Pricing strategy of lg company. Analyis of the Marketing Strategy of LG 2022-10-04
Pricing strategy of lg company Rating:
LG is a South Korean multinational corporation that operates in a variety of industries, including consumer electronics, home appliances, and telecommunications. The company's pricing strategy plays a critical role in its success and competitiveness in these markets.
One of LG's key pricing strategies is to offer a wide range of products at different price points. This allows the company to appeal to a diverse customer base with different budgets and needs. For example, LG offers a range of smartphones that vary in terms of features, quality, and price. This allows customers to choose a phone that fits their specific needs and budget.
In addition to offering a range of products at different price points, LG also uses various pricing tactics to drive sales and increase profits. For example, the company may offer discounts and promotions on select products to encourage customers to make a purchase. LG may also use pricing strategies such as bundle pricing, where it offers a package of products at a discounted price, or dynamic pricing, where the price of a product is adjusted based on demand and supply.
Another important aspect of LG's pricing strategy is its focus on value. The company aims to offer products that provide a high level of value for the price. For example, LG's smartphones are known for their high-quality cameras and long battery life, which many customers find valuable. By offering products that provide a high level of value, LG is able to attract customers and maintain a competitive advantage in the market.
LG also uses a variety of pricing strategies to target specific market segments. For example, the company may offer lower-priced products in emerging markets to appeal to price-sensitive customers. In more developed markets, LG may focus on premium products with higher price points to target higher-income customers.
In conclusion, LG's pricing strategy is a key element of the company's success and competitiveness in the market. By offering a range of products at different price points, using various pricing tactics, focusing on value, and targeting specific market segments, LG is able to appeal to a diverse customer base and maintain a strong position in the market.
LG Marketing Strategy & Marketing Mix (4Ps)
In future the LG must improve its pricing strategy like to cut the cost of the exiting product by the way of minimizing its process and it must increase time utility. In order to arrive at a proper SWOT appraisal, other analyses need to be carried out first. The LGcompany is also trying to make its product eco-friendly which allows it to stand out among the competitors. To our society - We will commit ourselves to ensure that our present and future manufacturing systems and services will be so designed to create the least environmental impact. The reason being, they have constantly come out with innovative products SWOT analysis worksheet, 2009.
This has helped LGEI to reduce costs. Hence, its products were priced high and were equivalent to other foreign Japanese products. Without this strategy it will not have much effectiveness and efficiency. From the spare parts assembling to the electronic goods and it reached to the customer, its every process has depending upon their classes and services. It leads to improve customer contact and to get a feed back about the product directly. This was the primary strategy of the company.
Twitter Profile Source — LG twitter Source — Samsung twitter Instagram Profile Source — LG Instagram Source — Samsung Instagram Facebook Profile Source — LG Facebook Source — Samsung Facebook From the above images, as we can see LG has a huge presence on Instagram but their account is not engaging enough as compared to other companies, wherein Samsung has hundreds of thousands of followers on Twitter and Facebook. They have a lot of competitors and they have to face lot of challenges. The LG must be differentiate its product among the customer. LG adapts cost leadership and Differentiation competitive strategy: LG Corp has a lot of competitor and it have to lead its market. There can be certain concerns for marketing manager such as what factors will potential buyer put in mind before buying the product.
Selecting a pricing method; and 6. Conclusions and findings………………………………………………………… Pg. In 1995 its renamed as LG. It was founded in 1958 started as a small company that domestically produced consumer and home appliances and now is present all over the world. This is a great way for the ad to advertise — no long-form ads or disgusting ads. The products by LG are priced from low to high ends.
Along the way, our constantly evolving technological expertise has lent itself to many new products and applied technologies. We are committed to providing commercial electronic products that help businesses perform better. . It has increased its profitability in hardware, software and networking system. In order to get the best possible experience our LG. The LG must improve its price strategy and promotion strategy at the movement.
LG's smartphone pricing strategy in the US is insane
Find out more about our business products today. It also helps you to move in a balanced way throughout your program. Selecting the pricing objectives; 2. The LG electronics facing lots of problem while its production and exporting goods to the overseas. Sometimes we find their products also on display in the outlets of other shops. This study finds about the status of Consumer Electronic industry and its segmentation. LG Electronics is the leading enterprise in contribution in society and economy, creation of employment, and faithful tax payment.
After some period the LG has realized and it give more quality and services for its expensive product. The company has expanded its product portfolio from automotive parts, air solutions, electronic commerce, and much more. It has a wide range of products that offer prices from the bottom up. Thus, from the pricing strategy in the marketing mix ofLG, we see that more prices are set by the company based on their global competition. But the intensity with which competition exists in the industry keeps varying. To support this, we have developed a unique and state-of-the-art business products.
The Importance of Pricing Strategy for the Company
The LG mostly use the renewable energy source because safer environment. The LG contribute the world wide stock market and money market also. It is essential to note that the internal factors are within the control of organisation, such as operations, finance, marketing, and other areas. The below the table shows the financial highlight of LG electronics. LG Electronics is the one of well known multinational company in this world.
So day by day it has increased its technology upgradation and cost price movements. The advertisement and promotion strategy has been formulated by LG management to increase its sales growth by nature. Like the case of Reliance outlets for the gadgets, we find that the LG products are on display. At present the retail market has developed and it increase its competitive advantage towards its customer. Let us now have a deeper look at various segments of products offered by LG. The LG has a huge technology like LCD, plasma TV, Games and, Laptops,Videos, CDMA Mobile phones with a number of features. They are several multinational company run their business over the world so the multinational company must use its own marketing strategies.
Technological Analysis: The LG has more technology shock towards its electronics product. So they need to protect their market position and competitive advantage. The company is also trying to make its products with a much lower carbon footprint which allows it to stand out among the competitors. It leads to cutting the prices of product and it become a more sales by the segement of low prices. LG Electronics is focused on developing new innovations across a range of different businesses. Moving forward into the 21st century, LG continues to on its path to becoming the finest global electronics company, bar none.