Financial Daily from THE HINDU group of publications
Saturday, May 11, 2002
Financial Daily from THE HINDU group of publications Saturday, May 11, 2002 |
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Marketing
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New Products & Services Corporate - Outlook LG hopes to sell 2.5 lakh colour TVs before June-end Our Bureau
KOLKATA, May 10 LG Electronics India Ltd (LGEIL) hopes to achieve a turnover of Rs 2,700 crore in 2002, up from Rs 2,216 crore recorded in 2001. This year, 45 per cent of the turnover will accrue from sales of colour televisions (CTVs), according to Mr Chandramani Singh, Product Group Head (CTV) of LGEIL. Speaking to newspersons here on Friday, Mr Singh said LGEIL was the largest CTV brand with a 12 per cent share of the domestic market for CTVs. The idea is to increase market share to 17 per cent during the current calendar year. In unit terms, LGEIL is hopeful of selling 10 lakh CTVs during the year ending December 31,2002. In 2001, the company sold 6.5 lakh CTV units. As part of its initiatives towards garnering a larger market share, the company today launched a 20-inch `Soccer TV' that has been priced at Rs 11,990 in West Bengal and Rs 12,990 in the rest of the country. LGEIL hopes to cash in on the World Cup Soccer 2002 fever and sell a total of 2.5 lakh CTV units — of various models — in the months of May and June 2002. This will translate into Rs 443 crore in revenue terms. The company is hopeful of selling 50,000 CTV units in West Bengal alone by the end of June this year. An advertisement and media promotion budget of Rs 15 crore has been earmarked during the World Cup Soccer 2002 season. A promotional campaign will be launched on May 12, 2002 and continue till June 15, 2002. During the promotion period, the company shall give away 500 bumper prizes and four lakh assured gifts. Customers would be entitled to a prize with every purchase of CTVs. A total prize money of Rs 8 crore has been set aside. According to Mr Singh, LG currently has on offer about 40 CTV models. Of this, 12 models have been positioned in the economy segment while the rest are part of a range of top-of-the-line models.
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