08 January 2003
LG Electronics, has announced it has recorded a 23% share of the worldwide market for microwave ovens in 2002 making it the world’s leading supplier.
The Korean giant achieved the number one spot with sales of over 12.1m microwave ovens over the year according to a report from the independent Fuji Research Institute Corporation.
“One in four microwave ovens used in the world are made by LG Electronics,” said Mr. M. B. Shin, President, LG Electronics’ Middle East and Africa Operations. “LG succeeded in gaining the number one slot by relentless attention to regional markets and product innovations like the combination toaster/microwave oven which has proved very popular in this region.”
Shin explained that LG conducts regional research and customer surveys to develop new products that suit the preferences of each country market.
LG boosted brand preference by varying the types of door, uses, appearance, colour and material used for manufacturing microwave ovens dependant on regional design preferences. This multiple-design strategy was one of LG’s success drivers in becoming global market leader.
“As an example, LG determined that consumers in Latin American countries prefer circular and voluminous ovens whereas Americans prefer a hard rectangular shape,” said Shin.
In addition, LG introduced a ‘One-Touch’ feature to ensure customers could use a pre-programmed menu on LG microwaves.
“Various menus were created following a study of food preferences by region and country,” explained Shin.
“So the one-touch menu options in Mexico suit Mexican food preferences and similarly, the one-touch menu options in Saudi Arabia suit food preferences in the Kingdom.”
Recent innovations from LG have been its toaster/microwave combination oven and the SolarDOM light oven that cooks food up to three-times faster than conventional ovens by using a halogen heater.
“SoloarDOM has proved a massive hit in its European test markets,” said Shin. “This has been mainly due to the innovative use of light, resulting in faster cooking times and the reduction of energy consumption.
“This new oven will soon be launched in the Middle East.”
LG Electronics is now the leading global brand in microwave ovens, air-conditioners, plasma display panels, CRT monitors and optical storage devices.
“LG’s policy of continual product innovation and aggressive marketing will ensure we retain these number one slots and add other product categories to the list,” said Shin.
-Ends-
For further information: Barbara Saunders/Jonathan MacPherson, MCS/Action, PO Box 20970, Dubai, United Arab Emirates. Tel: +9714 3902960; fax: +9714 3908161. Email: barbara@mcsaction.com or jonathan@mcsaction.com
LG Electronics, has announced it has recorded a 23% share of the worldwide market for microwave ovens in 2002 making it the world’s leading supplier.
The Korean giant achieved the number one spot with sales of over 12.1m microwave ovens over the year according to a report from the independent Fuji Research Institute Corporation.
“One in four microwave ovens used in the world are made by LG Electronics,” said Mr. M. B. Shin, President, LG Electronics’ Middle East and Africa Operations. “LG succeeded in gaining the number one slot by relentless attention to regional markets and product innovations like the combination toaster/microwave oven which has proved very popular in this region.”
Shin explained that LG conducts regional research and customer surveys to develop new products that suit the preferences of each country market.
LG boosted brand preference by varying the types of door, uses, appearance, colour and material used for manufacturing microwave ovens dependant on regional design preferences. This multiple-design strategy was one of LG’s success drivers in becoming global market leader.
“As an example, LG determined that consumers in Latin American countries prefer circular and voluminous ovens whereas Americans prefer a hard rectangular shape,” said Shin.
In addition, LG introduced a ‘One-Touch’ feature to ensure customers could use a pre-programmed menu on LG microwaves.
“Various menus were created following a study of food preferences by region and country,” explained Shin.
“So the one-touch menu options in Mexico suit Mexican food preferences and similarly, the one-touch menu options in Saudi Arabia suit food preferences in the Kingdom.”
Recent innovations from LG have been its toaster/microwave combination oven and the SolarDOM light oven that cooks food up to three-times faster than conventional ovens by using a halogen heater.
“SoloarDOM has proved a massive hit in its European test markets,” said Shin. “This has been mainly due to the innovative use of light, resulting in faster cooking times and the reduction of energy consumption.
“This new oven will soon be launched in the Middle East.”
LG Electronics is now the leading global brand in microwave ovens, air-conditioners, plasma display panels, CRT monitors and optical storage devices.
“LG’s policy of continual product innovation and aggressive marketing will ensure we retain these number one slots and add other product categories to the list,” said Shin.
-Ends-
For further information: Barbara Saunders/Jonathan MacPherson, MCS/Action, PO Box 20970, Dubai, United Arab Emirates. Tel: +9714 3902960; fax: +9714 3908161. Email: barbara@mcsaction.com or jonathan@mcsaction.com
© Press Release 2003
