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Marketing management of LG
- 2. History:
- 3. Vision
- 4. Challenges Faced in India Low brand awareness One of the last MNC’S to enter India. (Samsung, Sony, & Panasonic entered in 1995 & LG in 1997.} High import duty. Competition from local players and other multinational companies in the consumers electronics segment. Price sensitiveness of Indian consumers.
- 5. Slogans of LG "LG, Future's Technology" (June 1, 1997 – November 30, 1999) "LG, Digitally Yours" (December 1, 1999 – June 30, 2004) "LG, Life's Good" (July 1, 2004 – present)
- 6. Marketing mix Marketing mix is defined as “those elements of a firm’s marketing strategy which are designed to meet the needs of its customers”. There are four factors which are called 4Ps, and they are product, price, promotion, and place
- 7. Products LG pays attention to upper and upper middle classes and provides products for those consumers. High quality and good service of LG products are so progressive that products are output to developed countries. The products include TV audio video, mobile phones, home appliances, IT products, and air conditioning.
- 9. Pricing The pricing strategy of LG is “cost plus fixed mark up”. Following the pricing policy, LG’s formula is “import cost + reasonable gross profit”. The formula is used to cover the market cost and make profits in any market.
- 10. Place LG’s merchandise is sold throughout the world, especially developed regions. There are numbers of LG retailers in big cities LG sells its products in home appliance interlink retail enterprises
- 11. Promotion One effective way of promotion is advertisement. As a famous brand, LG advertises its products to get promoted. LG is accustomed to inviting famous stars to advertise its merchandise.
- 12. R&D Potential LG has set up research and development facilities in India at Bangalore and Pune. Both the units carry out R&D work for the domestic market as well as for the parent company. It also does customized R&D for specific countries to which it exports products. The R&D facility in India, where LG has been investing Rs 2 billions per annum, accounts for 90% of the innovations.
- 13. STP ANALYSIS
- 14. Segmentation Mobile Communications, Home Entertainment, Home Appliances, Air Conditioning, and Energy Solutions
- 15. Targeting Consumer Durables: Currently mass market, efforts are on to shift to a more premium segment. Mobile Phones: Youth/Generation.
- 16. Positioning Technology that offers you more and sets you free. Endorsements through brand ambassadors. Upgrading of brand stores.
- 17. Competitors
- 18. Conclusion The following information tells us that proper marketing skills and strategies are immensely important for any company to build and maintain its stand in a widely diversified country like India where customer satisfaction comes at a high cost. LG has proved its mettle by providing its customer with value for money, along with maintaining and at times increasing its profit. LG is surely the perfect example for other MNC’S who want to set their foot in India.