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Enhancing Efficiency and Innovation at LG Electronics

The document is a strategic management module submission by Subham Chakraborty discussing their company's practices around efficiency, quality, innovation, and responsiveness based on the chapter. The company pursues team building, training, financial incentives, clear roles, and other practices to improve efficiency. It focuses on quality engineers, risk management, and inspection to enhance quality. The document also discusses the company's lack of practices around product design outsourcing and virtual reality to increase innovation, and need to improve innovation to remain competitive.

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Subham Chakraborty
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106 views2 pages

Enhancing Efficiency and Innovation at LG Electronics

The document is a strategic management module submission by Subham Chakraborty discussing their company's practices around efficiency, quality, innovation, and responsiveness based on the chapter. The company pursues team building, training, financial incentives, clear roles, and other practices to improve efficiency. It focuses on quality engineers, risk management, and inspection to enhance quality. The document also discusses the company's lack of practices around product design outsourcing and virtual reality to increase innovation, and need to improve innovation to remain competitive.

Uploaded by

Subham Chakraborty
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Strategic Management

Module 4
Submitted By
Subham Chakraborty
PGDM SAP
2019-2021

1. Is your company pursuing any of the efficiency enhancing practices discussed in


this chapter?

Yes currently my company is using 7 ways to improve efficiency among team and
productivity and they are :
 Team building activities
 Training
 Listen to your employees
 Financial Incentives
 Delegation of Reponsibility
 Appropriate Management Style
 Define roles and task clearly

2. Is your company pursuing any of the quality enhancing practices discussed in this
chapter?

Yes my company is pursuing certain factors for quality enhanchment

 Hiring the right quality engineer


 Risk management
 IPC inspection
 TTC system
 First article approval

3. Is your company pursuing any of the practices designed to enhance innovation


discussed in this chapter?

Product design outsourcing, Virtual reality, robotics and automation, IOT technology are some
practices designed to enhance innovationin electronics manufacturing industry.
Strategic Management
Module 4
Submitted By
Subham Chakraborty
PGDM SAP
2019-2021

4. Is your company pursuing any of the practices designed to increase responsiveness to


customers discussed in this chapter?

* Be Genuine: Personalize the Conversation.

* Be Accountable: Don't Pass the Buck.

* Be Empathetic: Listen, Acknowledge, Validate & Apologize.


* Be Innovative: Provide Solutions.
5. Evaluate the competitive position of your company in the light of your answers to
questions 1–4. Explain what, if anything, the company needs to do to improve its
competitive position.

LG electronics is ahead of its competitors in terms of technologies, digital product growth


and market dominance. The company’s products are designed to make the customers life
more convenient and pleasant. In order to achieve this, LG has come up with state of the art
innovations. The development of technology is very important in the electronics industry and
therefore LG electronics ensures that innovation and technology of the organization are
managed effectively. With increased competition in technologies such as plasma and
projection, LG Electronics has to sharpen its innovative capacities if it is to remain
competitive in the market. To achieve its objectives in the market, LG electronics recruits
high talented and intelligent individuals.

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