International Business Strategy - Case study Essay

International Business Strategy - Case study - Essay Example Initially, when LG penetrated developed markets, it faced setbacks from advanced technologies, designs, and highly competitive market structure. With a not-so stable corporate infrastructure, LG had to forego the challenge and established itself in emerging markets. Today, LG is one of the largest consumer electronics companies in the world. With established financing backup, highly advanced R&D technologies and designs, and a well-defined business strategy, it can breach any market that it wanted to in the world and compete with global giants. This has been accomplished through a distinct pattern of approach to market entry.When LG enters a market it first identifies supportive infrastructure, like government policies, consumer perception and tries to eradicate adverse factors such as monopoly, intellectual property rights, which it had done in the case of Brazil. Once the company has established a base, it starts to educate its consumers and introduce products. Sometimes products a re customised and developed to cater to niche local needs like in India LG developed a cricket TV to cater to the nation's love for the game. Similarly, in Russia, LG relied on the localization of products and sponsorship for events to get noticed. This has been a major turning point for securing the Russian market. In China, it has adopted the similar strategy to Brazil and India, with the added strategy of using around 98 per cent of local manpower to both secure its resources as well as appeal to their loyalty.