Wednesday, July 23, 2014: Buoyed by the tremendous potential of the highly competitive Indian market, South Korean Giant LG has decided to re-strategise its market presence here by tripling its sales target to Rs 25,000 million for its mobile division during the current year 2014. Further, the company has also decided to increase the frequency of new product launches in the world’s largest democracy, something it believes would enhance its market share in the smartphone category here.
“The most important part of our strategy (for India) is to bring in products which we can claim that it has the ultimate technology,” Soon Kwon, managing director, LG Electronics India was quoted by Business Standard as saying. “We also plan to have some speedy launches of products in this market. In the next six months, we will see another 8-10 mobiles getting launched for this market, which will help us double our market share (in the mobile phone segment) in India,” Kwon added. LG currently holds a five per cent share in the Indian mobile market, that it’s eying to double by the end of 2014.
LG is indeed taking India very seriously as a mobile market. The company has so far launched as many as 15 devices in the country since the beginning of this year. It recently launched its new flagship, the G3 here at Rs 47,990-50,990. LG faces some stiff competition from players such as Samsung and Micromax in India. To outsmart the same, the company has set aside a total of Rs 7,000-8,000 million that it would spend on research and development alone. Meanwhile, LG also plans to spend another Rs 8,000 million on promotion of all its electronic gadgets here.
