LG Electronics Case Study Analysis

This assignment requires a comprehensive analysis of LG Electronics, focusing on its business strategy, organizational structure, and supply chain management. Students must evaluate LG's core competencies, competitive advantages, and challenges within the global marketplace. The case study encourages an in-depth exploration of how LG leverages innovation, product portfolio diversification, and sustainable practices to achieve success.

Strategic Management and Leadership
TOPIC – LG Electronics
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Table of Contents
Introduction................................................................................................................. 3
1. Definition of Success......................................................................................... 4
1.1 Measurement of success ............................................................................... 4
2. Reasons for Success ........................................................................................ 8
3. Internal Analysis.................................................................................................10
3.1 Value Chain Analysis..................................................................................... 10
3.2 Core Competencies....................................................................................... 12
3.3 VRN Framework ........................................................................................... 13
4. Contribution of Leaders......................................................................................16
5. Review of Company Strategies .........................................................................18
6. Analysis of Company’s Future ........................................................................ 20
6.1 Recommendations for the Future............................................................ 21
Conclusion..................................................................................................................21
References ................................................................................................................22
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Introduction
This report analyses the company LG Electronics Inc which is a Korean company
that deals with the business of consumer electronics, focusing heavily on
technological innovations and distinctively designed merchandise for everyday use.
The company together with the subsidiaries handles several segments which include
The Home Appliance & Air Solution segment provides refrigerators, washing
machines, air conditioners, microwave ovens among others. The Mobile
Communications segment provides mobile equipment. The Home Entertainment
segment deals with TVs, monitors, PCs, among others. The Vehicle Components
segment deals with automobile parts. The LG Innotek Co. Ltd. and its subsidiaries
provide light-emitting diode (LED), optics solutions among others. The final segment
handles the solar energy business and provides display materials.
The current challenges faced by the company are with respect to maximizing
customer value, making the organisation a people company, and becoming a green
company (LG Electronics, 2007). The figure below shows some of the company
range of products and awards.
Figure 1: Range of LG Electronics Products. Source:
http://www.lg.com/global/lg-signature/products
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Figure 2. LG Awards. Source: http://www.lg.com/global/lg-signature/award
1. Definition of Success
As stated by (Certo & KSJ, 2006), success is defined as an engaging, demanding,
and worthwhile expedition to a sought-after objective. Gagliardi, (2006) elaborated on
the term with reference to the business domain. The author explains that success
does not mean that one fights and defeats the rivals. According to the author, such
efforts are expensive. Instead, success is the manner of competing with the rivals, in
a strategic manner, to gain dominance over them.
1.1Measurement of Success
The success of the company can be measured with the help of several parameters
like the Balanced Scorecard, the financial performance report, the shares prices and
the customer satisfaction ratings. These parameters will be discussed below as they
relate to LG Electronics.
a. Balance Scorecard
The Balance Scorecard (BSC) is an efficacious mechanism to metamorphose the
organisational strategies into clear aims and objectives, in four important domains
(Niven, 2010). As discussed earlier, the company aims to provide value to its
customers by continuous technological innovations.
4

Financial
Better revenue generation
Expansion in more countries
Generating revenue from multiple sources
Learning and Growth
Talent Management
Technological training interventions
Treat employees as Business Partners
Customer
Provide value
Generate customer loyalty
Provide unparalleled servicing for its products
Business Processes
Improved research methodologies
Focus on innovation
Emphasis on better designing of products
Figure 3: The Balance Scorecard of LG
b. Financial Performance
The company under discussion has witnessed a growth rate of almost 4% in the
latest quarter of the current year, as compared to the same period of the previous
year. This revenue figure is around USD 13 billion (LG Newsroom, 2017). Hence, it
can be assessed that the company is successful. The table below shows the
financials for LG electronics for the past 5 years, showing stable revenues over the
period but a decrease in the net income which may be attributed to the increase in
sales, general and administrative costs
Figure 4: LG Electronics Inc Financials 2012-2016. Source:
http://financials.morningstar.com/ratios/r.html?t=066570
LG ELECTRONICS INC INCOME
STATEMENT
Fiscal year ends in December.
KRW in millions except per share
data. 2012-12 2013-12 2014-12 2015-12 2016-12
Revenue
5095997
8
5814037
6
5904076
7
5650900
8
5536703
3
Cost of revenue
3865291
5
4472066
9
4529912
2
4363506
3
4163029
3
Gross profit 1230706 1341970 1374164 1287394 1373674
5
Strategic
Aims ofLG

3 7 5 5 0
Operating expenses
Research and development 328785 2293373 351848 2377830 2468628
Sales, General and administrative 3780549 8397468 3975919 8017425 8037391
Restructuring, merger and
acquisition 206763
Other operating expenses 7061748 1444197 7378558 1286399 1892958
Total operating expenses
1117108
2
1213503
8
1191308
8
1168165
4
1239897
7
Operating income 1135981 1284669 1828557 1192291 1337763
Interest Expense 321974 413340 420389 452192 418312
Other income (expense) -289940 -294795 -189898 -146974 -197734
Income before taxes 524067 576534 1218270 593125 721717
Provision for income taxes 433246 353830 539761 340154 595402
Net income from continuing
operations 90821 222704 678509 252971 126315
Net income from discontinuing ops -177152 -3828
Other -24047 -45936 -102007 -124749 -76879
Net income 66774 176768 399350 124394 49436
Preferred dividend 7148
Net income available to common
shareholders 59626 176768 399350 124394 49436
Earnings per share
Basic 366 977 2213 686 422
Diluted 366 977 2213 686 422
Weighted average shares
outstanding
Basic 180 180 180 180 180
Diluted 180 180 180 180 180
EBITDA 2157835 2918039 3616861 2978038 2883011
c. LG Share Prices
The company share has been selling at an average of USD 18.4-19.0 and it provides
a dividend of around 0.5 (LG Electronics, 2017). Hence, it can be asserted that it is a
successful company, which is also visible from it’s risk-related rating explained
below.
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Figure 5: Medium credit-risk of LG Electronics (LG Electronics, 2017)
The figure below shows the per-share earnings, actuals and estimates.
Figure 6: Per-share earnings, actuals and estimates. Source: The Wall Street
Journal, 2017.
d. Customer Satisfaction Ratings
According to (Wolf, 2016), the company under discussion has emerged number one
in customer satisfaction surveys, showing clearly that it is a customer cantered
company. Hence, using this parameter of customer satisfaction, it clearly
demonstrates that the company is highly successful. The figure below shows the
customer satisfaction ranking of LG.
Figure 7. Customer Satisfaction Index Ranking. Source: J.D. Power (2017)
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2. Reason for success
a. Unique Products
The company has many innovative electronics products, which have helped it to tap
into the latent needs of the customers, and create a successful market for itself
(About LG, 2017). LG continues to roll out new products, which have been of novel
designs, providing it with first-mover’s advantage (Kotler, Keller, Koshy, & Jha, 2009),
and adding to its success (About LG, 2017), as shown below:
Figure 8. Unique Products Launched.
Year Unique Products Launched
2011 Shutter-Glasses 3-D TVs
2012 84-inch ULTRA HD TV
2013 HomeChat
2014 4K OLED TV, web OS smart TV, G3 smartphone with
Quad HD Display
b. Jeong-do Management
The company follows a distinctive ethical code known as the Jeong-do Management,
and believes that the company’s fairness-oriented procedures help greatly in its
success (About LG, 2017), as shown below:
Figure 9: Strategic vision of the company for success (About LG, 2017)
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c. Multinational nature of the business
The company has an assertive global business policy, which has helped it to be in
charge of around 120 subsidiary companies, and 83,000 workers across the globe,
and this has contributed to the global success (About LG, 2017).
d. Modern Brand Identity
The company’s modern logo, as shown below, and pleasantly chic slogan of Life is
Good resonates very well with the consumers, who view it as keeping with the times,
and this aids in its success.
Figure 10: Modern logo of the LG. Source: About LG (2017)
e. Strategy-Oriented Partnerships
The company is furthering technologically and recognising business prospects by
collaborating with some very big global organisations like Siemens, GE and
Schneider which has furthered its success (About LG, 2017).
f. Strategic Marketing
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The company markets its brands as upscale and advertisements keeping that brand
positioning in focus which makes it another reason for its success (Berger, 2012).
g. Localised Products
The company has learnt that to win globally, sometimes it requires localising the
products to the needs of the people. For example in India, LG recognized there were
16 official languages and so developed manuals for the TV sets in the 16 official
languages and because cricket is a favourite game, they developed TV sets with
inbuilt cricket games (Korea Times, 2010).
3. 0 Internal Analysis
3.1Value Chain Analysis
The value chain analysis is a methodology to recognise all the techniques to
generate increased customer value. It categorises nine such task areas, divided into
main and supplementary ones, which would assist in this value creation (Kotler,
Keller, Koshy, & Jha, 2009). This is shown diagrammatically below:
Figure 11: Michael Porter’s Value Chain Source: Kotler, Keller, Koshy, & Jha
(2009)
Primary Activities
Inbound Logistics
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The company has invested in creating efficiency in the activities under inbound
logistics which include receipt of material, warehousing and control of inventory. The
company uses technology by incorporating the Global Logistics System which
maintains the inventory and tracks the product life cycle. The supply chain
sustainability management program assist the suppliers in being environmentally
conscious with respect to their logistics endeavours, it also creates additional value
for the customers (Staff, 2017).
Operations
This involves conversion of the raw materials in to finished products. The company
increases efficiency by waste reduction. The company has production units in India
and prides in value addition in the operations (About LG, 2017).
Outbound Logistics
By using technology, LG makes use of a system called JDA which estimated demand
and combining with the transportation and distribution. This system has resulted in
reduced outbound costs by around 8%.The company also brags of good dealer
network and superior compact packaging which is modernised and cost effective.
Marketing and Sales
The company has showrooms and service centres across their operations. Customer
focus is also always key and the needs and desires of customers are always featured
in their innovations. The company also stations fully trained sales staff at retail
agencies all across who assist to customers in buying their products (Berger, 2012).
Services
Customer service is key and the exclusive centres spread across the company
operations are meant to ensure all customer and service issues are well handled.
The products have warranty, to protect customer value. Additionally, the products
can be registered on the company website to ensure seamless customer service for
better value (About LG, 2017).
Support Activities
Firm Infrastructure
The structure of the company is shown below.
Figure 12: Structure of the company (LG Electronics, 2007)
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As shown in the figure above, clear demarcated heads provide room for better top
down strategic implementation, hence creating value for the stakeholders.
Human Resource management (HRM)
The company recognizes that people are the biggest asset. It has effective HR
strategies and 360 degree performance review to retain the best employees. In order
to attract the best talent available in the market, the company is now focusing on
employer branding in a big way to retain the best talent (Dawan, 2015).
Technology Development
The company has been investing at least USD 6 billion approximately towards its
research- related efforts, which is an increase from the previous years (Reuters,
2015). It has some innovative designs that are highly regarded in the market
especially of the mobile phones. The company has won awards for innovation.
Procurement
The company has made significant investment in the regional countries like India, so
that procurement-related issues can be sorted by importing the required materials
from these places (Rushton & Walker, 2007). The LG Electronics Compliance Code
of Conduct sees to it that all the procuring related aspects follow all the regulations
set out (About LG, 2017).
3.2Core Competencies
The core competencies of a company provide it with strategic upper-hands. It’s
attributes include that it contributes to consumer advantage, can be implemented
across market scenarios and is difficult to copy by competitors (Kotler, Keller, Koshy,
& Jha, 2009).The three main core competencies for LG include its technological
development, marketing and customer focus and strength in the outbound logistics
which are discussed below.
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Technological Progress
The company is continually innovating new products using latest technologies. This
enables the company to impart unmatched encounter to their consumers (Singhai,
2013). LG has won awards from their latest innovative devices like the red dot design
award. The company also pioneered the touch sensitive technology and the 3G
technology in their devices.
Marketing and Customer Service
The company is quick to adopt their products and services to the needs of the
consumers. Their service centres are customer focused and so are their innovative
designs which always target at meeting the needs of customers. The company
invests in customer research and goes as far as localising products to meet customer
needs.
Outbound Logistics
By use of technology, LG has a system that has enabled efficiency n the outbound
logistics and cutting down on costs and wastage. The company also has superior
compressed packaging which also reduces costs and is customer friendly. The
company also has a superior transportation network for the products beating
competitors.
3.3VRIN Framework
According to Barney (1991), a resource has competitive advantage of it is valuable,
rare among competitors, imperfectly imitable and there are strategic substitutes for
this resource. This frame work is known as the VRIN framework, standing for
Valuable, Rare, Inimitable and Nonsubstitutable (Barney, 1991). The table below
analyses LG using the VRIN framework.
Figure 13: Analysis of the Value Chain
Supply Chain
Activity
Evaluation (Core Competency) Sustainability?
Inbound Logistics Value – High efficiency in value chain management
using technology to maintain inventory and monitor
product life cycle and helps reduce waste
Rarity – Ahead of competition
Inimitability – Can be copied
Non-Substitutability – Can be continually improved
No. This can be
copied by
competitors thus not
competitive.
Operations Value – Increase efficiency by reducing waste and No. Other big
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improving production, upgrading operation for
customer value addition
Rarity – Competitors aiming at efficiency
Inimitability – Can be copied
Non-Substitutability – Others can enhance their
production and become efficient
competitors are
enhancing their
efficiency in
production and meet
customer value
Outbound
Logistics
Value – using technology to control logistics, good
dealer network, has modern packaging that is
customer appealing, strong transportation network
are some of the company strong points
Rarity – only the strong competition can implement
this and is costly
Inimitability – the company has strong relationships
with the network of transporters and dealers,
difficult to achieve by smaller companies due to the
global presence
Non-Substitutability – the global scale of operations
difficult to achieve by smaller competitors
Yes. This is a core
competency for the
company and the
strong relationships
with partners like
dealers give LG a
competitive
advantage.
Marketing and
Sales and
services
Value – showrooms and service centers in many
parts of operations. Customer focus in their
innovative design shows customer focused
activities which attract and retain customers
Rarity – Among the leaders in customer service
Inimitability – difficult to achieve for smaller players
Non-Substitutability – Service is key to business
and customer perceptions take time to change
Yes. This is a key
strength which
defines the
company. Customer
satisfaction is key
and gives the
company advantage
Firm
Infrastructure
Value – Key people in charge of the markets in the
various regions responsible for markets growth and
expansion
Rarity – huge production units and distribution
centers across
Inimitability – Company culture especially in
relation to customer focus and value cannot be
easily copied
Non-Substitutability – cannot be substituted where
the company has customer at the focus of all that
Yes. The culture of
customer focus, the
ability to customize
products based on
the customer is a
strength in the
company that can
earn it advantage
over others
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is done
Procurement Value – Strong procurement ethics and regional
spread saves company money and losses
Rarity – use of technology in monitoring stocks and
raw materials a strength
Inimitability – Not easy to copy by smaller
competitors
Non-Substitutability – may be copied by the global
competitors but the ethics give an edge
Yes. Use of
technology and
having a code of
ethics to control the
procurement give
the company an
upper edge and
saves on resources.
Human Resource
Management
Value – Company values employees and invests in
modern HR strategies for retention, increased staff
benefits leading to increased retention, and uses
360 degree performance reviews for staff
motivation thus retaining valuable staff
Rarity – can be used by other companies
Inimitability – can easily be copied by offering
similar benefits or even better to get the valuable
employees
Non-Substitutability – Employees can leave if they
are unhappy or if they get better offers from other
places
No. members of
staff can easily
move across
companies looking
for better
opportunities and
career growth where
it is offered.
Technology
Development
Value – Highly innovative products, pioneer in
innovative products thus value to customers and
systems and technology enhance efficiency
Rarity – Major innovations will be copied by other
players but company can use available regulations
for copyright protection
Inimitability – New technology can be imitated and
new innovative products but the company should
protect its innovations using available laws
Non-Substitutability –can be substituted by newer
innovations from other companies
Yes. The continuous
use of technology in
systems and new
product
development keeps
the company on top
and is one of the key
competencies. It
therefore gives an
advantage to the
company.
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4. Contribution of the leader(s)
According to (Robbins, Judge, & Sanghi, 2007), leadership is the capability to effect
and sway a section of people in the direction of the realization of certain objectives.
4.1 The leadership at LG
The company is headed by Seong-Jin Jo who is the President as well as the CEO of
the company (About LG, 2017).
It is noteworthy that the current leadership style at the company can be analyzed
according to the behavioral theory of leadership. In order to accelerate the procedure
of making decisions, in the dynamic business-related environs of today, and to target
varied segments of customers, LG opted for divisional directors under the new CEO,
a couple of years ago (Edmonds, 2015). This was in order to provide more freedom
with respect to making of decisions and defining of job roles. Thus, the company can
be said to be following the initiating structure of headship (Robbins, Judge, & Sanghi,
2007).
Additionally, the leadership at the company can also be analyzed according to the
path-goal theory. This model is depicted below (Robbins, Cenzo, & Woods, 2013):
Figure 14: The Path-goal theory (Robbins, Cenzo, & Woods, 2013)
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According to Tech Today (2016), the company changed its model of leadership a
couple of years ago and has now decided to have various functional heads under
one CEO in order to have a better managed top-down approach. This style is aimed
at providing better creativity and autonomy to the workforce, so that the visions of the
company can be achieved (About LG, 2017).
It can thus be observed that the company is trying to achieve these factors, along
with a clear competitive advantage through the current leadership changes. It can
also be seen that these requirements are in alignment with the requirements of the
path-goal theory depicted earlier.
The current CEO of the company has had a participative manner of functioning since
his initial years, even while being achievement-oriented. This has been observed in
his manner of handling the washing-machine business earlier, when he had set the
objective of being the best in the business (Barry, 2016), while directing and
supporting his team to achieve the same.
It is significant to note that in the Asian context, which includes Korea the home
country of for the company, a leader is expected to bring about synchronization in the
manner of functioning. As the society is collective in nature, the relationship between
the leader and the followers may not be equal, however, the attributes of shared
commitment and requiting is very important. A good leader must possess good
behavioural attributes, possess consideration, give due regard to the employees, and
the leadership style must be of that of leading by means of his principled integrity
(Robbins, Judge, & Sanghi, 2007).
The CEO of the company, as per the path-goal theory, is a controlled person, has a
long experience of around forty years, and his capabilities have been observed in the
past, as he has been associated with the same company since the beginning (Barry,
2016), so is obviously also aware about the culture of the company. The company
now needs a competitive advantage in terms of clear decisions and a set hierarchy of
authority; and as per this model and the personality of the new CEO, it can be
ascertained that the company will perform better for the fulfilment of all the
stakeholders. This can be discerned as the new leader has been seen as a visionary,
who gets a task completed properly, through collaborative efforts, as seen with his
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development of TwinWash, a novel washing machine (Barry, 2016). This leadership
style would assist him in heading the company in the global context as well, which
also demands more employee-related freedom. Hence, it can be concluded that
through his experienced decision-making abilities, and the manner of working, he will
continue to transform the organizational environment and culture of the company, to
become increasingly innovative and quick-acting, so that its competitive advantage
can be maintained globally.
5. Review of the company’s strategies
Growth strategy
The company has its main growth strategy as capturing high income niche and
having a separate segment for them. Additionally, the company is also acquiring
component manufacturers as a part of its growth strategy (Strategy, 2017). According
to global wealth inequality, the disparity related to the wealth of the people is only
increasing further. Hence, it makes tactical sense for the company to focus on
separate divisions of the customers, as it is now not the case of one-size-fits-all. As
the rich people are becoming wealthier, segmenting them would definitely prove
beneficial, as their capacity to expend is also increasing (Strategy, 2017).
Additionally, buying out of specific manufacturers would provide the company to
control the production mechanism as per its requirement. Hence, this is also a very
good growth strategy.
International strategy:
The main focus for the international strategy of the company is that of entering the
emerging markets. These emerging regions include Brazil, Russia, India, and China.
This strategy has proven to be beneficial as the company became the market leader
because of its first mover’s advantage, as other companies were yet to establish
themselves in these markets (Ramaswamy, 2007).
Another important strategy that the company displayed was to establish itself in a
foreign country, while looking at the future. It strategized its entrance in Brazil to
make it the centre for its manufacturing-related processes, for its American market.
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This provided it with the strategic benefit of cost-related benefits (Ramaswamy,
2007).
Collaborative strategy
The company has recently collaborated with audio manufacturing company Bang &
Olufsen, B&O PLAY. It is notable it will be the first to offer such a kind of smart phone
to its customers of, as it provides them with much better standard of audio-related
service (LG Website, 2016).
The company has also collaborated with Amazon, to provide its customers the ability
to exercise control over their home products with their voice, by making use of
Amazon Echo’s intelligent personal assistant Alexa, which can work seamlessly with
LG’s SmartThinQ™ Hub (LG Website, 2016).
It can hence be analyzed that the company made strategic alliances with other
companies to not only provide exceptional products to its customers, but these
collaborations are also aimed at providing it with substantial competitive advantage.
Competitive strategy
The company’s competitive strategy is focused on coming up with innovative
electronics products for all its global customers thus achieve product differentiation.
Another competitive strategy that the company is focusing on is enhancing the
experience of the users of its products (LG Website, 2016). It can therefore be
analyzed that the company lays a great deal of emphasis on technology-related
innovations in its products, to stay ahead of its rivals, as seen clearly by its strategies
formulated with respect to its competition.
Positioning/Branding strategy
It has been observed that the company has a different game-plan as compared to its
home country of Korea, where the image of the company was that of an endearing
one (Manjur, 2013). The company, as discussed earlier, is advertising in a major way
to help customers view it in a different light, so that it can be positioned as a
company which understands the changing requirements of the customers. As the
company focusses heavily on technology-based innovations, as discussed earlier,
getting their customers to know about the latest products would encourage them
19

towards buying these, especially the trend-setters and the early-adopters (Kotler,
Keller, Koshy, & Jha, 2009).
6. Analysis of the company’s future
The company undoubtedly is doing well at the moment, and it seems that it will
continue to do so even in the near future, as assessed from the discussion so far.
However, a PEST analysis would provide a detailed look at this aspect (Kotler,
Keller, Koshy, & Jha, 2009).
Political
It is important to note that the political factor globally provides a big stability to the
company in most of the markets it operates in. In fact, the politically-related risks in
Europe are very low currently (IMF, 2017). Hence, as per the earlier discussions, the
company can continue to collaborate and expand its customer base globally without
any political hindrances.
Economic
It is noteworthy that according to the current forecast by (IMF, 2017), the economy at
a global level is quite upbeat at the moment. It can hence be asserted that there is a
considerable amount of growth opportunities globally. This growth clearly provides a
big scope for the expansion of the company’s operations across the globe.
Social
According to (Rapoza, 2015), globally, customers are making more money. This
social condition is a result of robust growing of economy of the developing nations.
Additionally, as per the earlier discussions, the company is also strategizing to target
the customer base of premium niche with its innovative products.
Technological
According to (Bajarin, 2016), the requirements for merchandise which are
technology-based, is going to triple in the next 10 years. This technological factor
provides a very big opportunity for the company to focus on increasing the number of
its products, as well as its output; and globally the company can consolidate its
leadership by making use of this favourable factor.
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6.1Recommendations for the future
The discussion so far has emphasized again and again that the company in all
probabilities is likely to remain successful in the future. Some of the
recommendations for the company are discussed below.
The company can make use of the principles of lean management, starting in the
domain of its operations, and then expanding it in its supply chains, in order to
increase the levels of efficiency and cut its operational costs. It is a well-known fact
that this strategy is being adopted by all the leading companies around the world.
Secondly, the company can also make use of strategic talent management, so that it
can have its employees as business partners, which can aid in enhanced productivity
and motivation for them.
Thirdly, as the leadership style of the company has undergone a change, the
company can make use of training interventions in change management, so that the
employees can come onboard with the new style of functioning of the company, in a
seamless manner.
Conclusion
The analysis of the company has thrown a great deal of light on the various aspects
of the company. It has been observed that the macroeconomic global environment is
quite conducive for the growth of the company. However, the company must keep
the recommended suggestions in practice, for future benefits. It is hoped that through
these recommendations, as well the as the company’s own strategic endeavours, it
will continue to possess its competitive advantage even in the future, and continue to
flourish in the markets across the global.
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