LG Corp.: A Long History of Success & Challenges - Essay Sample

Introduction

LG Corporation is one of the largest and most successful corporations in South Korea (Sanchez,2016). It has a long history since its establishment and it has achieved a lot. On the other side, there are challenges that the corporation has faced on its way. However, despite those challenges, the corporation has managed to handle them and overcome them. The company has made partnerships with a different company, therefore, expanding its product and market at the same time. There is yet another impact caused by the government concerning the environment which has forced the corporation to opt-in building another headquarters in Hudson River, New Jersy. Since the company with its corporates produces several products ranging from plastic bags, toothpaste to electronics. The corporation products have been part of the products that have led to environmental pollution in different parts of the country where its products are manufactured and sold. Following a government directive, the corporation has decided to build a new headquarters somewhere else. As a member of the firm crisis consulting team, I have received the whole scenario and I must inform my entire team about the LG corporation scenario. After we are all conversant with the situation, we will be able to collectively contribute and provide the best constancy service that will help the LG Corporation in different ways. This paper, therefore, discusses the government's impact on LG Corporation to provide business project teams, communication, solution, and political influence concerning the corporation.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

Business Project Teams

LG Corporation as stated early is a successful company and has taken precautions that will help the company in case of a crisis like the one it is facing right now (Mehta, 2020). Based on the evolution of the internal resources, it is evident that the company is capable of handling the situation without any pressure. The company has enough funds that can be used to build another headquarter on time. It also has enough manpower which will help the company pick up its tasks quickly. Although the company is ready in any way to face the situation brought by the government, it has caused some damage to the corporation. First, the corporation has to relocate its headquarters which was not in the plan. This will waste time and resources that could have been used elsewhere to boost the company. Of course, the company will lose its strategic position again. This is where at first the company was suitable for its business purpose. Secondly, it will also lose its property. The premises where the first headquarters was will be lost. They will be forced to determine what to do with the premises which will now be deserted. Those are some of the effects that the company has faced following the decision by the government to shut its functions. The most important thing now is how the consultancy team can be engaged in this matter as fast as possible to offer a soft landing for that LG Corporation (Ling, Qu et al, 2017). As a team, all the members should be conversant with the whole scenario of the company as stated earlier that is the first step that would enable the whole team to engage inefficiently while going about its proceedings.

Communication

The action by the government that forced the LG Corporation to relocate has portrayed a different image of the company to the public. The environmental impact that the company is causing was not good according to the government. The government speaks on behalf of the public. They are the ones entrusted to protect the public from being exploited by companies in a way similar to the one the government is blaming on LG Corporation. Being a big company that has been in the manufacturing industry for many years and more so having its competitors, the decision by the government to shut its operations will make the public have a negative thought about the company. The public might think that the company does not adhere to environmental protection guidelines given and that might harm the company. The impact may come in different ways as influenced by the public. The company might lose some of its customers and therefore dropping its market. The shares of the company will also deteriorate affecting the company financially (Yuan, Ren, et al, 2017). Maintaining a good image to the public is important in any business and especially a big company like LG Corporation. To mitigate the impact that might be caused by the decision of the government to let the company build its headquarters elsewhere, the consultancy firm members need to come up with a strategy that will help the company maintain its good image in front of the public. The first step that the company needs to do is to respect the directive by the government something that on course already. The fact that the company agreed to adhere to the government's directive is a good sign of obedience and the public will be convinced that it is doing anything possible to adhere to any directive given by the government to conserve the environment. Another step that is recommended for the company is to try and rectify the issues that made the Government Issue the directive. The company should take measures to conserve the environment and inform the public that, once the public understands the efforts put by the company, they will maintain their trust in the company.

Solution

There are several solutions that the company can undertake based on the courses of actions by the government and their impacts. As stated earlier the company needs to put in place measures that protect the environment for the benefit of itself and the general public. By putting the measures in place, the company will no longer have problems with the government and more so will build trust in the public. The company also needs to take precautions for other similar issues so that it cannot find itself in a similar situation with the government. These actions will change the whole situation and provide the company with time to concentrate on its business rather than conflicting with the government. There will always be political challenges when it comes to environmental conservation, in every political arena, conservation of the environment and other negative impacts the similar companies bring to the world will always be addressed because that is their work. To stop any influence that could be made to affect the company based on politics the company can take the lead and meet the political leaders in the government to bring out the issue first so that they can reach into a consensus (Renzaee, Szend, et al, 2020). By taking the lead, it will create an advantage to the company to air its recommendations first before the government offers theirs. The administration will always govern companies because they have powers; the only way to outsmart them is by joining them. By considering these recommendations, LG and other companies will experience less of the problems that they are experiencing now.

Political Influence

To influence the government and government politics, any business should fight for representatives in the government who are either elected or appointed by law and therefore can defend businesses without intimidation. With representative who sits in parliament or any other place where laws are made, will offer corporates and companies like the LG a greater chance in influencing the government. The company only needs to utilize outside resources like the manpower or money to fight for their representation in politics. This might cost the company but it is worth a trial. If there was a representative for the company in government the issue would have been solved without causing damage to any of the two parties without causing any harm.

Conclusion

In conclusion, the whole scenario that affects LG corporates can only be handled in the way to save the company from loss and not for future considerations. However, different recommendations have been put in place that can help the company to avoid such a mess bit, for now, the recommendation that will work only concerns the company and not the government or the public. For now, since the decision has been made by the government he only choice that the company has is to adhere to the government's directions and salvage its image from being ruined by a small mistake.

Reference

Sánchez, L. G. (2016). Patent Valuation in High-technology Industry Company Based on a System Dynamic Framework (Doctoral dissertation, Universitat Politècnica de Catalunya. Escola Tècnica Superior d'Enginyeria Industrial de Barcelona).

Mehta, P. D. (2020). Green HRM-Initiative towards Environment Sustainability. Studies in Indian Place Names, 40(70), 1331-1335.

Ling Guo, L., Qu, Y., & Tseng, M. L. (2017). The interaction effects of environmental regulation and technological innovation on regional green growth performance. Journal of cleaner production, 162, 894-902.

Yuan, B., Ren, S., & Chen, X. (2017). Can environmental regulation promote the coordinated development of economy and environment in China’s manufacturing industry?–A panel data analysis of 28 sub-sectors. Journal of cleaner production, 149, 11-24.

Rezaee, Z., Szendi, J. Z., & Aggarwal, R. (2020). Corporate governance and accountability for environmental.