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| LG Group Chairman Koo Kwang-mo, second from right, checks the transition to organic light-emitting diode (OLED) display panels at LG Electronics' research institute at LG Digital Park in Pyeongtaek, Gyeonggi Province in this provided photo. Courtesy of LG Group |
By Kim Bo-eun
LG Group Chairman Koo Kwang-mo emphasized customer value at a meeting with the top executives of the group's affiliates, the conglomerate said Friday. Koo has continued to stress customer value since taking the leadership position of the group in June 2018, at the age of 40, after the late Chairman Koo Bon-moo passed away.
At Thursday's virtual meeting, Koo discussed with the group's 30 affiliate chiefs ways of addressing customer complaints. LG Electronics and the telecom affiliate LG Uplus are using social media and other online channels to get feedback about customer "pain points," which refer to problems that customers experience.
"There were forecasts that competition among businesses for survival would intensify following the outbreak of the COVID-19 pandemic, so it is important and urgent for us to continue our focus on customer value-based management so as to upgrade our competitiveness," Koo was cited as saying in the meeting.
"In order to do so, the goal of our businesses should stem from customer value. Now is the time to think more about what to create and how to innovate based on customer value, ahead of financial goals."
He said that achievements such as revenue and market share materialize after such efforts.
The executives of the affiliates also discussed the need to speed up the digital transformation based on artificial intelligence and data and to find business opportunities in new digital technology sectors. In addition, they addressed the need to strengthen the group's capabilities in reducing carbon emissions, such as through the use of eco-friendly materials and production processes.
The executives also spoke about dealing with supply chain risks that continue to arise amid the extended COVID-19 pandemic, as well as how to deal with the world economy's slowed growth, and potentially fiercer competition among businesses due to the deterioration of their cost structures.
Koo continues to keep a low profile, while he rarely makes public remarks. The young chairman has strategically scouted experts to assume management positions at key affiliates, as he builds his experience in managing Korea's fourth-largest group.
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