A day after Panasonic announced its decision to focus on the low end of the television market, LG Electronics said its 2009 goal is to increase its flat-panel TV sales by 40%, to 21 million. The company is aiming to improve its category market share by five percentage points. How? By increasing its investments in both R&D and marketing. It’s a smart move.

LG and Panasonic are pursuing two very different strategies to deal with the economic downturn. While Panasonic is following the herd (at its own peril–see below), the approach LG is taking is consistent with what we’ve seen from the most successful corporations we studied. Both companies are pursuing aggressive growth, but while LG is doing so by finding ways to sow more value for the future, Panasonic appears content to reap the value it has sown in the past.

Don’t be surprised if short term results show Panasonic running ahead. But keep in mind that LG may be playing tortoise to Panasonic’s hare.