The Marketing Mix of LG tells the 4ps (Product, Price, Place, and Promotion) of the Best South Korean multinational conglomerate corporation – LG!
LG Corporation, previously Lucky-Goldstar, is a South Korean firm that has created a name for itself in the FMCD market. This business provides a varied choice of self-space in the market as well as carters to basic products for customers.
The primary focus of the consumers is the company’s prime objective. LG is a well-known brand all around the world. The brand is very recognizable. The LG brand’s primary success has been the advancement of technology throughout time.
We discover that the corporation has dabbled in a wide range of technologically advanced products that cater to consumer desires.
LG also promotes itself extensively through advertising and sponsorships in a variety of fields. The company’s headgear contains a wide range of electronic durables.
Let’s start with the Marketing Mix of LG to learn more about its product, price, promotion, and distribution approaches.
Product in The Marketing Mix of LG
In the LG marketing mix products, the wide range of options offered to the corporation is discussed. The company caters to practically every category of electrical items that a buyer may imagine. LG’s product line includes mobile phones, refrigerators, TVs, air conditioners, vacuum cleaners, mineral boosters, and other products.
These segments are divided into sub-categories, each of which offers a variety of products to appeal to distinct client segments.
Consider cell phones, which come in a wide range of models to meet the demands of people from various demographics, depending on the technology used and the customer’s financial resources. LG refrigerators and televisions are in the same boat.
Due to its capacity to have a comprehensive product chain, LG competes with Samsung and other top brand companies. When it comes to product selection, LG is unmatched. As a result, in LG’s marketing mix, the product is the most obvious advantage of the brand.
Price in The Marketing Mix of LG
LG intends to appeal to a wide range of populations. As a result, they have a wide range of products that cater to the demands of the public. LG’s products range in price from cheap to expensive.
They are created with the customer’s pocket size in mind. There are low-cost mobile phones, and these LG phones have low-cost features. Refrigerators are also available in a variety of pricing ranges.
The price of refrigerators is also determined by their numerous characteristics. LG air conditioners are in the same boat. The cooling tonnes warrant the price one must pay for them.
Television is also a defining moment for LG. It tested with a wide range of products, and the prices were set based on the characteristics and demand of the customers.
As a result of LG’s pricing strategy in the marketing mix, we can observe that the corporation sets higher prices based on worldwide competition.
LG Electronics has chosen to pursue a price competition program in rural areas. It has chosen to lower prices to reach out to the rural base in every nook and cranny since increased volume would result in large sales and profits.
Place in The Marketing Mix of LG
With five business units in approximately a hundred and ten locations, LG electronics caters to a global market. Its goal is to achieve fast and rapid expansion, which can only be accomplished through globalization.
It began its international operations in the United States. LG has partnered with a variety of distributors to market its products. These distributors are responsible for providing the products efficiently, on schedule, and with minimal hassle.
To conquer the market in India, the corporation knew it needed to be innovative. As a result, it dispatched vans with business logos to every corner of the country, often traveling 5000 kilometers in a month, to raise brand awareness.
The company then established its production facilities in cities such as Noida and Bhopal. For direct sales, the company partnered with retailers, and for channel sales, it partnered with distributors. They maintain a regional distribution policy and follow a stock rotation policy.
LG products are readily available in all malls and supermarkets. To give every service to its consumers, the company has well-maintained showrooms. LG products may also be purchased online at any shopping site. Because of LG’s product depth, exclusive showrooms are known to be the most profitable for retailers.
Promotion in The Marketing Mix of LG
LG’s major concept is that they should interact directly with their clients, and as a result, we see a lot of advertising all year long from various media such as television, radio, the internet, newspapers, and magazines.
The marketing mix’s promotional approach focuses on increasing brand recognition across all channels. LG mainly advertises items with a high turnover rate, ensuring that a larger number of customers are aware of the products and therefore increasing sales.
They choose the country’s most recognized faces and make them brand ambassadors over time. This is because individuals will be able to relate to the things that are available to them.
LG also advertises its products by sponsoring teams or tournaments in various sporting events. The LG firm ensures that the product is always on the minds of potential consumers and that they would think of them while purchasing the goods.
I hope you have gathered all the required information about the Marketing Mix of LG and the 4 P’s of LG. Stay tuned for more Marketing Mix Articles.