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LG Announcing Buy Back Offer Soon
Techtree News Staff, Feb 05, 2007 1709 hrs ISTReportedly, LG Electronics is soon announcing a scheme to ensure that consumers upgrade to higher end durables at a faster pace.
Reportedly, LG Electronics is soon announcing a scheme to ensure that consumers upgrade to higher end durables at a faster pace.
Under this initiative, which is called 'LG First', the company will launch a buyback offer on existing durable products from households. And after assessing the value of the pre-owned product, LG will issue a coupon that can be redeemed on any of the company's products.
According to LG, this initiative would help the company in developing brand loyalty, and in inducing consumers upgrade to high-end products, thus increasing market share.
Speaking on the occasion, Sandeep Tiwari, Head of Marketing, LG Electronics, said that in future, the durable and electronics market would be driven by innovative products like LCDs, Plasmas, Split Air Conditioners, and Frost Free Refrigerators. And, according to their survey, almost 10 percent people owning electronic goods are reluctant to change old products. The company has, therefore, created a channel to prompt the customers to upgrade immediately, and move up the value chain.
Through this program, the company is not only eyeing new customers, but also professionals who migrate or are transferred from one place to another.
Tiwari added that on an average, LG enjoys about 30 percent market share across all product categories. This program will help in boosting sales of high end products, and in retaining customers who might upgrade in the next 3 to 4 years.
Under this program, customers will have to contact the LG First call center when they intend to upgrade existing products.
The company has inked a deal with preferred dealers, and will be offering additional incentives like warranty extension and discount on annual maintenance contracts to attract non LG customers. The program will be initially implemented in the National Capital Region (NCR), moving on from there to the top ten cities.
Under this initiative, which is called 'LG First', the company will launch a buyback offer on existing durable products from households. And after assessing the value of the pre-owned product, LG will issue a coupon that can be redeemed on any of the company's products.
According to LG, this initiative would help the company in developing brand loyalty, and in inducing consumers upgrade to high-end products, thus increasing market share.
Speaking on the occasion, Sandeep Tiwari, Head of Marketing, LG Electronics, said that in future, the durable and electronics market would be driven by innovative products like LCDs, Plasmas, Split Air Conditioners, and Frost Free Refrigerators. And, according to their survey, almost 10 percent people owning electronic goods are reluctant to change old products. The company has, therefore, created a channel to prompt the customers to upgrade immediately, and move up the value chain.
Through this program, the company is not only eyeing new customers, but also professionals who migrate or are transferred from one place to another.
Tiwari added that on an average, LG enjoys about 30 percent market share across all product categories. This program will help in boosting sales of high end products, and in retaining customers who might upgrade in the next 3 to 4 years.
Under this program, customers will have to contact the LG First call center when they intend to upgrade existing products.
The company has inked a deal with preferred dealers, and will be offering additional incentives like warranty extension and discount on annual maintenance contracts to attract non LG customers. The program will be initially implemented in the National Capital Region (NCR), moving on from there to the top ten cities.
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(8) Comments
shyam gokarn
,mumbai, India, on Jun 18, 2007 01:48 PM
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Pavan
,Newark, on Aug 10, 2008 04:31 AM
vijay
,Bangalore, on Jun 19, 2007 11:44 AM
Sharad Garg
,Jaipur, on Jun 14, 2007 09:15 PM
Emily Wong
,Billerica, MA-US, on Apr 26, 2007 10:38 PM
SUBHASH DE
,KOLKATA,W.BENGAL,INDIA, on Feb 07, 2007 09:00 AM
Guruvansh Singh
,Delhi, on Feb 06, 2007 10:37 AM
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