President, LG Electronics, Gulf FZE, D. Y. Kim says that the LG Electronics, in line with its strategy, is boosting its brand shops' network and providing consumers with a complete hands-on experience, besides a right choice of products with a view to enhancing their life style with reliability.
D. Y. Kim shared his views about Pakistan's growing electronics market with Busness Recorder duirng an interview. The following are excerpts from the interview: Business Recorder: How the recent economic meltdown affected LG globally?
D.Y. Kim: While we are currently facing few ups and downs in mature markets, emerging markets in Middle East have offered significant growth opportunities for LG over the last few years. It has also driven us to maximise efficiency and upgrade our technology to remain competitive in various markets. As a strategic initiative, we have adapted our portfolio to include more varieties in each of our product categories.
BR: Do you think this situation has reduced the spending power of the consumer?
DYK: The spending power of consumers has reduced significantly but over the years with the global economy stabilising, people are beginning to invest more in consumer electronics. LG products such as home appliances, mobiles, IT products and home entertainment are now necessities in the modern consumer's life so are still an essential part of their spending. Additionally, with competitive prices, premium quality and excellent after sales service, it is a worthwhile investment.
BR: How do you see consumer electronic market in Pakistan?
DYK: Pakistan market is a price driven market, however, at the same time there is potential where people would like to enhance their life style as they have huge influence from Middle East markets. LG as a Global brand would like to contribute towards a segment where people are more into life style enhancement rather than just to have products which are disposable. In line of our strategy we are strengthening our brand shops network and provide consumer complete hands-on experience and provide right choice of products, which enhances their life style with reliability.
BR: Which is your best performing division in terms of sales in Pakistan?
DYK: We are already market leader for Home appliance products ie Absolute No 1 and we are catching up the leadership position in flat panel through Cinema 3D Smart TV and mobile phone through LTE technology across the globe, we would like to facilitate Pakistan consumers as well with our cutting age technology.
BR: How do you plan to compete with unbranded/ Chinese products, which are flooded Pakistan electronic market?
DYK: As mentioned earlier that we would like to enhance the life style of the consumer of Pakistan. We would not get into the volume game with all other brands, however, our mission is to provide cutting edge technology to Pakistani consumers and enhance their life style experience regardless consumer demographic as long as they willing experience cutting edge technology through reliable brand.
BR: Do opening of these shops signifies new investment by LG in Pakistan?
DYK: We are keen and Pakistan is important market for us due to obvious reasons "population". We have differentiating strategies whereby we would like LG to standout as a premium and life style enhancing brand. In order to do so, brand shops network is important from where we can educate consumer and give them real hands on experience about LG latest technology which enhances their life style and justify our slogan 'Life's Good'.
BR: How is your C&D center going along?
DYK: This is a part of our strategy whereby we are reinforcing the importance of the technology, experience and equity with the brand. In order to enhance the life style of the consumers, care & delight is the real tool for us whereby we can provide real experience not only LG product but after sales experience which make their life's good and hassle free.
BR: Do you plan to open more C&D and product galleries in other cities of Pakistan?
DYK: This is part of long term strategy in Pakistan so my answer is yes, we are looking at right location an space whereby we can give real life style environment & experience to the consumer of Pakistan. We have plans to cover all metropolitan cities.
BR: How is your relationship with Ruba group nurturing?
DYK: We are always very selective in having a partnership. Since RUBA is the biggest group of Pakistan with the complete infrastructure to handle global brands, our relationship is getting stronger day by day. Brand shop is real demonstration of our relationship where both organisations are committed and confident to serve Pakistan consumers with better and stylish product through cutting edge technology.
BR: Future plans for Pakistan market?
DYK: We have multiple plans for Pakistan market, as we have mentioned that we are expanding our brand shop network across the country. We also have a plan to launch a TV programme whereby LG would like to contribute towards Pakistan community and provide education to the Pakistani youth. The quiz programme will be conducted on renowned TV channel where students can participate through online, which is purely based on the intellectual basis.
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