Published by MBA Skool Team, Last Updated: December 27, 2016
Marketing Strategy of LG analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on LG marketing mix, help the brand succeed in the market.
LG marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the LG Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in LG marketing strategy can be explained as follows:
The wide range of offerings which are available for the LG company are discussed in the products of LG marketing mix. The company carters to almost all the segments a consumer can think of the electronic products. The range of LG products starts from mobile phones, refrigerators, television, air conditioners, vacuum cleaner, mineral booster, etc. These segments have further sub segments where different kinds of products are available which are catering to the various segments of the customers. Consider the mobile phones, where there are a lot of varieties which are catering to the needs of the people of various segments depending on the choice of the technology and the purse strength of the customers. The same thing applies to LG refrigerators and televisions. The new venture into the mineral booster is a thing that they are looking into. The market is an untapped one for LG. The LG company is also trying to make its product eco-friendly which allows it to stand out among the competitors.
LG Price/Pricing Strategy:
Below is the pricing strategy in LG marketing strategy:
LG company aims to target a lot of segments of people.
They thus have a wide variety of product which crater to the needs of the people. The products by LG are priced from low to high ends. They are based keeping in mind the pocket size of the customers. For mobiles there are products which are priced low and these LG phones subsequently have low features. The refrigerators are priced at various prices also. The various features of the refrigerators also decides the price which they charge. The same is the case with LG air conditioners. The cooling tons justify the amount one needs to pay for the same. The Television is also a landmark for the LG company. It ventured into a lot of types of variety and the price of the following was fixed according to the features and the demand of the customers. Thus, from the pricing strategy in the marketing mix of LG, we see that more prices are set by the company based on their global competition.
LG Place & Distribution Strategy:
Following is the distribution strategy in the LG marketing mix:
The places of distribution for LG is through the local stores. This was the main strategy of the company. But with the passage of time the advent of ecommerce we find that the LG goods are sold through their own site and also other ecommerce platforms. They are available all throughout the market and are a great way to showcase their products. We find that the LG company has tied with other companies outlets also. Sometimes we find their products also on display in the outlets of other shops. Like the case of Reliance outlets for the gadgets, we find that the LG products are on display. The mobile stores outlet also have LG phones. The way they place their products shows that they make sure that all the products are available to the customers.
Either through the finger tips in the form of ecommerce or through the outlets where they have the opportunity to check the products first hand.
LG Promotion & Advertising Strategy:
The promotional and advertising strategy in the LG marketing strategy is as follows:
The main belief of the LG company is that they should communicate directly with the customers, and therefore we find that a lot of advertisement all throughout the year through the various sources like television, radio, internet, newspaper and magazine. The promotional strategy in the marketing mix focuses on strong brand awareness through all possible channels. LG mainly advertise the products which are a high turnover material and they make sure that more number of customers are aware of the products and thus their sales are increased. They pick up the famous faces of the country and they in due course make them the brand ambassador. This is the reason because people will directly relate to the products available to them. LG also promotes their products through the various sporting events where they become the sponsors of the team or the tournament. The LG company makes sure that the product is always in the mind of the probable customers and that they will consider their company when they want to buy the product. Hence, this covers the entire LG marketing mix.
About LG Corporation:
LG Corporation formally known as Lucky-Goldstar, is a South Korean company which has made its presence felt in the FMCD goods. This company has a varied range of self-space in the market and carters to the various goods for the customers. The main attention of the consumers usable are the prime interest of the company. The brand LG, is famous all over the world. People can spot the brand with ease. The prime success of the LG brand is the upgrade of the technology with the passage of time. We find that the company has ventured into all kind of products which are technology oriented and carter to the taste of the people.
LG also markets itself in a large way through advertisement and sponsorships in various areas. All kinds of electronic durables are found under the hat of the company.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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