Speaking at a launch event for the new V10 smartphone, LG mobile division chief Juno Cho told reporters the firm will use the high-end device as well as new mid-to-low tier products to boost market share.
He declined to give any specific targets.
LG will start selling the V10 smartphone in South Korea on October 8.
The device, which features two front cameras and a small secondary screen that works independently from the main 5.7-inch display, is priced at SKW 799,700 Korean (roughly Rs. 44,100) locally - 11 percent lower than domestic rival Samsung Electronics Co Ltd's cheapest Galaxy Note 5 phablet model that was launched in August.
The firm also said it is preparing its own mobile payments service but declined to elaborate further.
The highlight of the LG V10 smartphone is its Second Screen which is located as an inset display just above the main 5.7-inch QHD (1440x2560 pixels) IPS Quantum display. Meanwhile, the LG Watch Urbane 2nd Edition, which was also launched at the event, is being touted as the "first Android Wear device to feature cellular connectivity" that can work with or without a smartphone. The new Watch Urbane comes with 4G, 3G, and Wi-Fi alongside Bluetooth connectivity options.
LG announced that following its October 8 launch in Korea, it will come to the United States, China and other markets including Asia, Latin America, and the Middle East. The LG Watch Urbane 2nd Edition, on the other hand, will be available first in the United States and Korea. This will be followed by markets in Europe, CIS, Asia and the Middle East.
Written with inputs from Reuters