LG and Samsung are worried about Nokia's price cut rumor

Rumor came out that, in order to get better position in the South Korean mobile phone market, Nokia is going to lower the price of its products. The news has irked LG and Samsung two of the top mobile phone producers of South Korea. With its lower priced mobile phone sets Finnish mobile giant, Nokia, is planning to acquire 20% of the South Korean mobile phone market. Phones Review reports:

LG told Reuters that they are “carefully watching” Espoo and will be keeping an eye on their tactical moves over the coming months. LG will also counter with “product portfolio” and “marketing strength.”

Nam Yong, chairman and CEO of LG Electronics has told reporters that unless it could turn out products which “differentiated” themselves from Nokia then price competition was “inevitable.”

To counter Nokia’s price cut, Yong said that LG would go on creating competitive products rather than going for “cheap prices.” Mr. Yong also said that his company will continue targeting the premium market and will movie into the low end market when it would feel that it has built its presence.

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