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Báo cáo môn Nguyên lý marketing, công ty LG electronics, viết bằng tiếng anh
HANOI UNIVERSITY FACULTY OF MANAGEMENT AND TOURISM Principles of Marketing Assignment LGE’s Marketing Plan in Viet Nam Tutor: Mrs Pham Thi Phuong Students: Dao Thi Phuong Dung Phan Thi Hoang Yen Vuong Le Thu Tra Nguyen Phuc Toan Tut: Tut CN2 May 10th, 2012 Table of contents Table of contents I Executive summary II I Introduction II Situation analysis 1 Company analysis 1.1 Mission statement .1 1.2 Company objective Environmental analysis 2.1 Economic 2.2 Demographic 2.3 Natural 2.4 Technological 2.5 Social/Cultural 2.6 Legal/Political Competitor analysis 3.1 Direct competitors 3.1.1 Samsung 3.1.2 Toshiba 3.2 Positioning map Customer analysis 4.1 Customer segmentation 4.1.1 Demographic 4.1.2 Psychographic .9 4.1.3 Behavioral .9 4.2 Decision type 10 Brand analysis 10 5.1 Product life cycle 10 5.2 Marketing strategy using the 4Ps strategy 10 5.2.1 Product .10 5.2.2 Price 11 5.2.3 Place 11 5.2.4 Promotion 11 SWOT analysis 12 6.1 Strengths 12 6.2 Weaknesses .12 6.3 Threats 12 6.4 Opportunities 12 III Conclusion 13 References 14 Executive summary Established in 1958, LG Electronics has the main office in Seoul, South Korea The company has become an international corporation in the field of electronics with many kinds of product such as home entertainment, home appliances, mobile communication devices, air conditioners, and multiple products for use in businesses LG’s target is using the most advanced technology and the most prime design to offer many amenities for people all over the world to enjoy a better life LG always tries to understand customers’ needs, dominates the market with superior products against competitors LG is committed to preserving the natural environment and creating consumer-optimized products In the era of science and technology, competition among electronic companies is much fiercer With many smart and effective market strategies, LG has set a solid position in customers’ mind Before entering any market, company does research carefully about native economic conditions, customers’ tastes, then set up specific promotion plans LG appears to be a successful trademark globally I Introduction In the Asia Pacific area, Vietnam, with high economic growth rate, is currently considered as an attractive market for many international companies With the population of more than 85 million people, Vietnamese market is extremely attractive for electronic producers The country also possesses several strengths to electronics production such as cheap and hardworking labor This leads to the fact that many foreign investors coming to Vietnam to set up businesses LG Electronics has offshoot companies all over the world As one of the most famous trademark in Korea as well as worldwide, after 10 years running business in Vietnam market, up to the moment, LG’s products have occupied a respectable position in Vietnam market We choose washing machine in general, and washing machine LG WD – 9990 in particular as an example of the whole company LG because it is one of the most popular product of LG and is also widely known in Vietnam This study is a brief overview about the situation, which consists of company analysis, environmental, competitor, customer, brand, and SWOT analysis The company profile will be presented to be able to give a clear perspective about the market which the firm belongs to II Situation analysis Company analysis 1.1 Mission statement LG Electronics set its mid- and long-term target to rank among the top electronics, information, and telecommunication firms in the world by 2010 Therefore, they embrace the philosophy of "Great Company, Great People" and pursue two growth strategies involving "fast innovation" and "fast growth" Similarly, it strives to secure three core capabilities: product leadership, market leadership, and people-centered leadership It provides high quality and regularly updated products to further ensure its success as a top electronics manufacturer As a worldwide corporation, LGE seeks to "make its customers happy through its innovative digital products and services" With the motto of supplying the best customer service and focusing on warranty system, LG has really made the difference in the field of electronics and appliances LG improves the quality of everyday life of users with innovative household appliances combining style and technology excellence while leading the industry in green technology Also, its research and development efforts are specifically concentrated in the area of technological capabilities and developing new growth products LG is always leader of technology with luxurious, unique design 1.2 Company objective LG Electronics determined its home appliance business strategies for 2012 that LG’s primary goal this year is to strengthen its business foundations so that it can achieve the top position in their home appliance category by 2014 So as to reach this objective, LG plans to enhance its competitive advantage in the refrigerator and washing machine segments and make strong investments in smart appliances In spite of the global economic recession, LG aims to achieve double digit sales growth rate this year (LG, 2012) In its first quarter financial report in 2012, LG reported that although sales of the company reached 10.78 billion, reduced by 7.1% and 11.5% over the previous quarter and the same period last year, but profits increased and reached 214.3 million (cited in GsmArena 2012) In addition, LG will continue to provide upgraded premium lines of the company’s representative energy efficient yet large-capacity refrigerators equipped with LG’s Linear Compressor and washing machines equipped with the Inverter Direct Drive™ motor, raising the bar for the value-added products market In 2012, LG aims to be the top selling washing machine brand in the globe for the fifth consecutive year, as it has done since 2008 Moreover, the company invests in research with one clear purpose: to improve the quality and efficiency of its products through scientific innovation According to report released by the South Korean LG Group, in 2010, LG invested about 15 trillion won (13.35 billion U.S dollars) on the basis of research and development (R & D) (cited in Thanh 2010) And finally, LG’s success in history has been its ability to meet the diverse needs of consumers in different regional markets In developed markets, LG will adhere to the energy standards of the North American, European and other developed markets by introducing washing machines equipped with the Inverter Direct Drive™ motor that consume less energy compared to conventional LG models Environmental analysis As any other companies, LG is strongly affected by macro environment factors which are mentioned here as economic, demographic, natural, technological, social/ cultural and legal/ political factors Especially Vietnam is a new-emerging economy which is developing dynamically after joining WTO with numerous opportunities over the country Many economic issues bring both positive and negative affects for LG to develop in the household appliances market II.1 Economic The economic factor has strong effect on the household appliance industry As the fluctuation of an economy can cause direct impact on consumers’ buying behavior and the input for the household appliance industry Economic factors always bring effects related to the demand, costs, prices, and profits With progress made by leaps and bounds, Vietnamese economy has got achievement: higher economic growth as well as higher standard of living Vietnam is considered as one of the ideal markets in the world for international companies to enter With stable gross domestic product (GDP) growth averaging approximately 8.5 percent annual between 2005 and 2007 and percent from 2008 to 2011, Vietnam is the second fastestgrowing economy in the world next to China Figure Vietnam’ GDP growth rate from 2000 to 2011 At the beginning of 2012, because of world economic downturn, Vietnam economy and Vietnam's retail market are affected considerably High inflation rate in the first months of the year, signals of macroeconomic instability, increased interest rates, exchange rate VND / USD and gold price fluctuation, bleak real estate market , stock decline, business capital scarcity, production delay, unemployment increase have affected consumer confidence to the retail market Actually, Vietnam retailers have managed to cope with the big challenges since the beginning of this year However, Vietnam’s retail market is one of the five highest profitable markets In 2007, Vietnamese spent nearly 45 billion USD for consumption – a high number compared to about 40% in developed countries Economists predict that the period 2011-2015, average growth rate of Vietnam’ retail market would remain at 23% - 25% per year So Vietnam’s retail market is still destination of foreign distribution system once the barriers are removed (Quan 2008) II.2 Demographic Vietnam has a high population of around 87 million people by the year 2011, ranks thirteenth in the world and third in Southeast Asia Vietnam has fast population growth speed with average million people increased each year It is a big market of labor and consumption According to a statistical report in 2009, urban inhabitants were 25,374,262, occupied 29.6% the whole population Urbanization will continue to be a long-term growth driver The United Nations forecasts the urban population will rise to more than 50% by the early 2040s On the other hand, on shifting from agricultural economy to industrial economy, rural residents still dominate in the whole country’s population structure with 60,415,311 people, occupied 70.4% the whole population (Central Statistical Office, 2009) When it comes to the geographic impacts, it is obviously seen that urban area’s people pay more attention to high-tech products rather than the rural area’s people People in towns and big cities are busier They have little time to housework In contrast, residents in countryside still have the habit of washing clothes by hands As a result, the company products are more preferred in urban area In addition, most of Vietnamese have low and medium income with GDP per capita of $1,300 in 2011 Calculating by purchasing power parity (PPP), Vietnam’s GDP per capita is about three fourth of Philippines or Indonesia, one third of Thailand and one fifth of Malaysia in 2010 Therefore, firms should carefully choose target customers and have suitable products and promotions toward many types of customers Age and gender are factors both influencing household appliances purchasing behaviors Regarding age variable, there is a difference between the preferences of youngsters and elders Youth and elders have different concerns in terms of style, color and utility The research indicates that the younger groups, especially single person or newly married couple, are more likely to buy striking colors like red, green; small or medium sized washing machines Whereas older groups with higher purchasing power seek for higher quality products with more functions, big sized washing machines due to more family members II.3 Natural On entering the threshold of twenty first century, the world has to cope with serious pollution, shortages of raw materials, increased costs of energy and requires for practical actions to improve the situation LG Electronics has accepted its responsibility as a global corporation and are proud to contribute a part of it by leading the programs to reduce greenhouse gas emissions and develop environment friendly products, while still performing energy, environment, safety and health management activities (EESH) which focus on environmental protection measures II.4 Technological In the global dynamic economy background, technology has developed more rapid than ever Improvement in technology made the electronic product cheaper and cheaper Gap between scientific findings and new product has been shortened Product lines also are completed and updated regularly LG has strongly focused on its quality For this reason, a great amount of money has been invested in technology improvement in company To survive and further win competitors, LG spends a great amount of fund on R&D LG is proud of associating with famous experts to serve the customers with the best quality and perfect products II.5 Social/Cultural In Vietnam, it is widely believed that price manifests quality of goods and services A sociological study has recently illustrated that a large number of Vietnamese accept a high spending level for expensive products High-tech products, electronic products, luxury goods are being consumed in Vietnam by a majority of customers with a desire to own world-famous brands, thus, it is an outstanding feature for huge corporations like LG to consider Firstly, the number of white collar workers has risen substantially, however, still constitutes a small ratio in the whole population They can quickly adapt to development of science and technology Also, they want to experience new products Secondly, farmers account for a big rate in Vietnam population With backward agriculture having lasted for hundreds of year, people still hold many habits and customs that are very hard to give up Residents in countryside may feel difficult to operate some modern machines like washing machine or air conditioner II.6 Legal/Political Vietnam has economic sector diversity namely as state sector, collective sector, private sector, state capitalist sector and foreign investment With trade liberalization, especially after Vietnam joined AFTA (1996) and WTO (2006), many foreign companies has quickly adapted to Vietnam business environment Government support and incentives for investment are highly appreciated State also has lots of reforms to encourage more investment and encourage domestic investment in R&D In Vietnam, entrepreneur law, business law still exist a lot of negligence that need to be fixed in the future The government also have environment protection law and protection of consumers’ rights to treat firms when they things wrong to environment or customers Tariffs on electronic components cut from 9.41% to 6.36% in 2008 but still is a high rate Many firms suggest that this tariff should reduce to 0-3% so that domestic companies could compete with imported products (Sean 2009) Moreover, Vietnam is a large “grey” market for illegal and fake products Although Intellectual Property Law has been imposed since 2006, the implementation is not strict enough In the open-economy condition, Vietnam is listed among countries with the most seriousness of the law violation Competitor analysis Competitor analysis in marketing is the process of assessing the strengths and weaknesses of a firm’s current and potential competitors The goal of it is to understand: with which competitors to compete, competitors' strategies and actions, how the competitors might react to a firm's actions, how to influence the competitor using the firm's own advantages Competitor analysis helps the business itself creates marketing strategies that take advantages of competitors’ weaknesses and improves its own performance In the case of LG, an understanding of the company’s specific competitors in Vietnam will be crucial to its survival and sustainable development To begin with, LG has no big indirect (substitute products) competitors in Vietnam, since other methods for cleaning clothes are minor, and only hand washing can substitute for the use of a washing machine when mentioning about washing clothes Therefore, it is even more important to consider about the direct competitors of LG in Vietnam As the market of today has been globalized, there are many brands that offer same type of products and compete against each other to gain share in the market In the 2005 washing machine market, Sanyo has the largest share of 40%, LG has the second largest share of 18%, Toshiba owns 11% of the share, and the rest of the share belongs to Samsung, Panasonic, Daewoo and other brands (GFK, cited in Phuong 2005) Figure Share in Vietnam's washing machine market 3.1 Direct competitor analysis It is such a tight competition that all of these brands have to try their best to attract and keep customers with them LG Electronics is not an exception In order to “win” in the competition, firstly, LG’s competitors should be identified As it can be clearly seen, LG’s major competitors in the washing machine market are Sanyo, Toshiba, Daewoo, Samsung, Panasonic In the scope of this report, two of the above mentioned brands, namely Samsung and Toshiba will be taken into account 3.1.1 Samsung Mr Ko Tae Yeon – the general director of LG Vietnam has stated in an interview that Samsung is one of the main competitors of LG in Vietnam (cited in DDDN 2011 ) Samsung is known globally for its electronic products and it is one of the most successful brands in the electronic industry LG and Samsung have many features in common: they are both Korean electronic brands with advanced technology, their target customers are the same in various countries, etc Strengths: • • • Samsung is known for its technologically advanced products: washing machines that have bubble generators, Power Foam technology or larger washers, VRTÔ Plus which reduces noise from the machines, etc It attracts customers by offering new and innovative design through understanding the customers that which type of designs are suitable to customers and what they want or asked about Samsung focuses more towards the innovations and try to keep improving the products to attract more customers and capture more market share Weaknesses • • • • Although Samsung focuses on innovation, it is not proactive to introducing new products, it waits to attack the competitors It also lacks in product differentiation Samsung caters mass market instead of niche market so for this purpose it sets low prices of products and low price products seem as low quality products, so Samsung products perceive as low quality as compared to competitors’ products Most of the Samsung products are not user friendly which is a hurdle for Samsung to make it market leader 3.1.2 Toshiba Toshiba is a diversified manufacturer and advanced marketer of electronic and electrical products Its product portfolio includes information and communication equipment and system, internet based solution and services, electronic components and materials, power system, industrial and social infrastructure system, and household appliances As shown in Figure 1, Toshiba is about to catch up with LG with its market share of 11% Different from LG and Samsung, Toshiba is a company originating from Japan – a country that is famous for high-quality technology products Strengths: • Have good reputation of a Japanese brand • Strong research and development: washing machines with the S-DD/ DD inverter motor • Growing organic electronics Weaknesses: • Product’s designs are not diversified, not very appealing to customers 3.2 Positioning map In order to satisfy diversified customers’ needs and wants, dealers have to keep the products of various brands for their customers As there are many players in the market offering washing machines of the same quality, appearance and sub-functions, how different companies have positioned the stock in is of great importance Samsung: Samsung positions itself as a brand which offers freshness with technological strength Samsung offer washing machines with price range from 3,990,000 VND to 19,390,000 VND Toshiba: Toshiba offer products remarkable for their innovation and artistry – contributing to a safer, more comfortable life Customer can own a Toshiba washing machine if they have between 3,490,000 VND and 11,690,000 VND LG: LG aims at enhance the customer’s life (and life style) with intelligent features, intuitive functionality, and exceptional performance Choosing LG is the form of self-expression and selfsatisfaction The price of an LG washing machine ranges from 3,675,000 VND to 39,480,000 VND High technology Toshiba Low perceived quality and status High perceived quality and status Low technology 10 Figure Positioning map of LG, Samsung, Toshiba Customer analysis Caring about the customers’ needs and wants plays an important part in the work of the marketers Customers, when buying the products, often care about the product quality, price, feature, design and so on LG is one such company which has brought technologically advanced products for its customers keeping in mind that today’s customer are placing greater weight on quality and value in making their purchase decision The company based on demographic, psychographic and behavior to plot its marketing strategy 4.1 Customer segmentation 4.1.1 Demographic Base on demographic analysis data, LG categorizes customers by income and family size Customers with different income and family size can choose to own LG washing machines of different levels of price and capacity (shown in figure two and three) We can clearly see from the figure that the largest number of washing machines belongs to the price range from 5,000,000 VND to 10,000,000 VND (11 washing machine) This statistic proves that in Viet Nam, LG mainly targets middle-income customers who want quality products at the best price The washing machine that has been chosen (LG WD-9990) is perfectly fit for this criterion Price range (VND) < 5,000,000 5,000,000 – 10,000,000 10,000,000 – 15,000,000 15,000,000 – 20,000,000 > 20,000,000 Number of washing machines 11 Figure LG washing machine categorized by price In addition, according to figure three, there are 17 washing machines that have the washing capacity of 7-9 kilogram which can best support a family of four people (PNO 2011) A family of four members is a typical family structure in Vietnam nowadays (QD 2005), so we can conclude that LG also aims at the average family in Vietnam to sell its washing machines LG WD-9990 is again under this segmentation Capacity of washer (kilogram) 7–9 – 11 11 – 13 13 – 16 Number of washing machine 17 11 Figure LG washing machine categorized by capacity 4.1.2 Psychographic LG also target buyers who concern about safety and health issues In its sustainability report (LG, 2008, p 7) LG has shown its ambition in satisfying customers who were worrying about their health and the future in the form of a wish: “It would be great if there were a washing machine that thought about the environment and its customers’ health” 4.1.3 Behavioral Benefit sought: With the tagline “Life’s good”, LG positioning is to differentiate their products on the basis of technology which appeal to the consumers on the basis of health benefits Consumers who seek for products that can improve their quality of life would definitely go for a LG washing machine There are some distinctive features of LG washing machine that attracts users all over the world in general, and in Vietnam in particular: clean lint filter that removes residues and cleans clothes better, direct drive motor in LG washing machines is so quiet that you could run it in the middle of the night without disturbing your sleep, etc Brand familiarity: LG is a multinational company and a recognized brand around the world It has successful established in Vietnam People can easily recognize the logo of the brand when they come across it LG has also been the sponsor for a popular TV game show for high school students called “Race to Mount Olympia” for more than 10 years This has helped promote LG’s image in every family in Vietnam 4.2 Decision type For the washing machine that we have chosen, the decision type will be limited problem solving Consumers will be highly involved with a expensive (worth more than 10 million VND), infrequent purchase, but see little differences between brands (LG – Samsung – Toshiba … ) Brand analysis The Vietnamese market has seen many changes because the government has applied a lot of open policies with a view to encouraging development There was total disappearance of a simple market, where all the customers were happy with the products provided Women nowadays are busy with not only housework but also their own career As a result, they need smart home appliances, which can perfectly as they To satisfy the need of customer, recently, many electronics companies have presented many smart washing machines and LG Electronics (LGE) is not out of this trend 5.1 Product life cycle: Growth stage In 2010, GFK, one of the four biggest market research companies in the world, has certified LG Electronics with the best selling washing machine brand in Pacific Asia based on real statistic in major countries including Viet Nam (SMJ 2011) The Motion washing machine line using direct driver (DD) plays an important role in the success of LGE recently 12 LGE have made strong investment in smart washing machine segment They have introduced the fist motion Direct Drive (DD) washing machines The Motion DD line went public the first time in October 2009 Until now it has achieved a new record in sales with 2.25 million sold out products, in which the amount of front loader washing machines is 1.25 million With DD technique, LG washing machines always work effectively and economical Model LG WD-9990 is a typical example 5.2 Marketing strategy using 4Ps strategy 5.2.1 Product A white WD-9990 with DD motor providing less noise, less vibrations, less energy and water consumption and greater durability Some key feature of WD-9990 are listed below: • • • • • • Load detection: LG Direct Drive Motor detects how many laundry is loaded, and selects the optimum washing time, rinsing times, and water consumption based on this information make the washing machine work more effectively Intelligent Washing System: detects and adjusts imbalances and excessive suds during operation for the best washing performance LG WD-9990 washing machine also have 10 washing program for every kind of clothes, such as: Baby care, Hand wash, Delicate, etc Quick 30 Function: total cycle time is reduced to 30 minutes, including wash, rinse and spin Energy saving: according to researches from LG laboratory, washing machines using DD technique can save about ¼ of electricity and ½ water consumption compare to others that use old technique LGE also provides a 10 years warranty for their DDmotor while their competitor, Samsung only have a years warranty for their products Besides modern technology, LG is also a pioneer in creating user-friendly product, with beautiful design and can easily fit with every living space LG WD-9990 is slim compact powerful washer with a depth of 550mm; the perfect solution for people with space constraint problem 5.2.2 Price LGE has used a very competitive price strategy A LG washing machine is always a little bit more expensive than a Samsung one Specifically, a LG-WD 9990 is 10,385,000 VND while a Samsung WF 8690 with the same functions is 8,490,000 VND, which is about 2,000,000 VND cheaper than the LG one Higher price may prove the quality of the brand Additionally, LG also tries to price up to local purchasing power rate in Vietnam 5.2.3 Place In Viet Nam, LGE have many official distributors and showroom from the North to the South In big cities like Ha Noi, Ho Chi Minh, Hai Phong, Da Nang… LG’s products are sold in big malls or trade centers, for examples, Pico Plaza, Nguyen Kim and Viet Long Plaza In these centers, LG washing machines are always located in big and nice spaces For customers, who live far away from big cities, LG provide them with a home free delivery and installation 5.2.4 Promotion 13 The successful promotion strategies help LGE become the world's leading brand They have already invested very high amount in promotion, approximately 6- 7% of their revenue LG’s promotion activities include advertising, public relationship sponsor, sale promotion In different ways LG are promoting its products in Vietnam, including: • • • • Television advertising at “Gold hour” on different channels, namely VTVs, HTVs, Star World Magazines and newspapers articles Marketing team: LGE expert teams are well trained about the company and the company’s product lines They give advices and samples to potential customers to persuade them to buy the products Website: LG has an attractive company’s website with multiple animations and categories to describe the details of their products and promote the products SWOT Analysis 6.1 Strengths • Diversity operation: LGE is a multinational company, so the company business is also geography diversified, in Europe, North America, Korea, China, Asia A diversified operation enables the company to take advantage of opportunities within specific market and geography, and at the same time protects it from segment specific setbacks • Strong financial position • Advantage technology: LG is providing user innovative products combining style and technology While leading the industry in green technology, LG is also using the most advanced technology and the most insightful designs 6.2 Weakness • Lack of skilled employees: one of the big problems LG is facing is that it has very few competent employees Most employees are not skilled enough and also there is no training and development concern for employees although they have located big factories in Viet Nam • Comparison of customers: consumer compare LG’s products to its competitor Samsung’s, not with other brands 6.3 Threats • Close competition: When customer want to buy a new washing machine, they have a variety of choices, such as :Samsung, LG, Electrolux, etc Due to less functional differentiation there is an intensive competition in the market • Higher distributor margins: Dealer want to have the higher distribution margin from the supplier in order to advertise a firm’s product through their advisory services as there is a big impact of dealer’s advice on the customer’s buying behavior • Inflation: The condition of economy all around the world is currently not very good and it is affecting the purchasing power and priorities of the customers People are facing difficulties in satisfying basic needs, so how they can spend on electronics which is considered as premium items 6.4 Opportunities: • Growth in population: Growth in population is always a big opportunity for firms to enhance their product lines and capacity as this increase demand accordingly Viet Nam is a developing country with the population of 86,936,464 Rising income and GDP growth 14 • • • are increasing affordability, with a huge and relatively untapped market in the rural and suburban areas Availability of consumer financing: Availability of consumer financing increased the buying power of customers This trend is big opportunity for the firms to offer valuable products at an extra prices New technology: New technology is proved to be a big driver for the new product development and development of existing product So new technological trends always provide ultimate opportunities to the firm o develop their products in a new way Potential to capture additional market share: Firm can capture additional market share through diversification strategies III CONCLUSION AND RECOMMENDATION According to the analysis above, some recommendations are given with the view to accomplish the stable standing of LG Electronics in the home appliances market Viet Nam is not only a potential market but also a promising source of labour The important thing to be suggested is that LG should make use of Vietnamese workforce, which is large, skilled and low-cost, to make a more competitive price in market Additionally, lack of trained and skilled employees is also a big problem that must be solved right away The way to deal with this problem might be investing in training the employees before hiring them This way is much more cheaper than having hired a foreign expert or firing an employees right after the recruitment because they don’t have enough skills for the job LGE is a company, which always have responsibility for environment protection and society development “Vì Việt Nam tươi xanh” is a declaration of the company LGE could actively participate in social activities and environment protection This may bring about increase the market presence of the brand Similarly, word of mouth advertising is important in promoting and positioning company’s product With highly effective products, the consumers not only satisfy with the products but they also tell their friends, family and network and recommend them to use it That would help the company to expand its fame in Viet Nam home appliances market To sum up, LGE is such a giant in the industry that its brand name has gained a lot of customer recognition Furthermore, it holds many more strengths than weaknesses, which has helped the company to maintain its leadership in the industry Also, from the case of LGE, it is the lessons for new companies that want to enter this booming market to make use of any advantages and try their best to eliminate all the difficulties to achieve their goals Word count: 4,940 15 References Central Statistical Office 2009, Tổng điều tra dân số nhà Việt Nam năm 2009 – Di cư thị hóa Việt Nam: Thực trạng, xu hướng khác biệt, viewed May 2012, DDDN, 2011, ‘ “Ông tổng” LG Việt Nam chia sẻ triết lí kinh doanh’, Saga, 17 January 2011, viewed May 2012, GsmArena, 2012, ‘LG công bố kết kinh doanh quý I 2012, doanh thu giảm lợi nhuận tăng’, Thế giới tin học, 27 April 2012, viewed May 2012, < http://thegioitinhoc.vn/home/cntt-viet-nam-va-quoc-te/119378-lg-cong-bo-ket-qua-kinhdoanh-quy-i-2012-doanh-thu-giam-nhung-loi-nhuan-tang.html#ixzz1uIapGGbY> LG 2012, LG aiming for home appliance leadership with double digit sales growth in 2012, viewed May 2012, < http://www.lg.com/ae/press-release/article/lg-aiming-for-homeappliance-leadership-with-double-digit-sales-growth-in-2012.jsp> LG 2008, 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nghiên cứu-phát triển’, Việt Nam +, 13 January 2010, viewed May 2012, < http://www.vietnamplus.vn/Home/LG-dau-tu-13-ty-USD-cho-nghiencuuphat-trien/20101/30852.vnplus> 17 18 ... growth products LG is always leader of technology with luxurious, unique design 1.2 Company objective LG Electronics determined its home appliance business strategies for 2012 that LG? ??s primary... keep customers with them LG Electronics is not an exception In order to “win” in the competition, firstly, LG? ??s competitors should be identified As it can be clearly seen, LG? ??s major competitors... 11 Figure LG washing machine categorized by capacity 4.1.2 Psychographic LG also target buyers who concern about safety and health issues In its sustainability report (LG, 2008, p 7) LG has shown