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Case of Lg Group: Developing Tomorrows Global Leaders

In: Business and Management

Submitted By tamz888
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CASE OF LG GROUP: DEVELOPING TOMORROWS GLOBAL LEADERS
There is no company which is resistant to environmental changes, especially business environment. As the year comes by, new inventions or innovation will absolutely give impact on every type of business in the world. However, the causes of the impact, in other words, the root of the changes in the environment is not merely coming from company external territory; in most cases the impacts (either negative or positive) can come from external territory and internal territory of the company.
This written analysis focuses on the LG Group’s Chairman Koo who once stated and defined his vision for the LG group to develop and improve significantly and to be a leading company in its local market area (Korea) and the wider market scope, international market and increase its revenue significantly within 7 years period. This is known as “LEAP 2005”. Even though is not an easy task to do, he is much certain that the group can do that. He considers the past performance of the group and the major internal changes within the company will enable it to achieve what its chairman wants. The main key success, as the management agrees, lies on the future leaders of the group. There are several questions that arise as the result of the discussion between the management in relation with this key point, namely where and how to find these future leaders, what capabilities of competencies these leaders should possess how to develop these key competencies and so on.
ANALYSIS OF LG GROUP SITUATION
Briefly speaking on LG historical background, a common first impression on the company is that it has tremendous historical records in terms of business performance and business revenue. Citing the record, LG was established for the first time in 1947 as a small chemical company. As the time went by, there are expansions that the group has done.…...

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