Financial Daily from THE HINDU group of publications
Saturday, Sep 10, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 10, 2005 |
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Marketing
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New Products & Services LG eyes chunk of audio-video market with new models Our Bureau
A model at the launch of LG Electronics' `Next Gen Karaoke' system in the Capital on Friday. - Kamal Narang
New Delhi , Sept 9 HAVING consolidated its market share in the consumer durables market, LG Electronics India is now looking to up the ante in the audio/home entertainment space as well. The company has increased its line-up in the audio market to 17 models and is targeting to increase its share in the segment to 13 per cent in 2005 and 20 per cent by next year. LG's marketshare in the audio segment was about 8 per cent in 2004, Mr Girish Bapat, Vice-President - Marketing, LG Electronics India, said. The product line-up will further increase to 21 models by next year. The company today announced the launch of its `Next Gen Karaoke System' (NKS) in order to tap new areas in the category. Mr Moon B. Shin, Deputy Managing Director of LG Electronics India said that the company aims to capture a significant proportion of the market through the sales of the karaoke system. The system comes with two DVDs containing software with a data of 1,800 songs in Hindi and English, which also provides scrolling lyrics of the songs. The system is equipped with wireless speaker systems and would be available in four variants. LG also plans to up the local content in its audio products as volumes increase. Meanwhile, with the festive season around the corner, the company said that it has set a turnover target of Rs 9,000 crore in 2005 against last year's Rs 6,500 crore. "Given the market conditions our target of achieving Rs 9,000 crore turnover in 2005 is highly optimistic. Growth in the home appliances and consumer goods sector has been extremely low in the first few months of the year. We are hoping that sales will go up during the festival season and our revenues will improve," Mr Shin said.
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