We will achieve sustainability by focusing our collective energy and resources into strengthening fundamentals and preparing for the future.
What is the basis for LG Electronics’ pursuit to achieve sustainable management?
As a leading global corporation, LG Electronics has been able to continue its growth, expanding in size and strengthening its fundamentals, with an emphasis on basics such as product quality. For us to continue sustainable growth, “Jeong-Do Management”, LG’s unique guiding principle for action, is essential.
Only when we consistently strengthen fundamentals and compete in the market with integrity as we orient our business practices with “Jeong-Do Management”, will LG Electronics be able to create greater value for local and international communities, as well as our customers and employees.
What are the main challenges of LG Electronics in achieving sustainable growth?
As the prolonged economic contraction in advanced nations slows global economic growth, competition is becoming increasingly fierce. However, if we thoroughly plan and prepare for the future, such challenges could become an opportunity, not only for strengthening our fundamentals but also for taking a leap forward.
To translate current challenges into opportunities and achieve sustainable management, LG Electronics is placing emphasis on four key areas.
Firstly, we must secure “product leadership”. It is critical to introduce market leading products that offer differentiated value. Our ongoing effort into securing requisite R&D capability and impeccable quality is directly connected to product leadership.
Secondly, we have to strengthen our fundamentals. We can never overemphasize the importance of respecting our customers and employees. LG Electronics has earned complete trust from stakeholders with its proper mindset, action, and superior quality.
Thirdly, we need to build a solid ground for continued growth by thoroughly preparing for the future.
Lastly, we have to create a “do it right” culture that inspires employees to strive for our vision of becoming No.1 LG with passion.
Please tell us the areas where we need to place more effort into achieving sustainable management.
First and foremost, we need to become an organization that facilitates communication. To make swift and accurate decisions in the rapidly changing global business climate, two-way communication between internal and external stakeholders becomes absolutely essential.
Only when we can have a lively exchange of opinions will we be able to develop great products and bring them to the market in a timely manner. To promote communication, LG Electronics is advocating “field-oriented” management, and I will also work to increase opportunities to meet employees, ensuring valuable communication with them.
Executives are going to get out there to meet diverse stakeholders, including our people, listen to what they have to say and incorporate their voices into management decisions, as part of our collective effort into achieving No.1 LG. We are strongly committed to make every effort to ensure that LG Electronics can continue its growth as a sustainable company, trusted and cherished for a long time to come.