LG is one of the leading companies in electronic market. It has established its name all around the world.
SWOT is the tool to see that where organization stands, which areas required improvement, which areas required serious consideration, which would be the source of growth, which things need avoidance and so on. The SWOT of LG will help to understand the position of LG in the market.
LG is a multinational company and a recognized brand around the world. It has successful established not only in developed countries but also in developing countries.
LG products are reliable, easy to use, and have simple designs which satisfy customers that’s why LG have the advantage of having loyal customers.
In LG Corporation the research and development has given greater importance because to satisfy the customers and provide the customers what they want the research and development id required.
LG try to keep products innovative to attract the customers and to capture more market share.
LG is at its growing stage and its growing quickly. It is producing solid products which rapidly satisfying the customers.
The big weakness of LG is that it has very few competent employees mostly are not skilled and also there is no training and development concern for employees.
The electronic market is expanding rapidly which is a great opportunity for LG to expand itself in new market and to capture more market share. It also can expand its target market geographically and socially both by introducing new products in existing market and existing products in new markets.
Through the innovation in existing products it can attract more customers because at present it is behind the market leadership so to become a leader it has to make innovations to attract potential buyers and retain existing customers.
As the competitors of LG are more dominant in the market and continuously improving their products so they can take away the existing customers of LG, so it has to work very hard to retain and attract customers.
The condition of economy all around the world is not good and it is affecting the purchasing power and priorities of the customers, people are facing difficulties in satisfying basic and needs so how they can spend on electronics which is considered as luxury items. This situation can affect the sales of the company.