LG Electronics, Inc. manufactures display devices, home appliances, multimedia items, electronic parts, and software. The brand was established in the late 40’s and now has become one of the most known brands in the world. Therefore let’s take a look at LG company culture and see what their approach to business is.
Over the years LG has evolved from delivering low-cost, conventional appliances to a brand that also offers luxury equipment under the LG Signature label. LG has developed a credible, upstream elegant premium offering that can now compete with other well known electronics brands.
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In this article let’s figure out what LG company culture is like as well as peek into the brand’s history and most popular products.
Brief history of LG company
LG Electronics was started in 1958 as GoldStar. The group was created by a combination of two Korean enterprises, Lak-Hui (pronounced “Lucky”) and GoldStar,. That gave rise to the abbreviation LG. The current slogan “Life’s Good” is a backronym.
Prior to the corporate name change to LG, domestic products were sold under the Lucky brand, while electrical products were offered under the GoldStar brand (Hangul:). LG Electronics in the 60’s manufactured the first radios, televisions, refrigerators, washing machines, and air conditioners in Korea.
1995 – GoldStar was rebranded LG electronics after acquiring the US electronics business Zenith.
1997 – LG Electronics produced the world’s first CDMA digital mobile handsets.
1998 – LG created the world’s first 60-inch plasma television.
1999 – LG and Philips formed LG Philips LCD.
The company LG was a Top 100 global brand by 2005, and the company saw 14% brand growth in 2006. Then LG Display, its display manufacturing unit, became the world’s largest plasma panel manufacturer. LG Solar Energy is a business established in 2007 to allow LG Chem to supply polysilicon to LG Electronics for solar cell production.
LG company culture
The company believes that in order to conduct business ethically, a firm foundation of integrity must guide every word and action.
Our philosophy is known as “Jeong-do,” which translates to “the right way.” Based on creating value for customers, fair market practices, and respect for human dignity, it ensures proper treatment for every person and entity with whom we interact.
LG
A strong work-life balance
LGE offers a variety of initiatives to employees to help them maintain a work-life balance. At LG Electronics, they think that their employees’ happiness, both personally and professionally, contributes to good business success. And that work-life balance is an important part of LG company culture as well as keeping their employees happy.
As a result, LG Electronics makes several efforts to assist the employees in achieving work-life balance.
Here is the table of contents that provides insight into LG company’s progress on work-life balance situations. You can clearly see that the promises LG is making are quite worthy and showcase a good example of company culture.
Internally focused company culture
The LG company culture is driven more by internal factors than by external factors. Despite the significance of responding quickly to changing client wants, senior management openly conveys the importance of maintaining an ethical attitude while responding to market needs.
The corporation is dedicated to incorporating ethics and integrity into its business operations. The LG organization’s internally generated organizational culture has enabled it to use its ethical brand image as a strategy. It is to gain a significant competitive advantage over other enterprises.
Valued diversity
LG Electronics seeks to hire and retain individuals based purely on the quality of their skill, ambition, ideas, and outcomes, recognizing the importance of diverse perspectives in achieving success.
LG Electronics adopted and declared a nondiscrimination labor policy to facilitate an atmosphere in which employees with varied values and views may work together as a team.
Based on their company’s opinion that such a working environment leads to increased competitiveness, they are making every effort to create a working environment where social minorities are valued. And not exposed to discrimination or any inconvenience.
Vertical hierarchy and tall structure
The company is more closely associated with the disciplined work culture with vertical hierarchy and tall structure. It means that management retains decision-making authority and has direct control over employees’ work conduct.
Employees’ creative and inventive work behaviors are encouraged by paying them with various monetary and non-monetary incentives. But empowerment and autonomy are constrained due to businesses’ preference for tight work discipline.
However, in response to employees’ increased desire for empowerment, management has opted to transition from a centralized to a decentralized organizational structure gradually. This movement will shift some authority from the top to the bottom. Most likely it will result in a new balance between demanding and fluid structure in the organization.
There are many modern ways to involve employees in achieving company goals. We must admit that giving them power is one of the top ones.
The first LG products
Over the years, LG has manufactured a wide range of products, including home appliances, televisions, smartphones, and more.
Here is our list of some of the earliest products produced by the LG company.
Radios
LG’s first product was a radio, which the company produced in 1959. The radio was a simple AM receiver that was popular among consumers in Korea at the time.
Refrigerators
In the 1960s, LG started producing refrigerators. That quickly became a popular product in the Korean market. LG’s refrigerators were known for their durability and high-quality construction.
Televisions
LG started producing televisions in the 1960s as well. These early televisions were black and white, and they were very basic by modern standards. However, they were very popular in Korea and helped establish LG as a major consumer electronics brand.
Air conditioners
LG began producing air conditioners in the 1970s. These early air conditioners were large, heavy, and expensive, but they were popular in Korea due to the country’s hot and humid climate.
Washing machines
LG started producing washing machines in the 1980s. These early machines were designed for the Korean market, but they quickly gained popularity around the world due to their durability and advanced features.
Overall, LG’s early products focused on basic consumer appliances like radios, refrigerators, and televisions. However, the company quickly expanded into other markets. And today, LG is a major player in the global electronics industry, producing a wide range of innovative products.
Most popular LG products today
In contrast, here is our list of some of the most popular products today by the LG company.
LG’s OLED TVs
TVs are currently one of the most popular and well known products of LG. To many of us, that is the first association with the brand, especially if you do not know of the history. LG’s OLED TVs are ones that dominate the market currently.
They are known for their exceptional picture quality. These TVs are widely considered some of the best TVs on the market. They come in a range of sizes and price points. Which makes them a popular choice for consumers looking for a high-end viewing experience.
LG smartphones
Another popular product nowadays from LG are their smartphones. LG produces a range of smartphones. For many Android users, LG is a clear choice since their phones are truly practical and stylish.
That includes the LG Velvet and LG V60 ThinQ, which are known for their high-quality cameras, sleek design, and innovative features.
LG InstaView refrigerators
Right after that there are LG InstaView refrigerators. LG is dominating in some of the home and kitchen appliances as well.
These exact refrigerators feature a glass panel on the front which is very unique. That allows you to see inside without opening the door. They also come with a range of high-tech features, such as built-in cameras and voice control.
LG Gram laptops
And of course we cannot forget laptops, because LG is not lacking in that sector either! LG’s Gram laptops have ultra-lightweight design and long battery life.
They come in a range of sizes for every consumer’s personal preference. They know that laptops are good not only for work but also for games, for example. These exact laptops are popular among consumers who prioritize portability and performance.
LG Air purifiers
And last but not least, there are LG air purifiers. LG produces a range of air purifiers, including the LG PuriCare,. Those use a combination of HEPA and activated carbon filters to remove particles and bad odors from the air.
They are popular among LG consumers who suffer from allergies or live in areas with high levels of pollution.
These are just a few examples of LG’s popular products. But, as we’ve already mentioned, the company produces a wide range of other electronics and appliances as well.
In conclusion
LG has grown and evolved over the years, and still has managed to be between one of the most popular electronics brands out there. Maybe their secret has to do something with LG company culture. They certainly place a strong emphasis on work-life balance and internal factors, including ethics and integrity, diversity, and employee empowerment.
We hope this article was insightful and interesting to you!
Now you know the basics of LG company culture as well of its history and most popular products then and now.
We write company culture articles on top brands in the world. Make sure to check some of those out, like The Impact Apple Company Culture Has On Its Business Success or Google Company Culture.
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