When it comes to electronics we all want the best electronics and LG is one of the products that cater to this niche, helping customers find the best electronics.
LG is an international electronics company in South Korea that specializes in electronics. The company was originally a national company and later became an international company. It’s a long way off. Are you already interested in how the company has achieved success in the electricity industry?
In this case study, we will be discussing the Marketing Mix of LG in detail. We cover all 4ps strategies. Let’s start by knowing about the company first.
LG is understood as “Life is Good” and “Lucky-Goldstar”. It was founded in 1958 and started as a small consumer and home-based manufacturing company and now exists worldwide. He is one of the second-largest TV producers in the world. The company is known as the Digital Leader in electronic goods and services in this digital age with the company’s continuity.
Marketing Mix of LG
Marketing Mix is a marketing model based on the basic P’s: Product, Price, Location and Promotion. Each of these “P” is important in building an effective product or brand.
It also helps us to understand the product offering and the steps used to sell its products. So let’s write down the LG marketing mixing model.
1. LG Product Strategy
LG ensures products reach customers with a high-quality product image and market visibility. As you enter new markets each business proves to be a stepping stone to other businesses and protects the interests of the company. The company has expanded its product portfolio from automotive parts, air solutions, electronic commerce, and much more. Now let’s take a closer look at the various components of the products offered by LG.
- Miсrоwаve Оvens
- Vасuum Сleаners
- Wаshing mасhines
- Wаter Рurifiers
- Аir соnditiоners
- Musiс Systems
- Hоme Theаtre Systems
- BLU Rаy Рlаyers
- DVD Рlаyers
- ОLED TV
- LG Smаrt TV
- Рlаsmа TV
In addition, some of the products are offered by LG. The company also strives to produce its products with the lowest carbon footprint that allows it to stand out from its competitors and solve consumer problems at the world level and is constantly working to bring new, innovative and improved products globally.
2. LG Pricing Strategy
LG’s pricing strategy consists mainly of profitable products. It has a wide range of products that offer prices from the bottom up. When the company initially introduced its products in India it offered them high prices. but over time as it opens its production components, product prices have declined leading to a growth in the company’s sales volume.
It also offers a variety of deals during the holidays to attract customers. The company has also expanded its reach into rural areas by offering products at affordable prices to increase its sales value and revenue.
3. LG Place Strategy
Next, we will tackle the LG distribution strategy. This was the company’s main strategy was that distribution of products is done through local stores. But over time, with the advent of e-commerce, we find that goods are sold through their website and other e-commerce platforms. The products are available in every global market
With an international presence in strong networks, LG is successfully entering large markets. The product follows an omnichannel distribution strategy to ensure that products are available to customers almost everywhere.
4. LG Promotion Strategy
LG’s advertising and marketing strategy are as follows:
The promotion strategy helps you build greater brand awareness about the company by informing them on various social media channels.
The company believes in selling products directly to customers, which is why advertising here plays a big role. The company has advertised on several channels such as TV commercials, magazines, newspapers, hoarding and the Internet.
They offer great deals in this way leading to high sales in the market. In 2020, the company said it would intensify its marketing campaigns and launch a series of products. The company has taken the initiative to invite various celebrities to advertise their products:#LG Brаnd Stоry – #LG Brand Story – Life’s good when we better it – LG Beyond …
The product promoted a new range of LEDs from the LG stable in all multi-mediums, according to a statement made by the company, the first time the company has met with any celebrity by allowing its flat-panel display.
The company selected well-known celebrities from the country and in time became the brand ambassador. The reason for this is that people will be in direct contact with the products available to them. The company also promotes its products through various sporting events as its sponsors. The company ensures that the product is in the minds of the customers so they think the product will buy it.
Short Product Promotion Commercials of LG
LG releases short ads that are promoted on social media sites such as Facebook, Instagram and Youtube. This is a great way for the ad to advertise – no long-form ads or disgusting ads. Short clips are made specifically to drive traffic to this product. These effective short-term marketing strategies have a far greater impact than spending money on full-fledged TV commercials.
Constant design attracts product attention, LG must continue to support itself to become the foundation of high technology in the market. To maintain a competitive advantage over its competitors, LG must maintain its product visibility and must ensure that its products reach its customers whenever and wherever it is needed.
This is what LG has achieved in all its development. Thanks for taking the time to read these marketing mixing strategies used by LG. We hope you have learned something new about the integration of LG’S marketing and presence on this blog.
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