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LG targets rural markets for growth

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LG targets rural markets for growth

LG Electronics India Ltd (LGEIL) looking at semi-urban and rural markets as thrust areas in the coming year. Starting from Febaruary 14, the company plans to launch a series of 40 road shows in the four southern States targeting small towns.

The road shows will showcase the entire LG range of products and will cost Rs 3.5 lakh per town. The marketing initiatives will start from Madurai and Kannur simultaneously, and will span a period of 45 days.

According to company sources, the southern States have contributed 21 per cent to the company's annual turnover of Rs 2,216 crore in 2001. The company hopes that the region's contribution will increase to Rs 650 crore by the end 2002. Consumer electronics continues to be the driver for growth and is projected to contribute Rs 310 crore while home appliances is projected to contribute Rs 330 crore in 2002.

The company also plans to launch new products in the refrigerator and colour television categories as part of its marketing strategy this year. In the refrigerator segment, the company plans to launch 10 new models covering the entire range. The company recently launched six models of the new Dios (side by side) refrigerators targeted at the premium segment. These models are priced in the range of Rs 65,000 - Rs 1.8 lakh.

Source: Business Line


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