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LG : Life's Good

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by

Daniela Martinez

on 14 December 2014

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Transcript of LG : Life's Good

LG

LG Corp. History
SWOT Analysis
Strengths
Market leader in Home Appliances segment
Wide range of product categories to cater to low, middle and high income groups
Widest distribution network in the industry (10,000 trade partners)
Competition
Panasonic Corp.
Sony
Samsung Electronics
Seasonality
LG Electronics
4 P's
Success Factors
High quality products
sold worldwide in multiple locations
Large number strategic alliance
Large satisfied customer base
LG Corp Industry
Price
LG has different pricing depending on the type of TV and money the consumer
Pricing Strategy
used by LG would be
odd pricing
the seller tends to fix a price whose last digits are odd numbers. For instance they will put $149.99 instead of $150.00
Place
Distribution channel
can buy direct from Lg or through retailers
Promotions
They do
noise Marketing
so they have their ads and promotions everywhere
(push strategy)

partnered with Netflix
print (newspapers, magazines)
Website
Banners,
Catalog
emails
Weakness
Export oriented company
Exposure to rise in exchange rates
no specialist to pursue tenders
useless ads in magazine & newspapers
Opportunities
Strategic Alliances(w/ Prada, GE, Microsoft, Toyota
Home Appliance market is growing very fast room for to expand
monthly seminars to cover tender decisions
advertise on famous website (Facebook, Instagram, Google, etc.)
Price
Price to price
comparison on a 55'' TV for all companies
Annual Sales
Based on Jim Harvey's speech structures
* LG was established in 1958 by Koo-In-Hwoi in South Korea
* LG was originally called GoldStar then later merged with Lucky and they formed Lucky-Goldstar
*In 1995, they renamed the company LG to compete better
The LG Corp holds company's in different type of industry's
LG Electronics
LG Chemical
LG Telecommunications
LG Electronics
LG is a multinational electronic company
The CEO & Vice chairman is Bon-joon Koo
Their headquarters are located in Seoul, South Korea
LG employs 82,000 people working in more than 100 locations around the world

Mission Statement
LG 's vision is to deliver innovative digital products and services that make our customers' lives better, easier and happier through increased functionality and fun
LG Electronics operates under 5 different divisions
Home Entertainment
Home Appliances
Mobile Communications
Air Conditioning & Energy Solutions
Vehicles Components
Home Entertainment
Total Sales for Division
Product
LG carries 5 different types of televisions
LED TV- Range from $179.99- 39,999.99
Smart TV- Range from $ 499.99- 39,999.99
Ultra HD 4K TV - Range from 1,199.99- 99,999.99
OLED TV - Range from 13,49.99 - 24,999.99
Plasma TV - Ranges from 449.99- 1,399.99
Product Life cycle
of Lg's TVs can vary from 4-10 years, although the company markets new ones every year.
Target Market
LG's target market ranges from low, middle and upper classes.
This audience follows trends and care about their appearances and the impression they make. They also want to be among the first to try new things and new technology.
Threats
no marketing research and lack of exact data
low dealer margin and incentives
no specific budget for government tender
Lg's customers spend more money in June, September & October
LG should spend 20% of their marketing budget at the 1st peak of season when people are on summer vaction
and 80% of the markerting budget in the 2nd peak if season when people are spending more money
Full transcript