LG Full Form is Lucky Goldstar. LG is a South Korean Company that manufactures several devices like TV, fridge, washing machine, and other home appliances along with mobile phones. Currently, the company has been marketing itself as ‘Life’s Good’. It is the 4th largest manufacturer of mobile phones in the entire world. It also takes the second place in its own country of South Korea.
There is a lot of demand for electronic goods of various kinds. The consumer market is always open for new products and the efficiency and reliability of a product decided the fate of the company producing it. There are many top companies– Indian as well as MNCs- that vie for the consumer market. Some big names are Samsung, Sony, Philips, LG, Whirlpool, Bajaj, Godrej, etc.
Amongst the many noted brands of electronic goods, LG has carved a niche for itself in the competitive market. This is a South Korean company with its headquarters in LG Twin Towers in Yeouido-dong, Yeongdeungpo-gu, Seoul. It was founded by Koo In-Hwoii in 1947. LG became the first company to start a plastic industry in Korea under the name of GoldStar Co. Ltd. in the year 1958 and the company was the first to introduce radio in the market.
LG is a well-known name in the field of electronic goods, chemicals, and telecom products. Their logo LG has a link to the company’s tag line too – Life’s Good. In tune with their tag line, LG makes household appliances, entertainment electronic products and lot more. They try to make living easier in this fast paced world where time runs short due to long career hours.
In 1947 when Koo In-Hwoii founded the company, it was known as Lak-Hui Chemical Industrial Corp. In the year 1952, Lak-Hui that is pronounced as “Lucky” ventured into the plastic industry. The company is currently recognized as LG Chem. As the business expanded, GoldStar Co. Ltd was established in 1958. This is now known as LG Electronics Inc. Both the companies merged to form Lucky GoldStar or LG as it is known today.
The Company and its Products
LG has set its foot in many fields from electronics, chemicals, information technology and telecommunications to power generation and health sciences and related products.
Previously, Lucky brand had been synonymous with hygiene products like soaps and detergents. Along with this, Lucky and Perioe Toothpaste were famous brands too.
LG is associated with Coca-Cola Bottling Company in the Korean region. Household and electronic appliances have always been LG’s strong hold and their washing machines, televisions, microwave ovens and refrigerators have found a place in many households. They also make air-conditioners, home theater systems, computer products like monitors, etc and smartphones.
In home appliances, besides refrigerators and washing machines LG makes dishwashers, vacuum cleaners, and water purifiers. Each of their products comes in a variety of models to choose from and they are very innovative and use advanced technology to make work simpler for the consumer. For example, the refrigerators are available in the double door, side by side doors, and many other models. The washing machines also come in semi-automatic, top loading fully automatic and front loading automatic variety and they make clothes dryers too.
Air-conditioners are conventional window type as well as split air-conditioners. They also have floor standing ACs and dehumidifiers and air purifiers. Air conditioners are available in different capacities for residential and commercial purposes.
Different Ventures of LG
LG is a top brand in electronics and other products. The company has many other interests too.
After entering into joint venture with Philips, LG has been manufacturing LCD and display units. The chemical industry subsidiaries manufacture cosmetics, rechargeable batteries, industrial textiles and other products. Telecommunication sector takes care of mobile and broadband services and international and long-distance calls. LG offers telemarketing and consulting services. They are equally active in real estate business and management consultancy.
Business and production are not the only fields that have kept LG involved. The company takes great pride in associating itself with many sports and is sponsors for different games and teams like soccer, baseball, etc. They are active in formula one circuit and are owners of LG Twin baseball team. Global football clubs like Germany’s Bayer 04 Leverkusen, England’s Manchester City, Swansea City, etc are all linked with LG for a long time.
There are many other activities that that see the active participation of the company. Besides LG Twins, the company also owns Changwon LG Sakers and has invested in sponsoring Copa America, LG Cup (Go), FIS Snowboard World Cup and International Cricket Council.
Global Presence of LG
LG has made its presence felt globally and its different subsidiaries like LG Electronics, LG Chem, LG Display, Zenith etc and their branches are found in over 80 countries, making LG a name to reckon with.
In today’s competitive market of electronics and appliances, LG has still been successful in retaining its loyal clients. Their innovations and keeping abreast with technology has paid its dividends and thus many households vouch by the company and its products.
LG’s main supportive market is in the US and the country has given a good boost to LG’s products and sales. In India too, LG has a loyal fan following and majority of people opt for the company’s various products to set up their homes. LG has set up customer care facilities all over the world and thus their products can be easily serviced and attended to. As they say, prompt after sales service makes a company popular.
Another factor that puts LG on top of sales chart in different categories of appliances is that the products are available in wide price range to suit every budget. Hence, people get both – quality and affordability. There are many big names in the market of electronics and goods and fierce competitors too. Nonetheless, to keep one’s ship sailing it is essential to adopt clever sales strategies.
What Does The Future Hold For LG?
LG has come a long way since its inception in 1947. The company has always strived to keep in tune with modern times and technology and thus have been successful in capturing the global market especially in the field of electronics.
Today smartphones are a craze and much in demand item. LG has managed to cash in on this and developed many models in the various price range that offer state of the art specifications and configurations. Google has tied up with LG to manufacture their model Nexus which has all the popular Google apps like maps, search, YouTube, etc pre-installed.
With constant innovation and taking into consideration the customer’s needs, LG has come a long way of building a bond of trust with the people. The future is secure for the company. And yes, as their slogan goes – Life’s Good – the company gives its 100% to keep the consumer happy.