Marketing Plan Lg

1. EXECUTIVE SUMMARY

In this competitive business world, marketing is an essential part of any company. The main two ideas of marketing are to attract the market and do activities to retain them. In order to do jobs of marketing plan is very important. Without having a complete plan for the job of marketing will left with many excuses and even it could create a disturbing consequence for the company. So, to have an appropriate marketing plan for every product of the company is very necessary. All the leading companies have strong marketing department where the marketing strategies and mix are made.

LG Electronics was established in 1958 and has since led the way into the advanced digital era thanks to the technological expertise acquired by manufacturing many home appliances such as radios and TVs. LG Electronics has unveiled many new products, applied new technologies in the form of mobile devices and digital TVs in the 21st century and continues to reinforce its status as a global company.

Our marketing plan will showcase to you the 5 years projected marketing strategies which include the cost, plan, and goals. In endorsing this new product in the market we use the 4P’s strategy. We also evaluate our strengths, weaknesses, opportunities, and threats in order for us to prepare for the future.

1. THE CHALLENGE

A product can be defined as anything that can be offered to a market attention, action, use or consumption that might satisfy want or need. This marketing plan is done for the purpose of realizing strategies that are essential for increasing its market share, and market growth rate. We do believe that through this effort LG electronics will be able to get recognition from its target customer, and to penetrate the market LG electronics cellphones. They try to satisfy their customers’ demands through delivering quality value from their cellphones. They do their best to make a solid customer satisfaction rating.

 LG offers wide types of cellphones. From their G Series that has the sharpest smartphone display available on the mass market with a very high resolution. You won’t find that sharpness on other Android smartphones currently on the market. Samsung and a couple of other competitors offer wireless charging cases for Android phones, but LG continues to add the technology right into its Android phones. We applaud that move, and love that the LG has wireless charging built right-in. It takes advantage of the Qi wireless standard, which means if you already have a device with wireless charging your existing charger might already work. LG is also introducing its new foldable Wireless Charger that can be stowed away and carried with you wherever you go.

1. SITUATION ANALYSIS

Company Analysis

Goal

The LG is one of the best brands in producing cellphones especially for the quality of their products. LG knows that the consumer has a higher expectation in terms of producing the best quality and specifications that could satisfy most their customer.

LG believe that the power of their cellphones improve the quality of people’s lives by doing the right thing when it comes to quality and convenience. The main goal of the business is to inspire people to make small actions that can add up a difference to the world.

Focus

The LG focuses on improving the best quality and condition of cellphones that they can offer to their customers. Those who are in the business are working together that could be able to have an efficient and develop a strong reputation.

Culture

LG culture has a huge part to our environment since they observe the life span and take good care of the fish to have good quality products. The business plays a major part in helping customer to have a better understanding about the fish and good ideas about landscaping. It inspires the owner to see their customers who are happy and satisfied.

Strengths

These are the positive attributes of the business. LG is known from their quality products that they produce for the market. Every product that comes from their business is making a good image from the customer. LG is continuing to establish their good quality products to impress and satisfy their customer.

Weaknesses

These are the factors within the business that control those who are diminishing the ability to gain or maintain a competitive advantage in the market. The common weakness of LG that the competitor always exists in the field of business. Including those weaknesses which are lack of expertise, and lack of access to special skills and training. These are all the, internal factors that render the business that leads to disadvantages in the comparison to all the competitors.

Customer Analysis

Number

LG is in the market for almost 69 years and until now they are still making progress in the transformation of sustainable growth business. Most number of buyers is loyal to their business in terms of their quality products. Many buyers are seeks to the most and well standard products to meet their desire and expectation.

Concentration of customer base for particular products

The main aim of LG is to make people feel good and contented about their products. The business wanted to satisfy and meet the expectation of their customers in terms good quality and high technology used. Eventually the business is still pursuing to maintain and sustain their standards of giving right quality of product.

Competitor Analysis

LG

Samsung

Apple

PEST Analysis

Political Legal Environment

Political-legal factors have huge impact on the business to develop new strategies. These factors can affect, how company operates, its costs and the demand for its product like political stability, trade regulations, employment laws, healthy safety laws and consumer laws. The business has a huge reputation in the society, as market leader they submit the entire requirement that the government required in order the business to operate its regular operation. They are responsible for all the action that the business does and for their employees they deserve to have the right compensation and benefits that they need.

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