What are Mission Vision & Core Values of LG Electronics Company?

The LG Electronics Mission centers on global innovation and enhancing customer lives. It's a concise statement, yet it encapsulates the company's core drive. This mission guides all aspects of the company's operations, from product development to market strategy.

LG's target audience is broad, focusing on consumers worldwide. The company aims to provide value through a diverse range of products, including TVs, home appliances, and mobile devices. The market scope is undeniably global, reflecting LG's ambition.

LG offers a wide array of products and services designed to bring added value. This includes innovative technologies like AI-powered fabric care and energy-efficient appliances. This commitment is crucial to achieving its LG Business Goals.

The unique value proposition of LG lies in its dedication to "creating a better life with our customers." This is achieved through continuous innovation. This customer-centric approach is a cornerstone of the LG Corporate Philosophy.

LG's mission is evident in its product development. For instance, its 2025 OLED TVs are eco-certified, demonstrating a commitment to sustainability. This focus on environmental impact showcases how LG's mission extends to societal well-being.

The mission is strongly customer-centric, with a focus on improving customer lives. It is also innovation-focused, driven by the development of new technologies and solutions. This is a key element of the LG Company Strategy.

LG's 'Future Vision 2030' is a forward-looking statement that outlines the company's aspirations. The goal is to evolve beyond its traditional consumer electronics and appliance focus. This involves creating integrated solutions that enhance customer experiences across various environments.

The core of LG's vision centers on moving from a device-centric business model to one that offers comprehensive solutions. This strategic shift aims to provide seamless and interconnected experiences. This approach is designed to cater to the evolving needs of consumers and businesses alike.

LG's vision encompasses a broad spectrum of environments. This includes homes, commercial spaces, mobility solutions, and virtual realms. By integrating its technologies across these areas, LG aims to create a cohesive and enhanced user experience.

The feasibility of LG's vision is supported by its current trajectory and market position. The company's financial performance, including record revenue of KRW 87.73 trillion (approximately USD 66.7 billion) in 2024, indicates a strong foundation for future growth. LG's strategic investments and focus on high-growth B2B sectors further solidify its commitment to achieving its goals.

LG's strategic pivot towards the B2B sector is a critical component of its vision. The company aims to increase the B2B share to 45% by 2030, with projected B2B sales exceeding USD 14.6 billion in 2025. This focus on sectors like automotive components and HVAC systems will be instrumental in driving the company's transformation.

LG's commitment to investing over KRW 50 trillion by 2030 underscores its dedication to portfolio transformation and qualitative growth. These investments will support the development of cutting-edge technologies and solutions. This will help LG achieve its vision of becoming a 'Smart Life Solution Company'.

LG's vision of becoming a 'Smart Life Solution Company' is supported by its focus on non-hardware business models, such as subscription services and webOS-based advertising and content. This diversification enhances customer engagement and creates recurring revenue streams.

LG's mission of developing new innovations and its vision of providing smart life solutions are directly supported by significant investments in R&D. This focus drives advancements in areas like AI, robotics, and next-generation computing.

LG's core values are reflected in its strong commitment to sustainability, influencing product development and business practices. This commitment shapes market expansion as consumers increasingly prioritize sustainable options.

CEO William Cho emphasizes connecting mission, vision, and goals with 'a relentless focus on execution.' This leadership perspective highlights how the mission and vision shape day-to-day operations by prioritizing customer value and long-term planning by driving strategic investments and portfolio transformation.

In 2024, revenue from home appliance subscriptions surged by over 75%, nearing KRW 2 trillion. The webOS-based advertising and content business also surpassed KRW 1 trillion in annual revenue in 2024.

LG aims to achieve carbon neutrality by 2030 and transition to 100% renewable energy by 2050. They are committed to increasing recycled plastic use to 50% by 2025.

Leadership plays a pivotal role in reinforcing LG’s guiding principles. CEO William Cho's 'Future Vision 2030' is LG's long-term goal to transform into a 'Smart Life Solution Company'.

He has emphasized the importance of navigating uncertainties and exploring growth opportunities, demonstrating a top-down commitment to the company's LG Corporate Philosophy.

LG ensures consistent communication of its LG Electronics Core Values across all stakeholder touchpoints. The brand promise of 'Life's Good' is unified globally, ensuring consistent messaging.

This includes integration into marketing, ESG (Environmental, Social, and Governance), and CSR (Corporate Social Responsibility) activities, reinforcing the underlying values and philosophy.

LG demonstrates its commitment to environmental responsibility through concrete actions. For instance, LG OLED TVs for 2025 have received eco-certifications for sustainable design and reduced carbon footprint.

The company plans to increase its use of recycled plastic in TV production to 50% in 2025, up from approximately 30% in 2024. Furthermore, LG's 'Life's Good Deeds' initiative in Singapore, working with local non-profit organizations to uplift communities and champion environmental sustainability, provides tangible evidence of their social responsibility and commitment to a 'Better Life for All.'

LG utilizes formal programs and systems to ensure alignment with its mission and vision. Large-scale IT investments are being made to establish digital transformation (DX) across the entire organization.

Building a 'Next-generation Enterprise Resource Planning (N-ERP)' system to seamlessly integrate business processes and systems supports the efficient implementation of their LG Business Goals. Additionally, LG has established six strategic tasks for ESG management, focusing on '3Cs' for the planet (carbon neutrality, circularity, and clean technology) and '3Ds' for people (design for all, decent workplace, and diversity & inclusion), which are formal frameworks for ensuring alignment with their values. To understand the target market of LG Electronics, consider reading the article Target Market of LG Electronics.