LG has said the European market as critical to its global success, with the company describing the region as one that will make-or-break its international marketing strategy over the next couple of years.The comments from global chief executive Yong Nam comes as the vendor prepares to invest a further £75 million into its European marketing budget in preparation for a major push of its brand into the region.
The consumer electronics vendor, which celebrates its 50th anniversary this year, recently opened up a specialist European Design Centre, specifically to create products for the market.
Describing Europe as the 'ideal test bed' because of its diverse culture and highly competitive markets, Nam said: "The lessons LG learns about success and failure in its approach to the European market and consumers will determine how we adopt and implement such strategies in other regions worldwide."
Part of that will see the firm building upon its position as the number two vendor of flat screen televisions worldwide, with the firm hoping to see growth of ten to 15 per cent in the region by the end of the year, despite what it acknowledged as difficult trading conditions.
Source: Mad
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