Benchmarking as a Tool

BENCHMARKING

INTRODUCTION

This paper seeks to look at performance evaluation tools and relevant implementation to LG electronics. This paper looks at objectives and justification of the criterion selected, the strategy for its implementation and factors such as training schemes, feedbacks and monitoring the system is discussed. It culminates with likely barriers and conclusion.

Preamble

Change as widely believed is the constant thing in life. Change is inevitable in the light of the demands it brings on people, countries and corporation.

Ezzamel et al (1995) cited by Broadbent M (1999) considered three major themes that have provided the momentum for organisational change. He classified them as; governmental, technological and managerial. The latter has gone hand in hand with the adoption of managerial techniques and evaluation tools in order to strategically place organisations on the right path towards continuous improvement and change

Established in 1958, LG Electronics, Inc. is a global leader and technological innovator of consumer electronics, home appliances, and mobile communications, employing more than 82,000 people in over 110 operations, including 81 subsidiaries around the world. Comprising four business divisions — Mobile Communications, Digital Appliance, Digital Display, and Digital Media — and with global sales of USD 38.5 billion* in 2006, LG Electronics is the world's leading producer of CDMA/GSM handsets, air conditioners, front-loading washing machines, optical storage products, DVD players, flat panel TVs and home theatre systems.

LG Electronics' efforts continue to enhance the global presence of the LG brand and maximize profitable growth. In particular, LG Electronics will be focusing on achieving profitable and sustainable growth in the mobile communications and digital display sectors to strengthen its leadership in the IT industry, while at the same time increasing its market share in the home appliance and digital media...