IRKOM Brief

To keep their winning streak going in the face of competitive pressure from both market leaders and Chinese companies, Korean companies need to further enhance the strengths of the Korean management system and advance their global management styles. To this end, this project aims to develop management practices by analyzing in depth how LG Group has successfully transformed itself from a latecomer to a frontrunner in the global market by outrunning industry leaders and establishing LG as a global premium brand. We intend to do this by focusing on two of LG Group’s flagship businesses – LG Energy Solution's battery business and LG Electronics' washing machine business. We will adopt two strategies for the implementation of this project. First, we will derive a conceptual model to analyze the success factors of the two businesses through a literature review on catch-up strategy theories and research. Second, we will systematically examine the characteristics of the two businesses and the global competitive environment by collecting secondary data and conducting expert interviews, and then analyze their historical development process in depth and concretize their success factors based on the results. From an academic perspective, this project will contribute to the development of theories on latecomers’ catch-up strategies in the global market. From operational and educational perspectives, it will also contribute to efforts to provide directions for the continuous development of Korean business management, broaden the understanding of Korean management among students and executives, and disseminate real-life management knowledge by developing success stories of leading Korean companies in global management.