Global electronics giant LG Electronics has announced plans to focus on its premium range of products, from smartphones to TV sets and refrigeratorsduring the peak holiday season as it works towards stamping its position in the market.
Among the premium products that LG will be focusing on are: the LG G2 smartphone, as well as maximizing 3G and mid-tier mass devices such as the L II Series and F Series under the mobile phone segment.
The new strategic direction that will be rolled out globally follows impressive results posted by the firm in the third quarter of 2013 in which it recorded US$12.51 billion in consolidated revenues. In recent months, LG Electronics has been ramping up its position in the smartphone market. During the third quarter of 2013, it shipped a total of 12 million smartphones.
The focus on premium products and mid-tier mass devices is expected to appeal to the Tanzanian market as LG increases its competitiveness and marketing investments.
At the same time, the global leader and technology innovator in consumer electronics, mobile communications and home appliances noted that increased research and development investments and weak global market conditions continue to impact the business.
However, the Air Conditioning and Energy Solutions division will continue to focus on growing its market share of non-seasonal products and higher margin products such as new commercial air conditioning system that will later this month be introduced to the Tanzanian market.
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