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PRODUCT and FEATURE BENEFITS
Brief Company description:
Beginning with LG Chemicals in 1947 and LG Electronics in 1958, LG currently consists of 47 affiliated companies in
four business fields: Chemicals & Energy, Electronics and Telecommunications, Finance, and Service with 300
worldwide offices and subsidiaries and 130,000 employees. Since establishing its first overseas manufacturing
subsidiary in the United States in 1982, LG has pursued international expansion and today is a global company with
regional headquarters in key locations around the world. LG is headquartered in Seoul, Korea. LG Electronics is the
largest company within the LG family, with revenues of $13 billion (US) and 64,000 employees working in 72
international subsidiaries. LG Electronics products are marketed in more than 180 countries. LG Electronics is
comprised of four separate companies: Digital Display & Media Company, Digital Appliance Company, Mobile Handsets
Company and Information & Communications Systems Company. The LG Electronics Digital Appliance Company (LGE
DAC) produces laundry products, refrigerators, microwave ovens, vacuum cleaners and air conditioning systems—the
Internet refrigerator falls into this category.
Product or created product solution:
The Internet refrigerator is much more than that of an additional monitor for your home computer; in fact, it is a fully
functioning, self-contained unit that is designed for the family that is continuously mobile and/or for the family that
gathers in the kitchen for socializing. The IR is a TV, audio player, Internet portal device, photo album, message
center, calendar, cook book, food-storage indicator, and has a self management system that indicates troubles. These
features, in addition to the ample storage space within the unit and the latest technological cooling specifics make this
the beginning of the future in home appliances.
Technical expertise needed:
Not too many technical details to remember if one is familiar with the technology in today’s world; however, it would
be appropriate to get to learn all the programs that operate on this system. One does need to have the newer and
improved cooling designs and properties in mind because they are important to some customers, and the product
itself.
Life Cycle:
This product is relatively new and on the cutting edge of home/computer integration—as far as appliances are
concerned. I would place the concept of the integration in the emerging stages of evolution.
Pricing:
The pricing may be a little far out of reach for the ordinary, middle-income household with the base price of $7,999.
Using a value-added strategy is a very good approach to use for this product—a product that is the way of the future
and the benefits obtained in this early stage will no less be the very ordinary benefits of what will be expected.
Feature Corresponding Benefit
LG Electronics has revenues over US$ 13 billion annually.
Customer has assurance and backing of large, successful
company.
The TV, Audio, and Internet capabilities are on-board
systems.
You can use existing connections to download video,
audio, recipes or to watch TV immediately; also saving
valuable counter space.
System has a built-in microphone and camera.
This incredible feature allows you to not only leave
complete voice messages, but also allows you to leave
photos. Other linked features include a calendar, photo
album and cookbook.
Unit contains a self-management system.
If any function appears to be out of sync, the self-
diagnostic function will detect this and display a read-out,
if necessary; saving you the guesswork!