Adaptability and Innovation!!
South Korea transformed into a technology-savvy nation through strategic investments in education, infrastructure, and innovation. Post-Korean War, it prioritized education, reducing illiteracy from 78% to 4% within a decade.
For example, LG Electronics began as a cosmetic company, Luk- Hui, with its first product, the Lucky Facial Cream, launched in 1947. This cream was pivotal in establishing the brand, which later expanded into various sectors, including electronics and household goods. Over the years, LG evolved into a global leader in the tech industry & electronic goods.
In 1958, the company expanded into electronics under the name Goldstar. By 1983, it merged the two brands into "Lucky Goldstar." To enhance its global presence and simplify branding, it rebranded to "LG" in 1995, which is also associated with the slogan "Life's Good.
South Korea's industrial strategy significantly influenced LG's evolution into a global company. The government's focus on export-driven growth and technology development provided a supportive environment for LG's expansion. Policies encouraged innovation and infrastructure development, allowing LG to invest in research and development, particularly in electronics and chemicals.
Today, LG is a major global technology leader with operations in electronics, chemicals, and telecommunications
LG's ability to adapt to market changes and invest in new technologies, such as AI and eco-friendly products, has kept it competitive and relevant in the global market. This is lessons to be learned by every leader. The world is changing very fast.
#adaptability #innovation
