Marketing Plan Lg

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Economic Environment

Their products designed for the area may not be suitable for emerging markets thus business desiring to expand into this region will need to invest in development of products that can be priced affordably. Their commitment to reduced environmental impact is from the sourcing of raw materials through their own production and distribution to customer use and eventual disposal by packaging.

Social Cultural Environment

In terms of social cultural environment, they have a potential growth that the customer’s needs and wants is provided. In cultural issues any people can purchase their products. The culture is not the issue in buying the product, anyone who can afford can buy this. Social factors include the cultural aspects and its influences around the area. This includes lifestyle, age and education.

Technological analysis

Their business adapts new technological innovation to promote their products into the market. They develop strategy to support their business goals. Designing information structures, setting policies for sourcing, maintenance, and analysis.

SWOT Analysis (Strength, Weaknesses, Opportunities, Threats)

Strength

- Abundant Resources

- Good Products Innovation

- Good over-all performance

- Price

- Quality

- Variety

Weaknesses

- Strong competitors

- Lack of control in the market.

- Lack of informational reliability, since the market is too large.

Opportunities

- Application of new tactics and surprise packages

Threats

- Threats of the market challenger

- Environmental effect

- New local products

- Raw materials price increase

- MARKET SEGMENTATION

Social Class

A

Upper Class

(Customers with a stable income and has more income to do leisure with a savings that can sustain for at least 20 years)

B

Upper Middle Class

(Customers with stable income who do leisure with future settlement)

C

Middle Class

(Customers with stable income and has enough savings to do leisure)

D

Lower Class

(Customers with income that can support daily needs)

LG follows this market segmentation technique which is differentiated by Upper, Upper Middle, Middle, and Lower Class and is widely accounted for.

- SELECTIVE MARKETING STRATEGIES

Product

Sample

Name

[pic 1]

LG G4 Stylus

[pic 2]

LG V10

[pic 3]

LG G4

[pic 4]

LG G4 Beat

- Quality

-durable build

-high technology for multimedia use

-high resolution display

-fast processing

- Scope of Product line

-Mobile

- LG V10

- G4

- G4 Stylus

- G4 Beat

Warranty

This warranty is valid only to the original retail purchaser of the product and applies only to a Product distributed in Philippines by LGE Philippines or an authorized Philippine distributor thereof. The warranty only applies to Products located and used within Philippine territory.

Price

List price

Name Price

LG V10 P 31,000.00

LG G4 P 17,700.00

LG G4 Stylus P 8,500.00

LG G4 Beat P 9,800.00

PROMOTION

- Advertising

For the said business they publish attractive, colorful and informative advertisement in internet and flyers. They also participate in some trade events globally.

- Public Relation

To extend market or to introduce the product to the people, marketers need to create public relationship.

- They will try to arrange seminars in the students of fisheries or trade events.

- They will also try to sponsor some events and show to attract more customers and to capture strong places in the minds of the customer.

- SHORT AND LONG-TERM PROJECTION

LG Electronics

Projected Income Statement

For Year 2014 - 2018

Year 1

Year 2