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Market Analysis For Lg Group

2608 words - 10 pages

Introduction
The LG Group was born in South Korea in 1947, combined other two Korean companies named Lucky and Gold-star. And has operations in various segments such as chemical, energy, machinery, metals, finance and services. Its logo consists of two elements, the letter LG gray and symbols in red, the letters "L" and "G" stand for "Life's Good" in the slogan, however LG stands for its name. (Huang, J. & Kim, H., 2013). LG Inc. is one of the global leaders and technology innovators in consumer electronics, mobile communications and home appliances in the world. The main arm of the group is LG Electronics. Established in 1958, quickly became a global force in converging technology products in electronics, information and communication, designed to meet the needs of different customers and improve their lives. As a worldwide corporation, LGE's operates under the product concept of marketing management. Is a company that is devoted to "fast innovation and fast growth" (LG Electronics Sustainability Report, 2013). Focused on developing new electronics products, according to the LG Annual Report 2013, based on an LG internal survey of “TV models available for purchase in 2013” the first TV with OLED technology in the world is of LG, the Curve LG OLED TV in the first moment, is being a product development for a rich and specific niche, LG believes that this model will be standard in the coming years. The objective of this essay is to analyse the marketing mix of the this new LG TV.
The Marketing mix of Curved OLED Smart TV

The traditional strategic marketing theory of the 4Ps in marketing has been questioned as inadequate (Van & Van den Bulte Waterschoot, 1992:91), and evolved to 7PS of Booms and Bitner (Zeithaml and Bitner in, 2003:24) and Christopher et al. (Palmer, 1994:32). However, the 4Ps is still the most practised model of the marketing mix (e.g., Kotler & Keller, 2006:19), and it has been common in articles about marketing. Thus, the pattern 4P marketing mix model was used for this essay. Marketing mix, is “the set of tactical marketing tools that the firm blends to produce the response it wants in the target market” (Kotler et al., 2013, p. 73). This means that everything the company may control can influence the demand for their offerings. The covering for numerous possibilities and variables. In this essay, mainly focuses on four major marketing tools for the Curve LG OLED Smart TV, known as the four Ps: product, price, place and promotion that have a focus in this case study in a complexity and destabilising environment, a market of luxury.
The public target for this product, the luxury market (destabilising), seeking innovation and quality products that symbolise status and lifestyle. They see the purchase as a gratuity and want,...

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