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Channel IQ Helps LG Electronics USA Automate MAP Policy Management
Channel Intelligence Solution Serves Authorized Retailers, Consumers and Helps Protect Brand Integrity
via Business Wire
September 20, 2011
CHICAGO, Sep 20, 2011 (BUSINESS WIRE) -- Channel IQ, the leading provider of online advertised pricing intelligence and channel management solutions, announced today that LG Electronics USA has selected Channel IQ to manage its minimum advertised price (MAP) policy for its U.S. online sales channels. LG said it chose Channel IQ's platform for its ability to automate the labor-intensive price monitoring and communication processes consistently, accurately and instantly with channel partners while saving the manufacturer critical time and resources.
A MAP policy is an integral component of a manufacturer's strategic dealer program covering the sales of a product line where advertising guidelines are used to help maintain a brand's positioning and value in the marketplace. While many manufacturers collect price monitoring information internally or from third parties, the data is often delayed, depriving manufacturers of necessary online pricing visibility. This visibility is required in order to spot unauthorized discounting in advertisements, grey market sales and even counterfeiting. Channel IQ gives manufacturers unprecedented visibility into who is selling their products online and at what price, providing actionable intelligence for manufacturers to manage optimal advertising and promotional programs for their sales channels.
"LG chose Channel IQ's automated online solutions to support our authorized dealers for home appliances and home entertainment products," said James Fishler, senior vice president, go-to-market operations, LG Electronics USA. "Based on LG's growth online and at traditional retail locations, as well as the continued growth of Internet sales by other leading brands of consumer electronics, it's important to deliver a consistent LG experience across channels so that what consumers experience online is similar to what they find when they physically go into a store. We wanted to make sure LG was using the best channel intelligence solution available to help protect the integrity and premium positioning of the LG brand."
"Manufacturers and retailers have a major challenge in trying to uphold the integrity of their products and services," said Wes Shepherd, founder and CEO at Channel IQ. "Responsible manufacturers can maintain a trusted relationship with their retailers by staying on top of what's happening in the marketplace and assuring that their channel partners benefit from policy compliance. We're thrilled to work with a global leader like LG to ensure a consistent consumer experience online."
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $48 billion global force and technology leader in consumer electronics, home appliances and mobile communications. In the United States, LG Electronics sells a range of stylish and innovative home entertainment products, mobile phones, home appliances, commercial displays, air conditioning systems and solar energy solutions, all under LG's "Life's Good" marketing theme. For more information, please visit www.lg.com .
About Channel IQ
Channel IQ is the leading provider of online retail intelligence solutions to manufacturers, distributors and retailers. Channel IQ provides real-time, online promotion and pricing information, empowering major manufacturers and retailers like Crutchfield, Olympus, and Denon & Marantz to quickly and profitably handle channel issues and competitive situations. Only Channel IQ combines integrated reporting, interactive applications and services to enable manufacturers and retailers to automatically act on real-time data. Channel IQ solutions are the result of cutting edge technology combined with decades of industry experience in channel management, distribution, online retail and manufacturing. For more information, visit www.channeliq.com.