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NEWS UPDATES 24 September 2009

South Korea's LG strengthens position in Philippines

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In an attempt to retain its market leadership in the country, LG Electronics Philippines, a unit of South Korean electronic company, has invested in several infrastructure including a business hub in Cebu, Philippines, reported the Philippines Daily Inquirer.

The firm recognised that providing customer satisfaction through strategic hubs that would provide after-sales service would differentiate it from its competitors, the Inquirer quoted LG Asia president and chief executive officer Woody Nam as saying.

Nam said LG made a conscious decision to invest in business hubs and other infrastructure as a strategy amid difficult times.

“We saw an opportunity for us. Sales revenues are down, profits are down and our competitors are not investing,” he said.

But he also maintained that LG’s edge was their products with both trendy designs and up-to-date technology. Nam noted that LG had been getting consumer feedback on what they wanted in electronic products so it could be more responsive to the needs of its market.

The LG chief was in Cebu recently for the opening of the company’s branch here. Setting up the business hub in Cebu would benefit the company as it would result in stronger channel relationship, Nam said.

LG Electronics chief sales officer Rey Flores said LG would want to be third in all product lines this year and become No. 1 by 2012. Flores also said the company’s mobile phones had a potential of cornering a sizeable share of the market since the Philippines remained the “texting” capital of Asia.


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