LG Electronics: The Blue Ocean Strategy
LG Electronics, Inc. (LGE) was primarily known for its low-cost appliances had more than 72,000 employees working in about 77 subsidiaries and marketing units across the world. Youngdungpo-gu, South Korea based LGE was a technology innovator in electronics, information and communications businesses producing CDMA handsets, DVD players, optical storage devices, canister vacuum cleaners, air conditioners micro ovens and consumer electronics. LGE embraced the philosophy of "Great Company, Great People," and pursued two growth strategies which involved "Fast innovation" and "Fast growth" to secure global competitiveness. The company sought to secure three core capabilities - product leadership, market leadership, and people-centered leadership. Since 1993, LGE had been undertaking pioneering activities, to strengthen its competitiveness and create profitability. In 2003, LGE repositioned itself as a leading global consumer electronics brand.