LG Electronics Philippines, Inc. is expanding its market reach and pursuing an aggressive marketing campaign to make LG the top consumer electronics brand in the country next year. The company is reestablishing its foothold in the regional markets by opening service and marketing hubs in different regions in the country, with Cagayan de Oro among those being planned next year.
While other companies are holding back because of the global economic slowdown, LG Electronics Asia president Woody Nam said they were investing more in strengthening the brand and providing better support for customers in the regional areas.
LG ranks third among consumer electronics brands in the Philippines. Its LCD television captured 16% of the market as of last month, eight times more than the 2% share last year.
The target is to increase this further to a third of the market next year, Mr. Nam said.
In the mobile phone sector, LG holds 2% to 3% of the market. As other brands retreat because of the global recession, LG Electronics Philippines president Lee Seung Chul said his firm would be more aggressive in penetrating the market to capture at least 10% next year.
LG will push LCD television and mobile phones although other products from the home appliance, audio/video and information technology lines will also be marketed aggressively, he said. LG boasts of having achieved a balance between “stylish design and smart technology” in its products.
The company shut down its manufacturing facility and regional centers in the Philippines earlier this decade in the aftermath of the 1997 Asian financial crisis.
He said there were no immediate plans to reestablish a manufacturing facility here because production costs are not competitive compared with China, Thailand and Indonesia.