In a recent Trade Arabia article president of LG's MEA operations, K. W. Kim, credited it's 8% increase in revenue in 2005 to it's implementation of Blue Ocean Strategy.
"[In 2006] We will be guided by LG’s global ‘Blue Ocean Strategy’, which aims to create genuine differentiation for the brand.”
Kim elaborated that LG ambitiously plans to double worldwide sales by 2010. In order to achieve that target LG's Blue Ocean strategy will focus on products offering maximum growth potential so that Blue Ocean products will generate around 30 per cent of sales and 50 per cent of profits by 2010.
Over the past few years LG has positioned itself as one of the top-selling manufacturers of consumer electronic products. It achieves its Blue Ocean Strategy via product innovations which are aimed at localized markets. A few of LG's top-selling innovations include the Qiblah phone, the world’s first mobile handset with Qiblah indicator which points in the direction of Mecca; the TV refrigerator; the Swarovski Crystal refrigerator; and the bag-less range of vacuum cleaners.
Is your company in the consumer electronics business? If so, share with us your BOS story.
It is interesting to note that LG is winning a lot of design prices... Probably one thing that would stick out in a strategy canvas ;-)
Posted by: Alex Osterwalder | 19 March 2006 at 17:09