has low appeal among youth. As far as mobile phones are concerned, youth are attracted by music, gaming and file sharing options. LG’s lack of youth appeal is reflected in its performance in the mobile handsets market. In 2009, LG was able to increase its share from 4 per cent to 6 per cent in the GSM mobile phone market. While Nokia’s share went up from 70 per cent to 71 per cent during the period, Samsung doubled its share from 8 per cent to 16 per cent. All three were helped by the fall in the share of Sony Ericsson and Motorola. But Shin thinks that LG’s lack of contemporariness and up-market image is an issue that can be addressed — the question is whether the market is willing to see it that way.

Q1. Based on the track record of LG Electronics to date, would you classify their competitive strategy as that of a challenger or follower?

Q2. For consumer durable products do you feel customer retention strategies have any value? In your assessment, has LG undertaking any such initiative, based on information presented in the case?

Q3. Based on an assessment of its product portfolio so far, identify the factors that could be responsible for LG not being perceived as a youth brand. LG wishes to associate brand ambassadors with their communications campaigns for their mobile phones. Suggest a suitable profile for youth-oriented brand ambassadors in terms of occupation, age group and gender.

Q4. LG’s success in India so far has been based on its mass-market positioning, in terms of pricing, and product range geared towards household products. How successful do you feel it would be in attracting higher-end consumers for LCD TV sets, and what are the marketing initiatives it needs to undertake in order to make this happen?

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LG Electronics case study – A device maker in transition

25 March 2021

Filing trends at LG Electronics highlight an impressive rise that has made it the fifth largest owner of US patent grants. That is no mean feat; 20 years ago the company filed a mere 210 applications. Between 2001 and 2020 – a window shorter than thfie lifespan of a single patent – LG’s annual output of applications has increased by a factor of 21.

LG is part of a conglomerate – a fact that is reflected in the diverse list of technologies making up the biggest chunks of its portfolio. From wireless communications to air conditioning, semiconductors to laundry cleaning, LG’s technology holdings underpin a vast range of household products.

Historical data shows two key periods in which LG’s filings jumped significantly to reach a new level. The first was in 2010, which saw a 31% single-year increase. The second was between 2013 and 2015, when applications rose from 2,958 to 3,833.

LG’s business mix looks quite different now than it did in those days.

In 2009, as its patenting prepared to take off, televisions and mobile handsets were LG’s top revenue generators, but it was mobile phones that delivered the bulk of operating profits. The company’s share price reached a height in August 2009 that it would not match again until January 2021. According to previous IAM reporting, the company embarked on a seven-year period of patenting – beginning in 2010 – in which it was the top filer of 4G SEPs for six years in a row.

Fast forward to 2020, and while TV sales remain vital to LG, it is the home appliances segment that delivers the biggest revenues and the biggest share of profits. In other words, the company’s sizable patent holdings in refrigeration, HVAC and other white goods-related areas are nothing to sneeze at.

Smartphones are now a loss-making enterprise for LG. In Q1 2021, executives confirmed that the company is mulling strategic options for the handset unit, including closure or a potential sale. This could have implications for its existing portfolio and would affect the direction of future research efforts.

The good news is that LG’s mobile R&D has delivered one of the market’s biggest portfolios of wireless communications patents, including 4G and 5G SEPs. Data show that five of the top 10 CPC sub-classes in the LG portfolio fall under Class H04, electronic communications. Moreover, these connectivity technologies can be applied to plenty of LG products regardless of what happens to its handset division.

Figure 1. LG US applications and grants 2001-2020

With or without smartphones, the company says that its main strategy going ahead is to “apply core technologies such as AI, 5G, IoT and mobility in all business areas”. The opportunities to do this in televisions and home appliances are obvious.

The same is true for electric vehicle components – a business that LG has high hopes for. Electric vehicle propulsion and other directly related fields appear further down the company’s patent class list, accounting for a couple of hundred grants each. At the end of 2020, LG announced a big joint venture in the space with Magna International, a Canadian mobility tech company that appears at number 216 on the list, with over 2,000 related patents.

It will be interesting to see how, if at all, LG’s portfolio shifts as the company pursues its next act. The South Korean giant is hoping to prove that you can hardly go wrong by making big investments in general purpose technologies like connectivity.

Figure 2. breaking down LG’s portfolio by CPC code

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• United States of America

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LG Electronics

LG Electronics Case Study for Oracle E‑Business Suite  ERP

The company: about lg electronics.

With 82 , 000 employees in 114 subsidiaries across 39 countries, LG Electronics Inc. is one of the largest consumer electronics companies in the world. Its diverse product range encompasses air conditioners, digital media, laptops, mobile phones, PC monitors, refrigerators, televisions, and more. 

LG Electronics is a long-time user of Oracle technology. The company has implemented Oracle E‑Business Suite in its corporate headquarters and is now embarking on an ambitious four-step project to migrate its worldwide offices to the Oracle platform by 2008 . The ultimate aim is to have all subsidiaries, production facilities, and the Seoul head office using the same Oracle system by  2010 .

The Situation: Disparate HR Applications

LG Electronics began developing a human resources management system ( HRMS ) using a range of Oracle Human Resources modules to replace disparate HR applications used by its subsidiaries. 

This made it extremely difficult, time-consuming, and costly to consolidate HR information for global reporting. Inefficient management procedures were also affecting the ability of HR staff to complete their jobs effectively. As costs mounted, LG Electronics decided it was time to move to a single unified system that would streamline HR management and enhance the company’s ability to attract and retain high-quality staff.

The development of the integrated HR management system began in 2002 . In 2005 , LG Electronics began moving its subsidiaries to the system, the first stage in its migration to a global business management platform. While general HR programs are managed globally, each subsidiary has the flexibility to oversee matters specific to its operation.

Human resources functions are grouped into six categories: position, title, recruitment, promotion, performance, and compensation. The system also allows other categories to be set up to cater to specific requirements. In addition to establishing a single repository for information, the Oracle-based system is used to distribute and execute HR policies globally.

The Solution: Oracle E‑Business Suite  ERP

The single, integrated Oracle system delivered HR information from around the world in real-time, enabling LG Electronics to gain better insight into its workforce and facilitating informed decision-making around recruitment and performance management. The company also improved efficiency by standardizing processes and lowered costs by introducing self-service HR functions and online learning for employees. 

Moving to a Single Global Instance 

LG Electronics has 114 subsidiaries employing 82 , 000 people across six continents. Up until early 2006 , each subsidiary maintained its own HR system and processes. 

Why Oracle?

LG Electronics has used Oracle for many years in its Seoul head office. Impressed by the technology’s rich functionality, reliability, and security, the company gradually rolled out Oracle E‑Business Suite to a number of international subsidiaries. The improvements gained at those offices convinced LG Electronics that Oracle was the ideal platform to manage its global business.

“ The Oracle team presented us with a system that enabled us to link HR strategies to business objectives,” said Mi Jung Kang, chief human resource officer, HR management team, LG Electronics. ​ “ This was very important because we wanted to ensure our people were working towards goals that benefited our company.

“ Oracle also showed us how we should change our current HR practices to improve efficiency. Such a move would help us reduce costs and increase our return on investment.”

Implementation Process

LG Electronics worked with Oracle Consulting to scope, design, and implement the HR management system. This involved aligning business and HR goals, describing roles and responsibilities, standardizing processes, and developing reports.

The implementation was divided into five phases, beginning in 2002 with the core system, followed by the progressive development and rollout of the data mart, performance management system, staff portal, and e‑learning application. The migration of all subsidiaries to the Oracle platform was completed in April  2006 .

Key Benefits

• Established enterprise-wide view of operations across 114 subsidiaries in 39 countries by moving to a centralized HR management platform
• Improved efficiency by standardizing HR  processes
• Enhanced HR management by giving senior managers real-time access to information
• Boosted employee satisfaction and eased workload on HR staff by introducing self-service options
• Boosted staff learning by providing online training

The Results: Oracle E‑Business Suite ERP Implementation Benefits

Enhanced hr  management .

In April 2006 , LG Electronics went live on the new global Oracle HR management system. One of the key features of the system is that it is engineered to link HR strategies with business goals so the company can monitor workforce performance against specific objectives or campaigns. 

Senior managers at the company’s Seoul headquarters can now view all HR-related information from around the world in real-time. This gives them better insight into workforce numbers and the details, qualifications, and performance of individual employees, assisting in informed decision-making. 

For example, if a position becomes available, HR staff can search the employee database to locate the person most qualified for the job and promote from within, rather than incur the time and costs of external recruitment. 

As part of the upgrade, LG Electronics also standardized and streamlined HR management processes across its subsidiaries. Each office can share best practice advice, leading to significant improvements in productivity and efficiency. The company has also reduced HR costs globally. 

Improved Employee Satisfaction 

The new HR management system includes self-service options for staff to update their details, view pay slips, and apply for leave. It also allows them to track their performance against set goals, and to ask for feedback and support if they are not meeting certain requirements. 

Staff can boost their knowledge by undertaking online training, ensuring they can learn at their own pace and at a time that suits them. Paying attention to employee needs in such ways enables LG Electronics to retain quality staff and enhance its reputation as an employer that is committed to its workforce. 

“ The key to business success lies in the effective management of human resources. We now use a single HR system developed on Oracle to manage 82 , 000 employees in 39 countries. The result has been a significant improvement in efficiency, a better understanding of our HR processes, and dramatic cost savings.” – Mi Jung Kang, Chief Human Resource Officer, HR Management Team, LG Electronics

For more information visit our Oracle ERP Software System Comparison which includes Oracle E‑Business Suite and JD Edwards EnterpriseOne .

Additional Electronics and High-Tech Industry Case Studies

Explore additional case studies below, featuring companies in the Electronics and High-Tech Industry . Also, see our comprehensive side-by-side comparison of all ERP systems for the Electronics and High-Tech industry .

• Serious Integrated ERP Case Study
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Still seeking industry-specific information? Compare the top ERP software for the Electronics and High-Tech Industry to find the product that best meets your company's needs and budget.

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BRAND ANALYSIS OF LG ELECTRONICS: A CASE STUDY

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In-depth SWOT Analysis of LG

By Aditya Shastri

LG is one of the best electronic manufacturing companies in India. Due to the recent increase in sales of OLED TV’s, its TV market share globally was recorded at 19.2% in the first quarter making it the all-time high. It has sold a total of 7,279,000 units including LCD and OLED worldwide.

LG Electronics has gained well-known popularity in past few years. People love using its products and are happy with the latest technology used by the company in every new product they launch.

Thus this makes us keen to know about its strengths and weaknesses they have faced.

In this blog, we will look into the SWOT analysis of LG and see what were its strengths, weaknesses, opportunities, and threats.

Before we start with its SWOT analysis let us know about it as a company.

ABOUT THE COMPANY

LG is a South Korean gadget-producing global organization. Koo In-hwoi was the founder of LG and established the framework of the organization in October 1958 under the name of GoldStar. They changed the name to LG Electronics Inc. in January 1995. The headquarter of LG is in Yeouido-dong, Yeongdeungpo District, Seoul, South Korea. 

Cell phones, appliances, sun-oriented modules, wearable gadgets, PC screens, washing machines, refrigerators, home theatre frameworks, TV, vehicle elements, air arrangements, and numerous other shopper items are a portion of the fundamental products of LG. 

As per an estimate, the yearly revenue of LG in 2020 was 17.429 billion US dollars, and it has diminished by 18.03%. Out of which, the overall gain of the electronic brand was – 1.906 billion dollars, and it has expanded by 152.67%.

Now that we have known about it as a company, let us now see its SWOT analysis.

SWOT Analysis of LG

SWOT Analysis is analyzing the strengths, weaknesses, opportunities, and threats of LG. It helps a brand to analyze their flaws and work up to the mark for their customers and even themselves. 

Now let us start by looking at the strengths of LG.

1. STRENGTHS 

Strengths are the areas where the company has excelled. This factor makes the company unique from its competitors. Let us begin exploring the strengths of LG.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

LG is a profoundly dynamic association in social roles, and the organization has confidence in the equivalent circulation of wealth. The organization has utilized 83000 individuals to deal with the organization’s different activities around the world. That is how the organization is assuming its part in making business, employment opportunities for people, and numerous other social exercises. 

DIVERSE PORTFOLIO 

LG has an assorted item portfolio . It implies that the organization isn’t depending on the offering of few items only. The organization has procured market honour in offering different items. It’s one of the strong qualities of the brand.

PROGRESSED DISTRIBUTION NETWORK 

LG provokes interest in its items by utilizing the pull strategy. Alongside the force system, the brand sets up associations with different neighbourhood and provincial merchants. They make the item accessible to clients across the world. In any case, the developing interest pushes retailers to keep an additional supply of items. 

WORLDWIDE BRAND 

As indicated by a gauge, LG is maintaining its business realm over 128 nations across the globe. The brand has utilized more than 83,000 workers around the world. Individuals perceive the brand on account of its unwavering quality, advancement, and innovative work.

Now let us see the weaknesses of LG.

2. WEAKNESSES 

Lower market share .

LG has a restricted piece of the pie in the cell phone industry than other world’s driving brands like Huawei, Samsung, Apple, Xiaomi, and others. They’re diminishing the organization’s productivity. Nonetheless, there are reports that LG will leave the cell phone industry in 2021, and centre around other shopper electronic items regions. LG possesses this weakness as its competitors are working on increasing their market share in the industry. LG works on technology well but not on the outer factors that lead to a developed brand.

RESTRICTED SOCIAL MEDIA INFLUENCE 

LG hasn’t been dynamic on the web-based media stages like Facebook, Twitter, Linked In, Instagram, TikTok, and others. These stages have billions of clients. When an organization doesn’t remain dynamic on those stages, then, at that point it’s restricting its development. Since social media has played a vital role in managing the brand image, LG lacks terribly on this part.

Now let us move on and look at the opportunities for LG.

3. OPPORTUNITIES 

Organizations and alliances .

LG ought to think about procurement and organization with other more modest and new companies; it would expand the item portfolio and the organization’s growth. For example, the organization purchased Zenith Corporation in 1995. Alongside portfolio extension, the associations and coalitions additionally increment.

GROWING MARKETS 

LG must go into the business sectors of creating markets, if the organization stands out for them, it would expand its market share with a ton of new clients’ data set. Since the industry is vast and growing tremendously over the period, LG must overcome its weaknesses and bombard the various sectors to increase its productivity and maintain goodwill. 

POSITIVE IMPACT OF COMPETITION

The developing competition has established a climate of development and efficiency. LG is putting resources into advancement and innovative work to acquire rivalry. Different contenders are doing likewise. All in all, all the tech organizations are pushing every other development. 

CHANGING LIFESTYLE 

Tech electronic items have become a fundamental piece of our lives. The utilization of mobile phones, TVs, the web, and numerous other electronic machines are expanding the interest in LG’s items. LG should now focus on its clients’ market with the most recent customer electronics and advance that it could make their lives simpler.

Now lastly we shall see the threats for LG.

WRONG GREEN CLAIMS 

LG has made wrong claims many a time throughout the years about its items being harmless to the ecosystem. The organization needed to pay 3 million on its illegitimate cases about energy-productive climate control systems. It brought about the type of negative standing of the organization. 

CONTEST and PRICE WAR 

The shopper electronic items and cell phone market have gotten serious. It has squeezed every one of the worldwide makers to foster something new and acquire a serious. Nonetheless, tech organizations are at a value battle with each other to draw in the consideration of clients.

Competitors

Samsung, Philips, Electrolux, Poly, Apple, Seiko Epson, iRobot, Panasonic, Xiaomi, Oppo, and Vivo are a portion of the primary contenders in the market.

After an in-depth study of the swot analysis of LG, we conclude that it has managed its brand identity and its quality of products in the market very well. 

Some of its strengths are that it has a diverse product portfolio in the market giving different choices to its customers, it has well managed its corporate social responsibilities, and has a progressed distribution network.

The major weaknesses in the brand in that the smartphone line of the company is not doing that well and its social media presence isn’t that good too.

Whereas it does have some opportunities in the market which are the growing markets in the recent years, the positive impact of its competition and the changing lifestyle of its customers.

Author's Note: My name is Aditya Shastri and I have written this case study with the help of my students from IIDE's online digital marketing courses in India . Practical assignments, case studies & simulations helped the students from this course present this analysis. Building on this practical approach, we are now introducing a new dimension for our online digital marketing course learners - the Campus Immersion Experience. If you found this case study helpful, please feel free to leave a comment below.

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Leads the Learning & Development segment at IIDE. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. He has been a guest speaker at prominent colleges in India including IIMs...... [Read full bio]

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LG | Experience Happiness

Equipping teens with happiness skills, lg electronics usa, a leading global electronics and home appliance manufacturer, wanted to focus its varied cause marketing and corporate social responsibility efforts. lg has long been a participant in the un sustainable development goals as well as having strong philanthropic ties. however, the efforts had not been focused around a solidified company mission, until now..

LG wanted consumers to know what LG stood for as a brand and showcase specifically what the phrase “Life’s Good” meant to the company. The LG team believed a more focused philanthropic approach could help bring definition to the brand’s personality in the public eye.

The Solution

In 2017, Matchfire researched, outlined, designs, and launched the social impact and cause marketing initiative that focuses on happiness. The platform, called Experience Happiness, seeks to equip youth with the necessary skills to create sustainable happiness in their lives, in credit to science and research backed nonprofit partners. We initially conducted an extensive data intelligence phase and developed the strategic framework for the purpose platform including nonprofit partners, brand positioning, and consumer touchpoint opportunities. Once LG finalized the mission, we developed the Experience Happiness brand, look and feel, messaging, secondary logo family, and website.  

From there, Matchfire developed a go-to-market strategy, identifying opportunities for promotion through LG’s social media and email channels, retail partners, and internally with LG employees. After the Experience Happiness program was underway and making an impact in schools, a consumer-facing celebration was needed.

To celebrate reaching over 1.8 million students in the first year of the program, Matchfire held a celebration on International Happiness Day, at the top of One World Observatory in New York City, in partnership with Daybreaker, celebrity influencers, and students from local Experience Happiness schools. Experience Happiness is now in year four of the program and is on track to meet their 5-year goal of reaching 5.5 million students across the United States.  

Impact and Awards

Now on the fourth year of the program, Experience Happiness has touched the lives of over 4.5 million youth across the country.

LG’s platform has also churned out increases in brand perception, across the board including a 16% increase in positive consumers perception and a 22% increase in consumers who feel LG is making a positive social impact on the world.

The NAB Leadership Foundation honored LG with the 2019 Corporate Leadership award for the Life’s Good: Experience Happiness platform. This award recognizes an extraordinary focus on community service and corporate social responsibility. LG’s ongoing mission is to deliver sustainable happiness skills to over 5 million youth.

LG and Matchfire have also been awarded 2019’s Social Shorty Award for their International Day of Happiness event in partnership with Daybreaker. The Shorty Social Good Awards is an international awards program that honors the impactful work organizations are doing to make the world a better place. To learn more about the campaign, check out our blog post.

Matchfire has also been awarded an AVA Digital Award for Creative Website Design of the Experience Happiness website.

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• Company Profiles

Case Studies of Successful Enterprise Resource Planning

Enterprise Resource Planning (ERP)  solutions are vital for all kinds of companies, especially those that are growing or very large.

ERP may also be discussed within the corporate setting as Information Management Technology (IMT) , or it may have other code names.

Companies look to software providers for help in managing all kinds of enterprise resources . Some of the biggest needs fall in the categories of accounting, financial analysis, human resource management, client relations, manufacturing, supply chain, and inventory management. Some of the largest solution providers include Oracle , IBM, SAP , Salesforce , and Microsoft.

Below are a few ERP success stories to help understand some companies’ biggest challenges and goals in this area.

Key Takeaways

• Choosing the Oracle ERP Cloud solution helped Western Digital merge three businesses.
• In 2018, Walmart announced a five-year agreement with Microsoft for Microsoft Azure, which creates a framework for multiple ERP systems.
• The TD Bank Group of companies also contracted with Microsoft Azure for a cloud framework that can integrate multiple capabilities and create more digital innovation opportunities.

Western Digital

Western Digital is a technology company with offerings in the areas of data, data storage, data systems, and data solutions. A merger of Western Digital, SanDisk, and HGST was a big challenge for the company around 2019. With the merger, Western Digital wanted to centralize ERP so that all three companies could better work together.

After final deliberations among two providers, the company went with the Oracle ERP Cloud. This choice also followed with an Oracle Suite of products that included solutions for performance management and analytics, all integrated together.

The major benefits of the Oracle choice included integrations from the three businesses across the following:

• Cost center management
• Information technology
• Human resource management
• Payroll processing
• Streamlined systems for forecasting business analytics and forecasts
• Workforce planning
• Comprehensive dashboards and automated reporting
• Improved customer relationship analysis
• Systems all running efficiently in the cloud for easier accessibility and document management

As of August 2022, Walmart is one of the top fifteen largest companies in the United States by market capitalization. Sales for the company in FY 2022 were over $570 billion.

The company operates globally with brick and mortar supercenters, discount stores, and neighborhood markets. It owns hundreds of brands, including the well known Sam’s Club. To successfully keep its shelves stocked it works with thousands of suppliers. Its e-commerce business is also a behemoth, with a long list of online seller partnerships. The sheer size of Walmart’s business is one of its greatest advantages, but also challenges when it comes to ERP.

Walmart works with many ERP providers. In 2018 however, it announced a strategic partnership for building out a digital transformation through Microsoft Azure. Benefits of the Microsoft Azure relationship include:

• Building out a cloud-based enterprise system that serves as the framework for managing all of its resources
• The capability to plug-in existing ERP applications to the Microsoft Azure framework
• Integration of Microsoft 365
• Broader and more efficient opportunities for e-commerce
• Broader opportunities for automated warehousing capabilities
• Use of artificial intelligence for supplier relationships
• Integration with SAP Hana and other legacy inventory management solutions
• Integration with blockchain-based solutions that are evolving

TD Bank Group

A migration to a sound cloud framework was also the driver for a relationship between TD Bank and Microsoft for the Microsoft Azure ERP. For the TD Bank Group, some of its biggest challenges are centered around digital storage and the digital experience for customers.

With Microsoft Azure, the TD Bank Group will also integrate Office 365. Some of the greatest benefits TD Bank will experience with its Azure relationship include:

• Enhancements in derivative pricing and risk management for TD Securities
• Integrations for its proprietary data and analytics database used in cross-bank reporting
• Integrations with artificial intelligence developments through its subsidiary Layer 6
• Greater opportunities for managing TD Bank customer relationships and digital experiences

The Bottom Line

ERP systems are usually big-ticket projects with high costs and varying timeframes. Often, the commitment to an ERP system is one a company hopes to keep over the long haul. Comprehensively, a company can utilize many different ERP solutions and providers, which can create a lot of compatibility complexity.

Oracle. " Inside Western Digital's Massive Cloud ERP Migration ."

CompaniesMarketCap. " Largest American Companies by Market Capitalization ."

Walmart. " 2022 Annual Report ," Page 53.

Walmart. " Walmart Establishes Strategic Partnership with Microsoft to Further Accelerate Digital Innovation in Retail ."

Microsoft. " TD and Microsoft Enter into a Strategic Relationship to Power the Future of Digital Customer Experiences ."

Microsoft. " TD Bank Group: Focused on Making Every Customer Experience Legendary ."

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More From Forbes

A case study for the industry: lg investing in metaverse.

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The logo of South Korea's LG Electronics is seen in front of the company's headquarters in Seoul on ... [+] April 5, 2021. (Photo by Jung Yeon-je / AFP) (Photo by JUNG YEON-JE/AFP via Getty Images)

As the world increasingly embraces Web3, corporations are turning to metaverse applications to stay ahead of the curve. Based on Verified Market Research, the Metaverse market is anticipated to expand at a CAGR of 39.1 percent from 2022 to 2030, reaching USD 824.53 Billion in 2020 and USD 27.21 Billion in 2020. This is due to the increasing demand for AR/VR content and gaming and the need for more realistic and interactive training simulations.

Recently, LG Electronics North American Innovation Center (LG NOVA) has announced the “Selected 20” startups advancing to the next stage of its Mission for the Future global startup competition. The top 20 (selected from a pool of over 1,300 applicants) received $100,000 each and $2 million overall for 20 proof-of-concept projects. The entrepreneurs are now collaborating with LG NOVA counterparts to create a business framework for working with the rest of the LG company. The Top 10 will have to show that their business concept is realistic and profitable and that their technology serves to advance LG and LG NOVA's broader mission of innovating for a better life.

Of the group, strong companies are exploring a variety of applications with the intent to drive broader adoption of new immersive, interactive technologies and create more significant business opportunities. These companies show great promise in the Metaverse category – an area where LG is pursuing numerous possibilities for growth. Startups that win the competition will have the opportunity to further develop their product offerings with the help of LG mentorship and resources. But beyond that, these companies also have the potential to change the way we interact with technology and each other on a global scale.

Before we dive into the companies, let’s first understand the strategic basis of the metaverse for innovation and business. The metaverse can be defined as a 3D virtual world that is created by humans and exists on the internet. It is a shared, persistent space where people can interact with each other and digital objects using avatars. In many ways, the metaverse is the next evolution of the internet – a more immersive, interactive, and realistic way to connect with others and digital content. Several metaverse applications are already being developed and used by businesses and consumers alike. These include AR/VR content and gaming and training simulations that can be used for everything from employee onboarding to product development.

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There are so many startups claiming to be working on a metaverse solution. LG’s “Selected 20” companies have demonstrated a clear understanding of the metaverse and its potential for businesses and consumers. They also have innovative solutions ready to deploy on a wide scale.

Let’s take a closer look at some of the judging criteria that LG used to select the “Selected 20” and what to look out for when it comes to value creation in the metaverse. First, it's essential to define proof-of-concept. According to LG Nova, "Our goal in working with startups on PoC is to show data in-market to verify the feasibility of the idea. This type of PoC can be conducted in many different ways. We can leverage (and we have) LG’s workforce and operations for the PoCs. We’ve done smaller test pilot implementations with beta users. Many startups have a user base where we can test out new concepts. The PoCs largely depend on the companies we work with and where they are in their product development cycle; however, we’re open to new ideas on how we can explore the feasibility of the idea with the participants."

This means that the “Selected 20” have already developed a solution that has been proven to work on some level. This is an important distinction, as many companies working on metaverse solutions are still in the early stages of development and have yet to produce anything tangible. Furthermore, the ideal startup profile should have a working product and a clear understanding of how that product can be used to create value for businesses and consumers.

Selected 20 Startups

With this in mind, let’s look at some of the startups LG has selected as part of the “Selected 20.”

iQ3 Connect is a VR Collaboration and Training Platform that enables companies to train their employees virtually in a realistic and interactive environment. The company is developing the Enterprise Metaverse to assist industrial firms in becoming virtual-first, long-term enterprises. Its SaaS platform allows for real-time, immersive (XR) cooperation and interaction with Complex 3D Content using only a browser, transforming how we design, learn, and interact.

The implications of the technology are far-reaching. The ability to design, learn, and interact in a realistic and immersive 3D environment has the potential to revolutionize many industries, from architecture and engineering to healthcare and manufacturing. Moreover, this can all be done in a web browser, making it accessible to anyone with an internet connection.

Snickerdoodle Labs

Snickerdoodle Labs is building the data layer of Web 3. The startup is building a privacy-first, agnostic data-sharing layer where individuals own their data and the value it generates. Snickerdoodle Labs uses a tokenized data architecture to ensure that customers have complete control over their data and that online interactions are more secure.

For the consumer, this means they will finally have control over their data and access. They will receive compensation for the value of their data. For businesses, this provides a way to obtain high-quality data while respecting consumers' privacy. This is a potentially game-changing development, giving consumers the power to monetize their data while ensuring businesses can receive the data they need without violating anyone’s privacy.

YBVR is building the next version of immersive broadcasting with cutting-edge technologies for more engaging VR video experiences. YBVR brings live events to fans with the technology to quickly turn streaming live video content into a new level of fan engagement through immersive viewing experiences.

This significant development shows a demand for more immersive and engaging VR content. The ability to turn live video content into an immersive experience can change how we consume media. By bringing live events to fans in a more immersive way, YBVR is opening up new possibilities for how we experience the world, from sports to concerts to conferences.

These startups show Proof of Concept with a working product and clear value proposition for businesses and consumers. This is an essential criteria for the ideal startup profile, as it shows that the company has a viable product that can be used to create value. Moreover, these startups can advance LG's goal of becoming a leading player in the global Metaverse market. This is due to several factors, including their products' immersive and interactive nature, the ability to reach a broad audience, and the potential to revolutionize many industries. As such, these startups represent a substantial investment opportunity for LG.

Other tech giants can learn from LG's approach to investing in the Metaverse. by taking a portfolio approach and investing in a diverse range of startups, LG is diversifying its risk and increasing its chances of success in this emerging market. This is an intelligent strategy that other companies would be wise to emulate. Therefore, it is essential to highlight the critical action items for how enterprises can achieve similar success in the Metaverse with a clear strategy that doubles down on value-add startups.

● Create an in-house incubator or venture fund: One way to increase your chances of success in the Metaverse is to create an in-house incubator or venture fund. This will allow you to invest early in the most promising startups and help them grow their businesses. In addition, it will give you a better understanding of the Metaverse ecosystem and enable you to build relationships with the most influential players in the space.

● Launch a corporate accelerator: Another way to increase your exposure to the Metaverse is to launch a corporate accelerator. This will give you access to a broader range of startups and help you build a more diverse portfolio. In addition, it will allow you to offer mentorship and resources to the startups you invest in.

● Develop a clear investment strategy: It is also important to develop a clear investment strategy. This means knowing what industries you want to be involved in and what types of companies you want to invest in. A clear strategy can better decision which startups to invest in and how to support them best. For example, suppose your company is in the automotive industry. In that case, you may want to invest in startups working on new transportation technologies or developing new ways to use data from connected vehicles.

The LG Group has taken a leading role in investing in the Metaverse and is well-positioned to capitalize on the shift to this new paradigm. However, other enterprises need to take note of the company's success and learn from its example. By following the steps outlined above, enterprises can increase their chances of success in the Metaverse and position themselves as leaders in this emerging market.

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When BazaarVoice wanted to enhance its lobby with digital signage worthy of a leading technology company, they chose LG. Super narrow bezels, IPS technology, and the ability to accurately display rich colors and vivid details put our displays in the running, but a price of nearly 25 percent less than leading competitors is what closed the deal and led to a massive subsequent order. Check out the case study for a closer look.

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Ultra-Luxury Sinclair “Smart Hotel" Outfits Every Guest Room with LG OLED TVs

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See how the incredibly detailed images and stunningly bright colors produced by large format LG 4K displays can create an unforgettable environment for your patrons.

See what differentiates LG and why we are the leader in hospitality display solutions.

In the ever-changing hospitality industry, what worked in the past may not be viable today. Discover how the LG Styler offers the convenience and functionally that complements the lifestyle of modern travelers.

See how LG commercial displays solve QSR and Fast Casual needs for customers and business owners alike.

Discover how LG displays can be used to create retail "stickiness," keeping customers in the store longer and increasing the liklihood of them making a purchase.

This eBook addresses seven key placements for airport digital signage, and the recommended display features to maximize ROI.

By using digital signage for general information, wayfinding, alerts and advertising in key locations, airports can elevate their brand image and provide experiences that create real value.

Download Ebook

LG large format displays and narrow bezel video walls can create engaging environments and better customer experiences that can help boost the bottom line. Learn how.

Digital signage is effectively changing the game for communications on campus by creating a unique and integrated campus experience for students, faculty, alumni and visitors. LG's signage fits into applications ranging from way-finding to computer labs- with full software and technological support available.

Fitness facilities and gyms rely upon creating a unique and memorable workout experience for members and guests alike. Learn how digital signage can help by offering a wide range of benefits.

See why 65% of surveyed IT organizations rated the performance of LG digital signage as significantly better than the competition.

Everything you ever wanted to know about Direct View LEDs, explained visually in this infographic.

A side-by-side comparison of LG EZ Sign and SuperSign solutions.

The definitive guide to 4K commercial displays.

See how technology has enhanced senior living, and how LG is at the forefront of this paradigm shift.

See why LG was rated number one in customer satisfaction in a 2016 TechValidate survey of IT professionals.

How do LG commercial displays enhance Quick Service Restaurants? It's all here in this infographic.

LG's wide range of digital displays can deliver corporate branding and messaging in ways that instill confidence in prospective clients and improve employee engagement and productivity. See how.

LG and ADFLOW are transforming all 125 Fareway grocery stores into exciting, modern shopping experiences that engage, inform and even entertain customers. Learn how.

LG LookBook - Fitness

Proper implementation of a digital signage network can give a fitness center the competitive edge it needs to both grow and retain loyal clients. See how.

LG LookBook - Hospitality

See how amazing LG displays can elevate your hotel.

LG commercial displays can enhance learning, inspire interaction, improve communications and wayfinding, and act as centralized emergency broadcasting. See what's possible for your facility.

LG LookBook - Food Retail

Check out our food retail lookbook to see how LG displays help grocers promote products, brands, LTOs and specific day-parted promotions that create new basket-building opportunities.

LG's immersive, interactive digital signage allows retailers to draw in customers and engage them in ways beyond the limits of traditional printed signage. Download now and visualize what's possible.

LG LookBook – Higher Eduction

Screens, like LG's commercial displays, are thinner and more durable than ever before. They enable campuses to cut paper and ink use to improve mapping and wayfinding efficiency, centralize emergency broadcasting adds real-time class and faculty updates and generate revenue through advertisements.

IPS technology produces near limitless viewing angles for people to see more. If you'd like to see more – and learn more too – check out this whitepaper.

The latest SMART, commercial-grade hospitality TVs and digital signage displays can go a long way in giving guests more ways to enjoy their stay. Learn how.

Find out how advanced display technologies can ease the burden on IT departments while at the same time enhancing productivity and satisfaction for the remote and in-office end users they serve. 

See how LG's product portfolio and expertise enhance a hotel's brand image, elevate the guest experience, and deliver a return on investment.

See how the right digital signage can accelerate order-taking, improve order accuracy, and increase revenues and margins while reducing operating costs.

Enhancing the Patient Experience with Hospital Grade TVs

With today's advanced technologies for engaging the patient via the in-room TV, hospital grade televisions can be a major advantage for both the patient and the business. Learn why.

Learn how more and better solutions for collaboration, communication and community engagement help schools meet the expectations of digital-first students and faculty.

A deep dive into video wall design, display selection, placement locations, CMS selection, and LG advantages for your business.

An in-depth study into control room use, current trends, features according to room size, visual solutions, and control system solutions

This paper details an array of strategies for choosing and deploying digital displays for QSRs of any size. 

Quick-change mannequins and live pillars. Stunning 4K video walls. Incredible form factors and the best picture that money can buy. It's all possible with LG. Read on and discover how.

Learn how education institutions are increasing teaching efficiency and upgrading facility communications with commercial displays.

Digital signage applications are spreading throughout hotels, from the lobby to the conference center to the room. Learn about new concepts for informing and engaging hotel guests through digital signage, and how to make the network work for the hotel.

Compare and contrast LCD, Direct View LED, and OLED to see which displays are right for your business.

Corporations are looking for new ways to set themselves apart from the competition. See how LG commercial displays can help.

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Corporations are looking for new ways to engage and empower employees. See how LG commercial displays can help.

Corporations are looking for new ways to improve productivity and the quality of the work. See how LG commercial displays can help.

We call it Perfect Black because it truly is. See how it can help your clients' businesses and give your sales an edge.

A visual summary of LG OLED: the most advanced display technology in existence.

From the curb to the gate and everywhere in between, LG displays have got your entire airport covered. See for yourself what's possible.

A digitally animated and interactive version of the eBook of the same title. How do you create a digital signage network that can keep up with the ever-changing habits of students, faculty and campus attendees while also increasing revenue, brand awareness, and campus-wide engagement?

Read Interactive eBook

Can a digital display as thin as a credit card create new laws of attraction for consumers and new rules of engagement for business owners? Read and find out.

The LG Styler steams, sanitizes and gently reduces wrinkles and odors in even the most delicate fabrics. Learn how outfitting your luxury suites with the LG Styler can make a lasting, premium impression.

Get answers to the five most important questions hoteliers should be asking regarding purchasing, installing, and maintaining In-room Guest TVs.

Discover everything from which LG displays are optimal for your senior living facility to how LG Five-Star Service streamlines repairs and preventive maintenance.

A visual accompaniment to our eBook of the same title. Get answers to the five most important questions hoteliers should be asking regarding purchasing, installing, and maintaining In-room Guest TVs .

See how LG hospital grade TVs enable patients to quickly find their favorite programs, make patient safety a priority, streamline operations and improve staff productivity.

Emerging trends can determine how retailers can gather anonymous customer data, personalize the shopping experience, engage customers with interactive displays and turn stores into destinations.

The collaboration of the new LG 75UL3G and Logitech Rally family creates a unique, enterprise ready Zoom Room for nearly any size meeting room.

As DVLED technology continues to evolve and improve, bigger, brighter, bolder displays will transform stadiums and arenas.

As DVLED technology continues to evolve and improve, bigger, brighter, bolder displays will transform the hospitality environment.

As DVLED technology continues to evolve and improve, bigger, brighter, bolder displays will transform the transportation landscape.

The Age of DVLED: How Bigger, Brighter, Bolder Displays are Changing the Airport Landscape

As DVLED technology continues to evolve and improve, bigger, brighter, bolder displays will transform the airport landscape.

As K-12 districts and prepare to welcome students back to the classroom, much of the focus is on addressing learning loss, mental health and socialization needs. Read more to see how technology initiatives including wellness kiosks, cleaning robots, HVAC systems and interactive displays address these key themes.

BIGGER, BRIGHTER, BOLDER, BETTER:

BENEFITS OF LARGE-FORMAT LED DISPLAYS FOR ATTRACTIONS AND AMUSEMENTS

Investing in the right commercial-grade digital signage is as strategic as a brands message.

As global sports and entertainment company Topgolf has learned, a solid digital strategy is key to creating an engaging lifestyle brand.

With enhanced security, reduced costs, energy savings and improved management of data and access control, learn why cloud computing is positioned for accelerated growth in businesses worldwide.

Learn why clients who want to incorporate experiential design and energy-consciousness into their building or space should seek architects/designers knowledgeable in current and upcoming technologies.

Discover how a new breed of hospital room smart TVs have become interactive portals to a better patient experience.

A new genre of health protocol display solutions can help colleges and K-12 schools navigate this new normal and offer future functionality. Find out how.

Cicero School District 99 has changed the way it delivers education through technology in the classroom and beyond to succeed in this new normal. Read how.

Read about some key health safety points technology providers should consider when positioning display solutions for the hospitality market.

Ensuring remote radiologists have the tools they need is critical. When looking for display technology to support teleradiology, there are several things to keep in mind. Find out what.

Giving peace of mind in uncertain times, digital signage displays can help inform each and every customer and employee of store rules and government guidelines. Learn how.

Learn how design innovations are reducing historical obstacles to entry while enhancing the inherent strengths of LED signage display technology.

A new genre of health protocol display solutions can help sports arenas and stadiums navigate this new normal and offer future functionality. Find out how.

When LG, Crescent Digital and the NBA's Cleveland Cavaliers partner to renovate a sports and entertainment venue, the result is a cutting-edge facility with over 750 digital displays.

Learn more about this innovative retail project designed and implemented by Citizen Watch with Pac Team Group, Luminary Design Co. and LG Business Solutions to create a stand-out retail experience in Manhattan.

Learn how LaGuardia modernized their passenger experience through the use of more than three dozen digital displays from LG Business Solutions.

When AT&T Stadium wanted powerful visual stimuli to engage fans, they upgraded their entire digital display network with over 1,000 LG commercial displays and an IPTV system. Read what happened.

Big screens always attract a lot of attention. Especially when they're 71.5-feet tall by 39.3-feet wide in a freestanding LG LED Signage pillar on one of Seoul's most bustling streets. Read on.

The 21st Century long-term care facility will need to evolve digitally to meet the expectations of current and future residents. Learn how commercial-grade, networked TVs are leading the way.

Ensuring that remote radiologists have the tools they need is critical. When looking for display technology to support teleradiology, there are a number of factors to keep in mind. Find out more.

Medical displays with better display technology accurately and consistently enable radiologists to make a faster diagnosis. Learn what's new today and where the medical display industry is headed.

Learn how fitness club operators are adopting new display technologies to communicate better, drive member retention, generate new revenue streams, and engage with clients in new ways.

As new capabilities for digital displays increase, so does the need to seamlessly enable them across digital signage networks. Learn how LG webOS Signage benefits solution providers and end users.

A brief explanation of everything you need to know about hospitality TVs.

Watch how Peerless-AV®, LG, and Snap Install, Inc., created innovative learning solutions throughout the elementary school with flexible, open-frame LG OLED displays that were custom-curved on-site.

Outrigger Resorts Adopt LG SMART TVs to Make Vacation Feel Like Home

LG Business Solutions, Barco, Jabra, and Salamander Designs collaborate to create bespoke solutions for a wireless e-learning experience.

From the minute they walk in, students have access to technology for learning anywhere, not just inside the classroom. Watch how customized commercial display solutions keep their brains stimulated.

The ERDC wanted to create a premiere, technology-rich A/V environment to showcase the work of the Corps of Engineers and serve as a home base. They chose LG displays throughout the facility to ensure that their messages are communicated clearly and reliably. Watch the case study for the full story.

Marriot Hotels Interactive Video Wall Solutions

Learn the differences between consumer and hospitality TVs, the common terminology and the recommended models and screen sizes for different guest-room locations.

Pro:Centric® – the hospitality industry's gold standard for remote content management – has evolved. Check out the infographic for a visual breakdown of the new Pro:Centric® Direct.

A breakdown of LG Pro:Idiom digital decryption technology.

Check out the top 10 digital sign placement opportunities for Food Retailers that will improve customer satisfaction and increase profitability.

A quick read covering the key benefits of LG Thin Clients. Use as virtual brochure on your website or print out and give to your customers.

Reduce system complexity, efficiently manage and control multiple televisions and allow patrons to select and receive television audio on their mobile device with no app required.

LG Pro:Centric ® Connect ™ – Secure Video Calling with LG Hospital Smart TVs

Learn how LG Pro:Centric Connect enables System Integrators to build powerful, secure telemedicine video-communication solutions on LG's range of hospital smart televisions.

When the goal is to provide a higher quality guest experience for today's tech-savvy travelers, it pays to partner with a brand that offers a total end-to-end solution. See why.

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