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LG Electronics to Target Premium Phone Market with Price Competitiveness
Lowering Prices
LG Electronics to Target Premium Phone Market with Price Competitiveness
  • By Cho Jin-young
  • September 11, 2017, 08:30
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LG Electronics has set the price of the V30 at some 900,000 won (US$798), much lower than those of its competitive premium phones of Samsung and Apple. (photo courtesy: LG Electronics)
LG Electronics has set the price of the V30 at some 900,000 won (US$798), much lower than those of its competitive premium phones of Samsung and Apple. (photo courtesy: LG Electronics)

 

As LG Electronics has set the price of the V30 at some 900,000 won (US$798), the company will target the premium smartphone market with price discrimination strategy in the second half of the year. The new products of Samsung and Apple far surpass over 1 million won (US$887). All eyes are on whether LG’s pricing policy can positively affect purchasing decision.

According to mobile communication industry sources on September 10, LG Electronics confirmed the price of the V30 with 64GB of storage at 949,300 won (US$842) and the V30 Plus with 128GB of storage at 998,800 won (US$885).

The V30 was expected to be equipped with the latest application processor and OLED display panel and sell for some 900,000 won (US$798). The V30 Plus was also expected to sell for over 1 million won (US$886). However, LG Electronics decided to lower the price of the V30 in order to attract the maximum demand by securing the price competitiveness. The company’s V30 strategic smartphones in the second half will determine the fate of its smartphone business. With continuous favorable reviews from foreign media, LG decided to maintain the current trend.

LG Electronics’ V30 pricing is contrary to Samsung Electronics’ Galaxy Note 8 pricing. Samsung set the price of the Galaxy Note 8 at 1.09 million won (US$970), the highest in history. The company was planning to sell the Galaxy Note 8 for less than 1 million won (US$886) but changed the plan later. Accordingly, the price difference of Samsung and LG strategic smartphones are now widened to 145,200 won (US$129).

Apple’s new models to be revealed next week are expected to sell for up to some 1.3 million won (US$1,151). The new iPhone will be officially released in South Korea on the 21st, which is the same with the LG V30. The Galaxy Note 8, which was unveiled a week earlier than the V30, began pre-selling on the 8th before the V30. The LG V30 will start pre-selling on September 14.