LG Marketing Mix: LG Electronics is a multinational business from South Korea that deals in electronic products. The Global Company has spread its global network with its headquarters in Seoul. It was founded in 1958 to revive its nation through local consumer goods. From a regional company to becoming an international business, it’s progressed significantly. Currently, LG electronics is now the second-largest producer of televisions in the world. It is also among the top 100 brand names worldwide. Some of the major rivals in the world markets are listed below:
Marketing Mix Of LG
Contents
Marketing Mix Of LG is brand-based. In Marketing Mix Of LG, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing LG Marketing Mix. Below is the detailed Marketing Mix of LG.
Let’s talk about LG Marketing Mix.
LG Main Competitors
- Apple
- Philips
- Samsung
- Electrolux
- Panasonic
- Sony
- Whirlpool
- Toshiba
- Bosch
LG official website: www.lg.com
Product in the LG Marketing Mix:
LG electronics operate in many electronic industries, such as mobile devices, vehicle components, consumer products, and home appliances. The company is famous for being the first company to create the CDMA mobile digital phones and the first company to design a plasma TV that measures 60 inches. LG Electronics is the biggest manufacturer of LCD panels worldwide. In 2010, the company began taking its first steps into smartphones. Their products include:
Television –
- 55-inch OLED TV
- 65-inch and 77-inch OLED TV
- LG Smart TV
- Plasma TV
Mobile and smartphones – A wide range of tablets and smartphones like
- G3,
- G Flex
- G2
- A smartwatch built upon Android Wear
Home Entertainment
- Music Systems
- Home Theatre Systems
- BLU Ray Players
- DVD Players
Monitors and other computer products
Appliances for home
- Refrigerators
- Dishwashers
- Microwave Ovens
- Vacuum Cleaners
- Washing machines
- Water Purifiers
- Air conditioners
LG is a formidable competitor to Samsung and other leading brand companies because of its capacity to offer a full range of products. Looking at the range of products assortment of LG, it’s the best of the best. Therefore, in LG’s advertising mix of LG, it is evident that the product is the most crucial benefit of the brand.
Place in the LG Marketing Mix:
LG electronics has a presence in a global market through five business units spread across 100 locations. The goal of LG electronics is rapid growth since it can only be attained through globalization. It began its overseas operations in the United States. The USA. To sell its products, LG has partnered with several distributors responsible for selling the goods efficiently and promptly with minimal effort. In India, the company realized it was necessary to develop new ideas to gain market share. Thus, it sent vans that carried corporate logos to all regions of India, often traveling 5000 km per month to build awareness for the brand.
In the next step, it set up its manufacturing facility in areas such as Noida, Bhopal, etc. The company partnered with retailers for direct sales of its goods and distributors for distribution channel sales. LG operates 46 branches that are directly involved with each distribution field. A regional distribution policy is followed, and they adhere to the practice of rotating stock. LG products can be purchased easily in all shopping centers and supermarkets. LG has well-maintained showrooms that offer every kind of service to the customers. Shopping online for LG merchandise is available at all shopping sites. It is also possible to shop at the LG Exclusive showrooms are considered the most profitable retail stores because of the depth of products that LG offers. A great distributor and a company that focuses on the supply chain are two main reasons for the popularity of these showrooms as a crucial element in marketing strategies of LG.
Price in the Marketing Mix Of LG:
Its price policies of LG include “cost plus fixed markup”. The pricing strategy is based on the product’s price and an acceptable profit. A Special team was appointed to study the market in an exhaustive method. The prices of rivals are recorded as well as the consumers’ thoughts, by conducting a thorough study. Every aspect is thoroughly examined, and after evaluating its costs and market research, the exact cost of the product is calculated. When the company initially introduced its products in India, they were all high quality. However, when the company began to open its manufacturing unit, it was able to reduce the price of products.
LG Electronics has decided to implement a plan for price competitiveness in the rural regions. To expand its reach to rural communities across every corner, LG electronics has agreed to cut the price since increasing quantity will lead to huge earnings and profits.
Promotions in the LG Marketing Mix:
LG Electronics has long believed in the idea of promotional advertising. It assumes that a close relationship with the customer is vital to promote its products. Consequently, its ads are seen throughout the year in newspapers, magazines, television, and even on the internet. LG also provides special discounts to distributors and retailers who regularly advertise and have exclusive stores for LG. The advertising is the most effective for new products and those with an excellent return, such as refrigerators and panels.
To maintain its brand name, the company hosts famous people from the world of sports and entertainment. For instance, in China, Kim Tae Hee, an actor of renown, is the company’s Brand Ambassador, and the case in India, Akshay Kumar, a well-known Bollywood actor been featured in LG commercials. LG was the first brand to sponsor the 2003 and 1999 world cup of cricket. LG also provided sponsorship for the ICC Awards and Formula One for five years between 2009 and 2013.
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