LG Electronics announced what it described as its “first ever ‘compact’ smartphone”, G2 Mini, which it said will “introduce most of the G2’s premium user experience features to a new global audience”.

The device follows Samsung’s “Galaxy Mini” approach to smaller smartphones rather than the example of Sony’s “Z1 Compact”, in that it features a stripped-down specification when compared to its larger sibling.

For example, it is powered by a 1.2GHz quadcore Qualcomm processor, compared with a 2.26GHz chip in the bigger device; it has an 8 megapixel camera, compared with 13 megapixels in the G2; and has 8GB of memory (and SD expansion slot) compared with 16GB or 32GB for its sibling.

And the big difference is that it has a 4.7-inch screen (960×540 pixel), compared with 5.2 inch full HD for the G2.

LG said that because the device is “designed to meet the needs of millions of customers around the world”, the device “will be available in many variations”, including single and dual SIM, 3G and LTE, and with “four vibrant colour options”.

The variants also include a “LATAM LTE” version that has some other differences. This version is powered by a 1.7GHz Nvidia quadcore chip, and has a 13 megapixel main camera.

In a statement, the company said the smartphone market has “settled into categories of premium devices with display sizes above 5-inches and mid-tier devices in the 4.5-inch range”. It said the G2 Mini is “anticipated to further satisfy consumer demand for a practical smartphone with premium features”.

G2 Mini will begin its global rollout in March, with the 3G dual SIM model for CIS markets followed “soon” by major markets in the Middle East, Latin America, Asia and Europe.

It will also be on display at Mobile World Congress next week.