Complete Case Study on the Marketing Strategy of LG (Life’s Good)

LG is an electronics multinational company in South Korea that deals with electronic goods. The company at first was a national company and later turned into an international company. It has come a long way. Are you already intrigued to know how the company has achieved success in the electronic industry? This case study of LG Electronics consists of the entire marketing strategy of LG along with it’s marketing mix, target audience, and digital presence.

About LG

LG is all known as “Life is Good” and “Lucky-Goldstar”. It was founded in 1958 and started as a small company that domestically produced consumer and home appliances and now is present all over the world. It is one of the second largest TV manufacturers in the world. The company is known as a Digital Leader in electronic goods and equipment in this digital era with the company’s progression.

LG Target Audience: 

In the competitive landscape of consumer electronics, LG has strategically positioned itself as a go-to business by tailoring its offering to a diverse yet well-defined target audience. LG targets middle to high-income households with its wide variety of home appliances and smartphones.

With its super economical price point and smooth UI/UX, LG has left no space in attracting tech-savvy millennials to busy families and seniors looking for simple yet effective appliances.

Apart from this, LG target audience includes environment-conscious people who are sensitive when it comes to nature by aligning LG marketing strategy with environmental-friendly ideas and concepts.

Current News about the brand

1. LG unveils QNED 83 series smart TVs in India
2. LG launches XBoom series of speakers, Tone Fit TF7 wireless earphones
3. India to see LG’s highest sales growth globally this year: MD Hong Ju Jeon

User persona

Buyer’s Persona

Name:

Rajat

Place:

Delhi

Age:

25 years

Profession:

Engineer

Motivation

• Offers A Wide Range of Products
• Serves in multiple sectors.

Interest & Hobbies

• Reading
• Blog Writing
• Bike riding
• Traveling
• Trekking

Pain Points

• Low Market Share In The Smartphone Industry
• High Reliance On A Few Markets
• Limited Presence On Social Media

Social Media Presence

• Instagram
• Facebook
• Youtube
• Twitter
• LinkedIn

LG’s SWOT Analysis

LG Marketing Strategy: LG’s 4 P’s

Product:
LG is a massy brand that aims to target a large segment of people. Starting from a smartphone to major household products like fridges, washing machines, and speakers, they have it all.

LG prices its products based on their consumer’s pocket size. Smartphones by LG are comparatively low compared to ACs, refrigerators, and washing machines. With a wide array of products, the company has positioned itself as a go-to brand for its user base.

Price:
Despite being a big name in the market, products by LG are pocket-friendly and have competitive pricing. The pricing is generally based on the features of the products.

LG also provides financing options for its customers. With all these marketing tactics, LG ensures that they’ve something for everyone and no customer goes without purchasing LG.

Place:
With a stronghold of market and distribution channels, LG has a strong presence in the market. One can easily find LG products at their nearest electronic retail stores, malls, or online marketplaces.

LG aims to deliver a smooth experience to its consumers. By having a good presence, the brand builds robust trust among its users, persuading them to be a customer of the brand.

Promotion:
LG spends exorbitantly when it comes to marketing. LG communicates its brand message with a hint of emotional connection to its viewers. It has also created campaigns that target environment enthusiasts.

The brand uses multiple channels like traditional marketing, digital platforms, and experiential marketing to reach its target audience. With this, the brand leaves no stone unturned to get in touch with its potential users.

Marketing Strategy Adopted by LG

The promotional and advertising strategy of LG is as follows:

• The promotional strategy helps you create huge brand awareness about the company by promoting through various channels of communication.
• The company believes in selling products directly to the customers, hence advertisement here plays a major role. The company has advertised on several channels like TV advertisements, magazines, newspapers, and the internet.
• They also offer great deals through this medium which leads to high sales in the market. In the year 2010, the company said it would go aggressive with its marketing campaigns and launch a series of products. The company had taken the initiative to call various famous personalities to advertise their products and one of them is Akshay Kumar in the following sponsored ad:

The brand was promoting the new LED range from the LG stable on all National multi-mediums, according to a statement by the company, this was the first time the company has associated with any celebrity for endorsing its flat-panel displays.

The company chooses celebrities of the country and they in due course make them the brand ambassador. The reason behind this is that people will directly relate to the products available to them. The company also promotes its products through various sporting events being their sponsors. The company makes sure that the product is in the mind of the customers and therefore they consider the product to buy.

How does this brand use Digital Marketing in its strategy?

1. Get ready for a thrilling sports experience with the LG UQ801C UHD Commercial TV. With Bluetooth Surround Ready, immerse yourself in the game and feel like you’re right on the sidelines. This post was done by LG for promoting their new LG UQ801C UHD Commercial TV, by making the customer feel like they are sitting in the Stadium. Presenting its Quality and its viewing experience.
2. Win Exciting prizes by simply sharing a picture of the LG logo lurking in the most unique places, using #LGSpotted. This is a marketing technique used by LG to stay in the market and to attract consumers towards it, and free marketing and tagging in multiple posts by this campaign and using the Hashtags #LGSpotted.

Marketing and advertising campaigns

1. “Life’s Good” Slogan: LG’s most well-known tagline is “Life’s Good,” which reflects the company’s commitment to making products that enhance the quality of life for consumers. This slogan has been a central theme in many of LG’s advertising campaigns.
2. LG OLED TV Campaigns: LG has heavily promoted its OLED TVs with innovative and attention-grabbing advertisements. For example, they have showcased the thinness and picture quality of their OLED displays in ads that feature dramatic and visually stunning scenes.
3. LG Home Appliances: LG has run numerous campaigns highlighting its home appliances, focusing on features such as energy efficiency, smart technology, and convenience. They often showcase products like refrigerators, washing machines, and kitchen appliances in lifestyle settings.
4. Mobile Phones: LG has marketed its smartphones, such as the LG G and LG V series, with campaigns that emphasize features like camera quality, unique design, and advanced technology. They have also collaborated with celebrities for endorsement deals in some regions.
5. LG Signature Series: LG’s premium line of products under the “Signature” brand has been promoted through campaigns emphasizing sleek design, high-quality materials, and cutting-edge technology.

Top 5 Competitors of LG

1. Samsung: It is one of LG’s primary competitors in various consumer electronics segments, including smartphones, televisions, home appliances, and display technologies.
2. Sony: It is a major competitor in the consumer electronics industry, particularly in segments like televisions, audio equipment, and gaming consoles.
3. Panasonic: It competes with LG in areas such as home appliances, televisions, and other consumer electronics.
4. Haier: It is a Chinese company, that competes with LG in the home appliances market, offering a wide range of products such as refrigerators, washing machines, and air conditioners.
5. TCL: It is known for its affordable televisions and is a notable competitor in the TV market. They also produce smartphones and other consumer electronics.

Conclusion

Innovation always grabs the attention of the products, and LG should keep on sustaining itself to be a high-tech groundbreaking in the market. To maintain a competitive advantage over its competitors, LG must maintain its high brand visibility and should ensure that its products reach their customers whenever and wherever there is a demand.

This is what LG has succeeded in throughout its advancement. Yet, do you think that the marketing strategies adopted by LG are effective? Do let us know in the comments below. If you want to have a look at the case study of the Samsung brand, here you go.

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