New Works 08/03

Marketing Plan Milestone 3 1

Marketing Plan Milestone 3 5

Marketing Plan Milestone 3

Student’s Name: Ruthvik Reddy Gidde

Institution: New England College

Date: 07/11/2021

The four Ps of marketing is the fundamental factors that are involved in the marketing of a product or service and comprise the product, price, place and promotion of a good or service. They are commonly known as the marketing matrix and are normally constrained by external and internal factors in the whole business setting. The marketing matrix is used by many organizations to determine some of the key factors for their business, among them being what consumers need from them, the way their product or service will meet those needs and how it is perceived around the globe (Resnick, et al., 2016). It also determines if they stand out from their competitors and the way they interact with their consumers.

The marketing mix of LG examines the organization in which it involves the 4 Ps, including the product, price, place and promotion and clearly describes the marketing approach of LG. Marketing strategies usually assist the company in attaining its business goals and objectives, and the marketing mix is the broadly utilized method to determine those approaches. The product mix of the LG Company has a wide variety of offerings that are available for the organization. The company focuses on nearly all the segments a customer can think of, including electronic products. The variety of LG goods consists of numerous goods like mineral boosters, vacuum cleaners, air conditioners, television, refrigerators and mobile phones (Ghazian, Hossaini, & Farsijani, 2016). These segments have further been classified into sub-segments where various types of goods are accessible and are catering to the different consumers' segments. For instance, there are a lot of types of mobile phones which are catering to the wants of individuals of different segments based on the option of the technology and the purse strength of the consumers. It also applies to televisions and refrigerators, and the company is looking into the mineral booster. The LG Company is also striving to make its home appliances products eco-friendly which lets the company stand out amongst its competitors.

In relation to the price of home appliances in the LG Company, the company's products are priced from low to high ends. The prices have been set up depending on the pocket size of the consumers. For instance, mobiles are goods that have been lowly priced, and these LG phones regularly have low features. The refrigerators are also priced in different ways, and the features of these refrigerators decide the price which the company can charge. The prices of LG air conditioners are also low, and their cooling tons determine the amount of money that one desires to pay for the product. Televisions have become a milestone for the LG Company, and it has offered several types of range, and their price is fixed based on the features and the demand of the consumers; hence it is evident that many prices are set by the organization depending on the global competition of the company.

Based on the place, the places of supply for LG is through the local stores, which is the primary approach of the business. Currently, the goods of the LG Company are sold through their own site and other e-commerce sites, which makes them accessible all through the market and are a significant form to demonstrate the goods of the organization. At times, the products of LG Company display in the outlets of other shops, for instance, mobile stores outlets that have LG phones. This shows that the company ensures that all products are available to the customers. In relation to promotion, the only belief of the LG Company is that they need to communicate directly with the consumers, which leads to them presenting numerous advertisements throughout the year in several sources such as magazines, newspapers, the internet, radio and television.

The 4Ps of home appliances in the LG Company has negatively been influenced by the pandemic. Based on the products, balancing short and long term wants has become one of the most persistent obstacles of product-related decisions that have been forced by disruptions. The pandemic has led to abrupt changes to user behavior which has made several adjustments to be made in product road maps. Due to the pandemic, the way buyers engage with businesses physically and acquire goods has been significantly impacted. Prices have also been negatively impacted by the pandemic because, with the economic uncertainty and adversity, purchasers are exercising more caution before accepting certain buying decisions. Additionally, the pandemic has dramatically affected the promotion of products in LG Company because they should evaluate not only the methods they use to engage their audiences and deploy their marketing tactic but also the context of the information they are sharing through those channels.

The promotional mix that LG Company employs includes the main belief that they should communicate directly with the consumers. Due to their belief that they should communicate with consumers directly, they have found different advertisement methods throughout their operations, and they include various sources such as magazines, newspapers, the internet, radio and television. The promotional strategy concentrates on strong brand awareness throughout all the probable channels. The company mainly advertises products that are of a high turnover material and ensures that more consumers are aware of the products, which increase the number of sales (Hess, 2020). The company usually picks the famous faces of a certain country and makes them brand ambassadors since individuals will directly relate to the commodities accessible to them. The company also promotes its products through certain sporting events in which they become sponsors of the tournament.

References

Ghazian, A., Hossaini, M. H., & Farsijani, H. (2016). The effect of customer relationship management and its significant relationship by customers’ reactions in LG Company. Procedia Economics and Finance, 36, 42-50.

Hess, E. (2020). LG Investments, LLC: A Family Business in Generational Transition (A). In Growing an Entrepreneurial Business (pp. 301-303). Stanford University Press.

Resnick, S. M., Cheng, R., Simpson, M., & Lourenço, F. (2016). Marketing in SMEs: a “4Ps” self-branding model. International Journal of Entrepreneurial Behavior & Research.