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Transcript of LG Televisions
good make your life good? LG Electronics, Inc. (LG) was first established in 1958 and developed over the years to become a global leader and technology innovator in consumer electronics, home appliances and mobile communication (LG 2011). The company employs more than 82,000 people around the globe. LG marketed strong sales growth in 1997 when it was first launched in Australia as an innovative product range (LG 2011). Product Life Cycle Company Background Current Marketing Situation LG Electronics, Inc is still in the growth phase in the Product life cycle facing strong demands in markets competition. Competitor Analysis Based on research, LG’s main competitors are Sony, Panasonic, Samsung and more. Each competitor has a specific strategy and share in the market. LG is one of the dominate leaders in the market as it has premium positioning and is well regarded as an innovative product (LG 2011). Through brand enhancement it is advertised to customers. And it plans to continue to dominate the market via brand premium and price discounting (Carter 2011). SWOT Analysis Strengths Weaknesses LG’s strengths are that it’s reputable
and well-presented. It’s known to the
locals as an innovative and premium
brand (Anon 2010). Its top of line technology
and design has allowed strong position in
premium products. And most geographic
coverage around the globe allows continual development of market share (Anon 2010). LG has a single brand strategy that
can't be broken down into different
segments and its dynamic environment
cannot strengthen if the premium product
is costly (Anon 2010). This causes negative
sales because of expensive prices thus, losing
to the competitor’s product. Opportunities LG is the leading producer of Plasma TV’s and allows stronger commitments to emerging markets to increase market-share as a result of technological changes (LG 2011). Threats LG must keep up with competitive environ-
ment as well as legislature interference
expanding the marketand increasing
price production so that there’s an additional
cost on manufacture (Anon 2010). Marketing Objectives and Strategies LG Electronic's vision is to become a world-wide
leader in digital. This is achieved through customer satisfaction which ensures creation and production
of innovative products and first-rate customer service
to become world's top three in electronics, information and telecommunications firms by 2011 (LG 2011). Target Market, Segmentation and Positioning Geographical LG TVs are sold and advertised throughout Australia, specifically in urban and suburban areas as opposed to the rural regions in the country. It’s aimed at the Australian mass market (LG 2011). Demographic LG TV’s are targeted towards all age groups, gender and status, as prices are relevantly considerate in the market and the price paid will amount to the performance, features, and stylishness (Anon 2006).For example, big families would buy the bigger screen TV. Therefore, LG TV’s satisfy consumer’s needs and empowering their expectations (Anon 2006). Psychographic LG TV products range varies where high income-earners tend to buy the expensive TV’s as opposed to those of low socio-economic background (Anon 2006). It also depends on the individual’s status in society when those who are better educated tend to purchase the high-priced items to suit their taste, behaviour. Behavioural LG TV’s are unsought goods where consumers either don’t know or don’t normally think about buying. It is communicated through marketing, opinion leaders and word-of-mouth to demonstrate that the product is worth buying (Kotler et al 2009, LG 2011). It is usually purchased on occasions where consumers are in desperate need of a new TV with additional services and the rating the quality of the product. LG TV’s are for all users with strong loyalty status after making well-informed and desired decisions. Attitudes towards the product vary from enthusiasm to negativity (Anon 2006). LG Marketing Mix The Marketing Mix are critical strategies for reaching out to customers and achieving business revenue, growth, market penetration and share as well as profitability objectives (Kotler et al 2009). Prdoducts (Goods and Services Produced) Variety – Plasma and LCD television sets such as Smart TV, LG Cinema 3D TV, Plasma TV and Pen Touch TV. Furthermore, the results from primary research show that there’s major preference for plasma over LCD, where 80% of the people interviewed owned Plasma, 13% LCD and 7% other. Quality – LG is recognised as a high quality brand at a reasonable price. Therefore, it is essential to maintain that benchmark to continue to build recognition amongst consumers through advanced technology (Carter 2011). Design – slick and stylish – appeal to a modern market that treats televisions as status symbols, fashionable features of a household. Also the LG logo display creative and is strategically able to adapt to changing environment. Features – eco-friendly designs and product specifications. Growing concern among consumers is the carbon footprint left behind – LG delivers products that consume less energy. For example, the M50 series uses 40 per cent less energy than conventional LCD displays (Monitors: LG releases new eco-friendly display, 2011, p. 1). Brand name – distinct and recognisable for both price and quality. This is achieved through vigorous marketing directly at consumers. Since 2008, LG has introduced a new global brand identity: "Stylish design and smart technology, in products that fit our consumer's lives" (LG 2011). Packaging – environmentally friendly packaging of all products. The packaging is recyclable marked as such to make customer aware which allows competitive advantage over competitors (LG 2011). Sizes – current sizes vary from 22inch to 60inch which satisfies current market demands. There is market viability in producing larger sizes which incur more costs but that draw high income customers (LG 2011). Warranties and Returns – 12 month warranty policy and technical faults covered for all LG products sold, can be extended for additional cost (LG 2011). Price LG products are price sensitive where prices can range from as little as $300 to more than $4000. Price is dependent on the product's design, features, and size and other variations. LG has recognised that customer's want the best quality at a reasonable price. This widely accepted view allowed LG to gain market-share and satisfy consumer needs and wants (LG 2011). Place LG products are distributed and sold at all major electronic stores – Harvey Norman, Bing Lee (LG 2011). And it’s sold from online retailer which is cheap and effective such as Ebay and Facebook. Promotion LG TVs are marketed as both luxury and non-luxury product depending on the type of household it is. It is advertised through newspapers TV commercials and mailbox brochures (LG 2011). Also LG plans to promote and invest in community projects as a brand strategy. For example, LG has been the main sponsor for IMAX cinemas since 2002, which allows brand recognition. Reference List Anonymous, 2011, ‘LG Corp in Consumer Appliances – World’, Euromonitor International, no. 1 pp 1-49.
Anonymous, 2006, ‘Interview: LG Electronics’, United Press International, viewed on 7 May 2011
Carter James, 2011, ‘Best TV for gaming: what you need to know Buying Guide: How to choose a TV for your Xbox 360 or PlayStation 3’ p. 1 viewed May 3
Kotler, P, Adam, S, Denize, S, & Armstrong, G 2009, Principles of marketing, 4th edn, Pearson Education Australia, Frenchs Forest, NSW.
LG n.d., viewed May 2 2011, < www.lg.com/au >. By:17023072, 17280990, 17027351, 16633214