SDM Group Project

Industry: Consumer Durables – Electronics

Submitted to: Prof. Manoj Motiani

Submitted by: Group 01, Section ABCE

Group Members:
Trisha Kumar| 2019PGP447
Vishnu Kumar Das| 2019PGP473
Rashi Agrawal| 2016IPM082
Anshul Yadav| 2019PGP064
Sahil Bharti| 2019PGP551
Fareen|2019PGP144
Subhrodeep Das| 2019PGP422
Prem Darshan K| 2019PGP311
 TABLE OF CONTENTS

1. Industry analysis…………………………………….…………………………….…………………02

2. Distribution and sales study of LG………………………………………….………………..10

3. Existing sales management of company and functioning……….………………..11

4. Comparing with competitor…………………………………………….………………………13

5. Suggestions for improving the channel management…………………………….. 18

6. Reference…………………………………………………………………………………………………19

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Part A: INDUSTRY ANALYSIS

India is among the leading global manufacturers in the world. Indian electronic industry has
majorly benefitted from the economic liberalization of the 1980’s. Globalization, loosening of
restriction on import and exports and foreign investment has contributed to the growth. Most
of the expansion took place in the computers and the consumer markets. There was a
significant shift in the market from product promotion to product innovation. By the early
2000’s, there was an increase in the availability and affordability of consumer finance which
provided an impetus to the growth. But the penetration of high-end products still remained
slow. Despite the global economic slowdown in 2009, the Indian electronics industry showed
significant growth of around 10%. There was a significant achievement in the Indian market as
Indian companies like Videocon gained global popularity. People started buying high-end
aspirational products like AC’s, HD TV’s. In the following years, the growth was primarily driven
by the large, fast-growing domestic market, significant foreign investment and improving
regulatory policies.
The electronic industry consists of Consumer electronics, industrial electronics, strategic
electronics, electronic components and medical electronics. Consumer durables are expected
to witness higher demand in the rural market because of an increase in disposable income and
easy access to credit. Increased electrification of the rural areas will also play a significant role
in boosting the demand. Based on the type of product there are 3 categories-
1. Visual and audio appliances- TV, Laptop, Speakers
2. Major home appliances- Air conditioner, Refrigerator, Washing machines
3. Small home appliances- Food processor, Microwave Ovens, Iron
The consumer electronics market can also be split into two key segments- Brown goods
and White goods.

The Indian consumer industry consists of key players- Sony, Samsung, LG Electronics, Panasonic,
Philips, Haier Consumer Electronics Group, Bajaj Electricals, Logitech International, Onida
Electronics, Toshiba, Videocon, Hitachi, Ltd., Hisense, Blue star, Daikin

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MARKET ANALYSIS
India is one of the fastest-growing and a technology developing country has an increasing
amount of electronic penetration of about 30.8%. The Electronic industry consisted of 3 basic
product types- Visual and audio products, major home appliances and small home appliances.
Indian appliance and consumer electronics market stood at Rs 76,400 crore (US$ 10.93 billion)
in 2019. It is estimated to grow at a CAGR of 9% and is expected to reach Rs.3.15 trillion in
2022. Electronics hardware production in the country increased from Rs 1.90 trillion (US$ 31.13
billion) in FY14 to Rs 3.88 trillion (US$ 60.13 billion) in FY18. Demand for electronics hardware
in India is expected to reach US$ 400 billion by FY24. Consumer durable exports reached US$
362.12 million in 2018. Consumer electronics exports from India reached US$ 451.29 million in
FY19. As of FY18, washing machine, refrigerator and air conditioner market in India were
estimated around Rs 7,000 crore (US$ 1.09 billion), Rs 19,500 crore (US$ 3.03 billion) and Rs
20,000 crore (US$ 3.1 billion), respectively. Imports contributed 20 percent of the domestic
market for washing machines and refrigerators and around 30 percent for air conditioners in
FY18.

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KEY PRODUCTS

Color TV’s The largest contributor to this segment.

Projected to reach Rs. 862 billion in 2020.
Viewers reached around 835 mn.

Flat-panel display LCD/LED/Plasma has a huge opportunity with penetration of only 14%
Production has grown at a faster pace to 16 million units in FY18

Direct to home (DTH) Total subscribers at nearly 55 mn

Reliance Jio set to launch its broadband service JioFiber

Refrigerators 27% of the consumer appliances

Expected to reach Rs 344 trillion by 2022
Production to increase from 14.5 mn units to 27.5 mn units by 2024-25

Air conditioners ACs expected to increase from 30 mn units in 2017 to 55-124 mn by 2030
Daikin expects a 20% growth in sales and aims to become a Rs 5,000 crore
company in FY20

Washing appliances Production is expected to reach 12.6 mn units in 2024-25 from 7 mn units
in 2018-19.
Xerox Technology with IFB - supply of its water-saving washing machine

Electric fans In Rural market expected to reach 76-78% in 2020 to 65% in 2017
Domestic electric fan market increased at 13% CAGR to reach Rs 70 bn

KEY PLAYERS

The White good industry in India is highly concentrated with the top 5 companies occupying
most of the market share. Market share b top 5 companies in various categories are-
1. Washing machines and refrigerators- more than 75%
2. Air conditioners and Fans- 55-60%
3. Kitchen appliance- 30-35%

Company Product category

ACs, refrigerators, specialty cooling products including

mortuary chambers and cold storage

ACs and cooling equipment

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 Refrigerators, ACs, washing machines, microwave ovens,
DVD players, digital imaging products and audio-visual
products

ACs and refrigerators

TVs, audio-visual solutions, computers, mobile phones,

refrigerators, washing machines, microwave ovens,
vacuum cleaners, and ACs

LCDs, washing machines, DVD players, ACs, microwave

ovens, mobile phones, projectors, and display products

TVs, home theatre systems, DVD players, audio products,

personal care products, household products, computers,
and phones

TVs, home theatre systems, DVD players, mobile phones,

digital cameras, camcorders, refrigerators, ACs, washing
machines, microwave ovens, and computers

TVs, projectors, DVD players, audio systems, home theatre

systems, digital cameras, camcorders, computers, video-
gaming products, and recording media

TVs, DVD players, microwave ovens, refrigerators, washing

machines, ACs, and power backup solutions

Refrigerators, washing machines, microwave ovens, water

purifiers, and power backup solutions

PESTEL ANALYSIS

Political:
- There has been a reduction in customs duty on the import of TV panels. This will reduce
the cost of TV being manufactured.
- Localization and backward integration will increase and help in contributing more
towards Make-in-India.

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Economical:
- The rise in the per capita income of the household would lead to more people opting for
luxurious products.
- The electrification of the rural areas has contributed to the increase in the use of
consumer durables.
- Make in India would increase the jobs and will try to boost the economy. With this
initiative, the Government is hoping that 100 million jobs will be created by the end of
2022.
Socio-cultural:
- With half the world population below the age of 30 years, the consumers are more
leaned towards the buying of consumer durables that satisfy their needs.
- Increase in the living standard and more people moving towards the metro cities, has
led to new business startup which provides consumer durables on a rental basis.
Technological:
- The technological development in this segment has contributed to the low cost of the
products being manufactured.
- With the new invention coming through the years, people are more towards
experiencing new stuff.
Environmental:
- India has made it mandatory for manufacturing companies to control emissions from
climate-damaging refrigerants.
- Also, companies are tying up with energy-efficient manufacturers to produce more
environmentally friendly products.

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SWOT Analysis

Source: https://www.academia.edu/6016195/Consumer_Durables_Retailing_in_India
https://www.ibef.org/download/Consumer-Durables-January-2020.pdf
https://www.goldsteinresearch.com/report/india-appliances-market-analysis-forecast-to-2025

Porter’s Five Forces Analysis

Threat from New Entrants – LOW

1. A largely capital driven industry and it requires huge cost to set up manufacturing
capabilities.
2. Presence of established distribution networks by the existing players prevent new
players from foraying into this segment.
3. Technological improvements and continuous innovations in this industry prohibits new
entrants.

Threat from Substitutes – HIGH

1. Wide variety of substitutes available for the consumers increases the threat of
substitutes.
2. With continuous innovations, consumers shift to a better alternative.

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Bargaining Power of Suppliers – LOW

1. The product differentiation in this segment is very low

2. There is low freedom in deciding the price by changing inputs because the industry
operates on the principle of uniform pricing strategy. Price Differentiation is a far-cry.

Bargaining Power of Buyers – HIGH

1. The Large availability of informational avenues to the customer increases his bargaining
power.
2. The switching costs for the consumers are very less and they are always attracted to
new and innovative products. Innovation plays a crucial role in bridging the gap
between estimated and actual demand.
3. The Wide availability of distribution channels ensures that products are available to the
consumer’s at all possible places, which give them higher bargaining power. For
example, the online medium has increased the bargaining power of the buyers.

Competitive Rivalry - HIGH

1. The competitive rivalry is very high because this industry is characterized by high
innovations and constant upgradations with very little control over the pricing.
2. With less switching costs and higher bargaining power of the buyers, the competition
becomes intense with more options available for the consumers.

CURRENT TRENDS

1. Shared economy- Rentals of home appliances are becoming popular in urban areas.
People can avail of features like relocation and service maintenance easily. Start-ups like
Rentomojo, Furlenco, and Rentickle provide these services.
2. Growing luxury market- The shift in the people’s buying towards luxury things has been
increasing and is expected to grow at 40% per annum.
3. Increased affordability of products- Make in India campaign has led to many Indian
manufacturers to set up their plant. Also, man foreign brands are setting up their
manufacturing factories in India, which would lead to the reduced prices of the goods.
Also, leading consumer durable brands have started outsourcing their manufacturing to
the local manufacturers in India.
4. Digital marketing- Xiaomi recently has launched social media campaigns which helped
them in reducing the cost of the advertising campaigns and thus producing mobile
phones at a competitive price in the market. According to a report by techARC,
smartphone companies plan to spend Rs 300 crore on digital marketing at both mobile
and web platforms in India.
5. Occasion based marketing- The price of the goods during the festive seasons are
reduced so as to bring a sense of goodwill among the customers and also to build a
revenue during those times.
6. Energy-efficient- It has been mandatory by the Government of India to control the
emissions for the manufacturing companies. Companies also plan to use the
environment-friendly components and reduce the e-waste generated.
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GOVERNMENT INITIATIVES AND POLICY SUPPORT

- Custom duty relaxation- Custom duty to LED/LCD TV’s reduced to zero percent from
10%. Reduced custom duty on certain inputs like metals, wires, cables, compressor parts
will promote the production of consumer electronics.
- Encouragement to FDI- Single brand retail can have FDI up to 100% now from 51%
before. Also, the Government is increasing the multi-brand retail to 51%. Electronics
hardware manufacturing under the automatic route can have 100% FDI.
- EPCG, EHTP schemes- EPCG allows the import of capital goods on paying 3% customs
duty. EHTP provides benefits, such as duty waivers and tax incentives, to companies that
replace certain imports with local manufacturing.
- National Electronics Policy and Government Initiatives- Government launched a
Common Digital Platform for the issuance of electronics certificate of origin, for all
exports and agencies. (single access point)

RECENT INVESTMENTS

- Micromax plans to invest US$ 89.25 million by 2020 for transforming itself into a
consumer electronics company
- In February 2019, Haier announced an investment of Rs 3,000 crore (US$ 415.80 million)
as it aims a two-fold increase in its revenue by 2020.
- Oppo and Vivo, mobile phone makers, have decided to make the key components in
India in the next one year.
- Samsung will also start manufacturing mobile phone components from April 2020 in its
Noida facility, which is their largest mobile phone manufacturing plant in the world.
- Kent RO Systems Ltd has decided to invest around Rs.150 cr in December 2019, to set up
new manufacturing units over the net 3 years.
- Vivo to invest Rs 7,500 crore (US$ 1.07 billion) to expand its production capacity in India.
- In September 2019, Hero Electronix announced an investment of Rs 150-200 crore to
enter into consumer space with Qubo, a tech brand.
- In October 2019, Apple Inc. entered into an agreement with Maker Maxity mall, co-
owned by Reliance Industries to open its first company-owned iconic outlet in India.

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PART B: DISTRIBUTION AND SALES STUDY – LG ELECTRONICS INDIA

INTRODUCTION

Our group selected LG Electronics for our Distribution and Sales Management study. The overall
observation through this study was that the sales and distribution channels are mostly
consistent throughout the industry. Also as these are cumbersome goods, logistical ease
becomes a major factor in determining the flow of goods.

EXISTING DISTRIBUTION SYSTEM OF THE COMPANY

This distribution channel is relatively consistent across the nation. Also, it is very similar for
other consumer durables companies as well.

LG Manufacturing

LG has Manufacturing plants in multiple cities with its main facility in Greater NOIDA for
manufacturing of televisions, washing machines, air conditioners, etc. Local R&D holds
significant value for LG’s product development and manufacturing like its “golden eye”
technology and a unique air filtration system to filter out high levels of particulate matter in the
major cities of India. Moreover, the company has two separate product classifications, the
standard models and the premium models. LG has focused on reducing the price of its products
and rather creating different versions for rural and semi-urban markets. LG has assembly plants
as well at different locations across the nation.

Carrying and Forwarding Agents (CFA)/ Warehouse

LG typically has 1 CFA in each state or 2-3 company owned warehouses in each state. The
choice between the two differs depending on demand, geography and logistical connectivity of
the state. CFAs are responsible for keeping inventory of LG’s products and forwarding it to the
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distributor or direct dealer on their request. These are usually independent business partners
for LG. They do play a role in demand estimation for the company as they are responsible for
collecting the requirements and placing an order with LG. All the expenses till this point are
taken care of by LG itself. The people employed by the CFAs are not on LG’s payroll and are paid
by the CFAs themselves. LG just reimburses any costs incurred by the CFA. The CFAs are
compliant to manage the warehouses in accordance with National and International laws. Also,
these warehouses are required to follow all the company protocols, procedures and
requirements.

Distributor -> Sub Dealer/ Wholesaler-> Retailer Channel

The goods dispatched by the CFA or warehouse reach the distributor based on certain criteria.
Most often, the standard models follow this channel. This selection of goods is also based on
demand estimation and logistical considerations. The distributor is further responsible for their
dispatch to Sub-Dealers/ Wholesalers, who further dispatch to retailers.

Direct Dealer/ Wholesaler -> Direct Sales/ Retail Sales Channel

Often the premium goods are dispatched to the direct dealer. These operate own stores for
wholesale and retail purchases. They also stock for B2B direct selling as well. It’s worthy to
note here that, all sales representatives, whether at retail/ wholesale store or direct B2B sales
are LG’s own representatives.

For both the channels (post the CFA stage):

The incentive for all the channel partners (after CFA) is based on target achievement. They are
given certain billing targets and are required to meet a certain percentage of the billing target
to be eligible for the incentive. This threshold percentage varies for each market depending
primarily on its demand. These targets are monthly and quarterly both. The targets are also
revised on a seasonal basis for example, during festival season (Diwali) etc. All the finances are
taken care of by the channel partners (post the CFA stage). The company only usually provides
2-3% of the capital. The direct dealer and distributors are required to send their bills to LG via
email, and all of them have a single POC nationwide. The after sales services are also taken care
of by LG itself.

PART C & D: EXISTING SALES MANGEMENT SYSTEM OF THE COMPANY AND ITS FUNCTIONING

The company sales channels can be divided into two major segments namely direct sales
channels and indirect sales channels. LG electronics India has clocked a net sale of 15,924 Cr in
FY19. The hierarchy of the sales team consists of country sales manager, zonal sales manager,
Area sales manager and regional sales manager. Their sales targets are monitored daily and
reports are sent to LG for monitoring and feedback. The different components of sales
management and how they function are explained below.

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Direct Sales Channels

Direct sales channels here imply the sales channel which is directly owned and operated by the
company. There are two subdivisions of direct sales namely direct sales through company
operated stores and online sales channel. The company has not yet ventured into the Omni-
channel space and there is some news that it is planning to do so in near future.

Direct Sales

Direct sales include the sales by LG exclusive stores. These operate both on FOCO (franchise
owned company operated) and FOFO (Franchise owned franchise operated) model. There are
700+ LG exclusive stores spread all over India. These stores sell products across the range and
are operated based on industry leading standards. The demand forecasting is done locally by
the store manager and he places orders after consulting the area sales manager. The incentives
are based on target achievement and the thresholds for targets are revised basis local demand
estimation. This demand estimation is both on quarterly and yearly levels with special festive
targets (like Diwali). There is one single interface used all over India for billing and it can be
tracked on a daily basis.

Online Marketing

Online sales of LG electronics is focused on Third party e-commerce websites like amazon and
flip kart. LG India does not have a dedicated website for selling the products. The website offers
product specifications and also the address of the nearest LG exclusive stores. LG electronics
has a dedicated page in both of the leading e commerce websites in India and it is monitored by
the company for better visibility of their products and also helps them strategize the sales
during festive season. The incentives are based on per product basis and billing is also done real
time to track daily purchase behavior in these websites.

Indirect Sales Channel

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Indirect sales channel refers to the sales management which is not directly managed by the
company. This includes the company representatives’ route and the distributor route. The
majority of sales happen in the distributor route.

Distributor Models

This sales channel includes the sales in multi brand outlets and retail stores. The distributor is
the one managing the retailers and also stores inventory for distribution to the retail stores.
There are 2000+ retail and multiband outlets all over India. The inventory is held by the retail
stores till the sale is made and their incentives are based on targets. The demand forecasting is
managed by the local retailers and we saw some evidence of a bullwhip effect in this channel.
All the capital is employed by the channel partners and the company provides only 2-3% of the
capital. Every month Area Sales Manager visits the partners for inspection and feedback which
is monitored real time at the cluster level and country level. All the bills are passed via emails
and service requests can also be made online by these retailers if the customers are not
educated enough. Undercutting is very prevalent in LG electronics. There is provision for serial
numbers to monitor it and the company is making efforts to reduce it in near future.

Company Representatives

Company representatives scout for opportunities for bulk selling of the products from both
direct client sales and tender offers. This channel of sales is managed by the ASM directly and
constitutes a very small proportion of their sales. The number of sales is less but the per order
sale amount is high. In this channel incentives are based on monthly and yearly targets which
are revised based on the geography.

Inspections are done by the Area Sales Manager on a monthly basis to the channel partners. A
restructuring of the sales force or revision of the territory area is rare and happens once in
three to four years. The CFA is paid for his services but he has to maintain his own staff. The
warehouse dealers are supposed to pay in advance for the stock they want to keep. All the
finances have to be taken care of by the channel partners. The company only provides a part of
the capital (two or three percent). All the bills are passed via email.

PART E: COMPARISON WITH COMPETITOR

LG has the highest share of sales in home entertainment and home appliances as compared to
other operating segments which is continuously increasing each year due to demand and
trusted brand among customers. Home entertainment was 29.54% of the total net sales and
home appliances was 35.28% of the total net sales.

Philips is primarily focused on diagnostic & treatment, connected care and personal health. In
the personal health segment, domestic appliances contributed to 40% of the total sales of
personal health.

In 2019, LG Electronics Inc. (LG) declared sales revenues of KRW 62.3 trillion (USD 53.0) billion.
There was a strong demand for high-growth, category-creating products and superior home
appliances such as LG SIGNATURE. Due to increased disinvestment in marketing, research &
development, and future technologies; operating profits of KRW 2.44 trillion (USD 2.07 billion)
were strong again in 2019.Even though, it is 10 percent lower than 2018.
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LG has following operating segments:

The LG Home Appliance & Air Solution Company: In 2019, total revenues of KRW 21.52 trillion
(USD 18.29 billion) was reported which is 11 percent more than the previous year. Due to
healthy demand in Europe and North America, sales in this segment were high.

The LG Home Entertainment Company: In 2019, total revenues of KRW 16.15 trillion (USD 13.73
billion) which was relatively unchanged from 2018. Due to increased marketing cost, operating
income was 18.7 percent higher than 2018.

The LG Mobile Communications Company: In 2019, total revenues of KRW 5.97 trillion (USD
5.07 billion). Due to sluggish sales of smartphones in the market, sales were low. Also, there
was an operating loss of totaled KRW 1.01 trillion (USD 858.34 million) because marketing
expenses were increased to support flagship devices.

The LG Vehicle Component Solutions Company: In 2019, total revenues of KRW 5.47 trillion
(USD 4.65 billion) which is 27 percent more than 2018 and the highest annual sales in the
company’s history.

LG is anticipated to benefit from additional costs in this segment because it is expected that the
electronic vehicle market is going to expand in 2020 with the change in European
environmental regulations.

The LG Business Solutions Company: In 2019, total revenues of KRW 2.67 trillion (USD 2.27
billion). Operating income was KRW 246.8 billion (USD 209.8 million). The sales in this segment
remained since there is strong demand for premium digital displays and solar modules.

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Figure: Sales Revenue of different segments of LG; Source: Statista

The global revenue of LG Electronics amounted to around 55.76 billion U.S. dollars in 2018. In
the last decade, LG’s net sales remained relatively stable, staying almost consistently above 50
billion U.S. dollars.

LG has consistently remained stable over many years with new sales above 50 billion U.S.
dollars. In 2018, total revenue of LG Electronics was around 55.76 billion U.S. dollars globally.

Figure: Year-wise Revenue of LG; Source: LG Annual Report

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The total sales of Philips were 19482 million EUR in 2019 as compared to 18121 million EUR in
2018. There is 8%Nominal growth and 4.5% Comparable growth.

Philips has following operating segments:

Diagnosis & Treatment: 8,485million EUR was the total sales of diagnostics and treatment
which was earlier 7,726 million EUR in 2018. It has touched 10% Nominal growth and 5%
Comparable growth.

Connected Care: The total sales of connected care was 4,674 million EUR. It was 4,341 million
EUR in 2018. It has touched 8% Nominal growth and 3% Comparable growth.

Personal Health: 5,854million EUR was the total sales of personal health which was earlier
5,524 million EUR in 2018. It has touched 6%Nominal growth and 5%Comparable growth.

Other: 469million EUR was the total sales of others like innovation, IP royalties etc which was
earlier 530 million EUR in 2018.

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Figure: Sales Revenue of different segments of Philips

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Philips generated around 7.23 billion euros in sales in 2018 from its personal health segment.
Now, Koninklijke Philips N.V. is a company primarily focused on healthcare and medical
technology after spin-offs.

Figure: Year-wise revenue of Philips

PART F: SUGGESTIONS FOR IMPROVING THE CHANNEL MANAGEMENT

● In consumer durable market 10% is accounted for by brands, but the organized retailing
is only around 2% of the industry total. In India penetration of branded products is
increasing but these branded products are sold through unorganized channels. We
suggest that there is a need for a stronger distribution channel to penetrate deeper into
the market
● Better supply chains can help the industry to have a strategic advantage, in an efficient
supply chain every intermediary have the right information at the right time about the
movement of the products within the chain. Hence if all intermediary has the exact data
we can use analytics to predict the demand-based of historical data and follow the
principle of just in time, which can further help us to reduce the cost and build an
efficient supply chain.
● Problems like forward buying and undercutting should be tackled by the use of the
latest technologies like block chain. In a block chain - supply chain tracking becomes
much easier as product information can become much easier with the help of
embedded sensors and RFID tagging. The company can know all the history of the
product and know when it was bought by the retailer, at what price and price at which it
was sold. Also, we can track at which territory the product is sold thereby solving the
problem of undercutting also.

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 ● Multi-Channel Strategy should be adopted with a special focus on custom supply chains
by the channel that can provide higher benefits to the industry. Over the years the
customer expectations on service levels have increased and all the players are trying to
create differential supply chains, which are customized to cater to the needs of that
particular channel from product segment or service level perspective.

REFERENCES

Personnel Interviewed:

Mr. Raj Singh Rawat, LG CFA, Rajasthan

Mr. Sanjay, LG Direct Dealer, Jharkhand

Mr. Vijay Saha, Electronics Retailer, Hazaribagh, Jharkhand

Secondary Research:

https://www.goldsteinresearch.com/report/electronics-industry-in-india
https://www.ibef.org/exports/electronic-and-computer-software-industry-in-india.aspx
https://www.ibef.org/download/Consumer-Durables-January-2020.pdf
http://www.lgnewsroom.com/2019/01/lg-announces-2018-financial-results/
https://timesofindia.indiatimes.com/india/make-in-india-employment-generation-to-get-a-
boost/articleshow/60979303.cms
https://www.statista.com/statistics/220847/revenues-of-lg-electronics-since-2005/
https://www.statista.com/statistics/220847/revenues-of-lg-electronics-since-2005/
https://www.statista.com/statistics/496065/philips-sales-by-segment/
https://www.macrotrends.net/stocks/charts/PHG/koninklijke-philips/revenue
https://www.results.philips.com/
https://www.pwc.in/assets/pdfs/publications/2018/future-of-consumer-durables-and-
electronics-in-india.pdf
https://hackernoon.com/how-is-blockchain-disrupting-the-supply-chain-industry-f3a1c599daef
https://www.ibef.org/download/Consumer_Durables_10708.pdf
LG Annual Report
'LG Electronics: Global Strategy in Emerging Markets', Kanan Ramaswamy, Thunderbird School
of Global Management

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