LG Electronics SWOT Analysis Analyzes, LG Electronics was established in 1958 and has since led the way into the advanced digital era thanks to the technological expertise acquired by manufacturing many home appliances such as radios and TVs. LG is the world’s leading producer of CDMA/GSM handsets, air conditioners, front-loading washing machines, optical storage products, DVD players, flat panel TVs and home theater systems.
Did You Know? LG was the first in the world to launch a smartphone with a flexible screen.
Founded in Seoul in 1958 as GoldStar, LG Electronics today makes home appliances, mobiles, tablets, and televisions. LG launched its first Android smartphone in 2009, and its first Android tablet in 2011. The company is known for its flagship G series of smartphones and a wide range of products including smart TVs.
This can only be achieved through a firm with extensive knowledge, experience and innovative strategies. To determine the strengths of the company potential, weaknesses, opportunities and threats, it is necessary to conduct a SWOT analysis by LG Electronics.
LG Electronics At A Glance – LG Electronics SWOT Analysis
Company: The LG Corporation
Founders: Koo In-Hwoi
Year of establishment: October 1958, Yeonji-dong, Busan, South Korea
CEO: Kwon Bong-seok
Headquarters: Seoul, South Korea
Employees (Dec 2020): 75,000
Ticker Symbol: LGLD
Annual Revenue (Dec 2020): US$57 Billion
Profit net income (Dec 2020): US$1.9 Billion
Products & Services: OLED TVs | Washing Machine | Refrigerator | Air Purifier | Computer monitors | Smartphones | ACs | Audio and video equipment | Dishwashers
Company Website: www.lg.com
Top LG Electronics Competitors
Competitors: Samsung | Sony | Panasonic | Whirlpool | Haier | Midea & Carrier Midea | Electrolux | Philips | Apple | Panasonic | TCL | Whirlpool | Toshiba
LG Electronics SWOT Analysis – SWOT Analysis Of LG Electronics
SWOT Analysis Of LG Electronics analyzes the brand based on its strengths weak points, weaknesses, opportunities, and threats. With LG Electronics SWOT Analysis it is clear that the advantages and disadvantages are internal factors, while threats and opportunities are external elements. Here we are going to talk about LG Electronics SWOT Analysis. Below Is The Detailed SWOT Analysis Of LG Electronics.
LG Electronics Strengths – LG Electronics SWOT Analysis
1. Global Giant : LG Electronics manages more than 114 local affiliates around the world that have around 82,000 executives and employees. LG is an multinational corporation, and is a well-known brand that sells brown and white products. It is well-known for its straightforward design, simple to use and secure technologies.
2. Wide system of distribution technology: LG being a fast moving company that offers their products accessible to marketplaces through its distributors. Through their draw method, LG observes very quick stock rotations, however it must also make use of dropping stocks to channels partners. LG employs the its Glo-call strategies (be global, act locally) to sell the products it sells.
3. Diversified products across different categories: LG is a major range of product line and length that spans the product categories , both in brown and white products.
4. High TOMA: Through the continuous advertising efforts, it has been able to sponsor sporting and lifestyle events such as ICC cricket world cup Formula one championship, soccer games, etc. LG has developed a high-profile brand and is therefore efficient in its marketing efforts.
5. CSR-related activities: LG was always actively involved in community activities so as to include citizens in the creation of wealth.
6. Brand equity. The ongoing presence of LG on the market together with their innovative products, and the confidence in their products has resulted in LG has a solid brand image, and can withstand an extremely competitive business environment.
LG Electronics Weaknesses – LG Electronics SWOT Analysis
1. Administration: Due to its extensive presence in the white and brown goods market, they cannot focus on each product category effectively, which is why they are losing percentage of market in various products such as T.V, Refrigerator etc.
2. Do not have cash cows Samsung is a brand with an amazing brand image due to its smart TVs and smart phones. Similar to other brands, many have a product that’s an investment in cash. In LG there’s hardly any product that can be considered an investment for them.
LG Electronics Opportunities – LG Electronics SWOT Analysis
1. Changes in way of life: Growing urban population, rising disposable income and a shift to technological products and the migration of urban to rural regions are just a few of the elements that will drive the power behind home appliances, electronic goods
2. Competitors aiding in the change of technologies: Intense competition in the market helps LG to make their products accepted by society. Therefore, LG can profit from this and can grow their market share through examining the moves of competitors.
3. Expanding Market: By further penetrating to emerging markets will assist the company to accelerate it’s growth.
4. Strategic Partnership: Up to now, LG was involved with collaboration of many businesses. It is working on technological advancements and discovering opportunities for business potential through partnerships and with various of most prominent corporations. Strategic alliances between companies where companies with various infrastructures collaborate in the fast-growing.
LG Electronics Threats – LG Electronics SWOT Analysis
1. There is a fierce competition within the field: Each company within the industry is fighting to be noticed and maintain the market. The majority of players within the business follow the an approach known as the red ocean to thwart competition that has a negative impact on the entire industry.
2. Stable Urban Demand dynamic: Since more & more companies are entering into the highly city market, there’s not much growth to be found in these markets, and an over-reliance on these markets could be riskier for a business such as LG.
3. Government Regulations: Government policies relating to the use of cutting-edge technology to improve energy and power conservation are largely impacting the industry and making them switch to renewable energy sources.
4. Sluggish Economy: Macroeconomic uncertainty, Recession, un-employment etc. are economic aspects that could impede the industry for a prolonged length of.
5. Cost of raw materials rising: Due to rising raw prices for material and labor costs LG’s margins are decreasing and making company’s operation lower-profitable.
LG Electronics SWOT Analysis Overview Template
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