LG Electronics, has announced a new marketing initiative to ensure its home appliance business rakes in $14 billion in global sales by 2007 to become the “world’s largest” appliance manufacturer. LG’s new strategy aims to focus on the premium segment of the market that fetches greater margins as opposed to volumes. The company claims this will benefit its consumers, channel partners and stakeholders as it focuses on products that drive rapid growth and lead in their brand category to create value for customers. Market studies indicate the demand for luxury consumer goods in the Middle East is burgeoning as a result of the high per capita income and quality savvy consumers with increased purchasing power. “To keep pace with our growth, we now need to fine tune our marketing strategy and focus on premium products,” said David Park, vice president and head of overseas sales and marketing, LG Digital Appliance Company.