LG's Global Marketing Strategy

Paper Summary:

The paper focuses on LG Electronics' localization efforts in Korea, India and Saudi Arabia and shows how by introducing refrigerators that reflected cultural elements, the company succeeded as a global brand. The paper explains that the advantages of localization often outweigh the disadvantages because local marketing helps a company to market in terms of regional and cultural differences in demographics and lifestyles.

From the Paper:

"With almost everything now available on the Internet, retailers need to give shoppers a reason to buy their products by customizing it to their local preferences. It used to be that "one size fits all" was the norm, with the high success of retail stores like Wal-Mart and Gap which were all identical across the county. Now, however, most consumers are demanding more individualized selections (O'Connell, B1). The localization strategy of many retailers or companies is becoming powerful way of responding to the consumers' tastes. Terry Lundgren, a former CEO of the Neiman Marcus Group, said that localization allows their company "to listen to what the customer says about a local product in a local store." (O'Connell, B8)."

Sample of Sources Used:

• 2008. LG Electronics Earnings Report for the full year 2007. Financial Statement. Retrieved on 19 May 2008. <http://www.lge.com/ir/archive_financial/list/BIR_FIN%7CMENU_IR%7CMENU.jhtml>
• "Bateel backs LG Primian fridge" Online. (2004, October 19) Press Release, Saudi Arabia. <http://www.ameinfo.com/47621.html>
• Esfahani, Elizabeth (2005, December). "Thinking locally, Succeeding Globally" Business 2.0 Magazine. pp 96-98
• Graham, John L (2007) "Cultural Dynamics in Assessing Global Markets" International Marketing 13th Edition, Chapter 4, pp94
• O'Connell, Vanessa (2008, April 21). "Reversing Field, Macy's Goes Local" The Wall Street Journal. Marketplace Section, pp B1 and B8

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