l.g. Projects ( Life of Good)

7/31/2019 l.g. Projects ( Life of Good)

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PREFACE

This project report is on the MARKETING

STRATEGY OF LG.

Theories can be read but the perform it in the real

life is different experience will together. Management

courses are designed to produce future managers and

unless you have practical knowledge the theoretical

knowledge is not implicated. Hence this project is to

give us the practical way of knowing how market

behaves and reacts.

This is also in part fulfillment of BBA Degree.

NARGIS KUSHWAHA

BBA IVth Semester


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Preparing a project of this nature is an arduous task and I was

fortunate enough to get support from a large number of persons I wish

to express my deep sense of gratitude to all those who generously

helped in successful completion of this report by sharing their

invaluable time and knowledge.

It is my proud and privilege to express my deep regards to

respected Principal Sir Dr. J.P.N. Pandey, Head of Department Dr Anand

Tiwari, Mrs. Shikha Urmil Khan and Mr. Shailendra Patel,, Miss.Deepti

patel Department of Business Management , Govt. Autonomous Girls

P.G. College of Excellence, Sagar, for allowing me to undertake this

project.

I feel extremely exhilarated to have completed this project under

the able and inspiring guidance of Mrs. Shikha Urmil Khan . Sherendered me all possible help and guidance while reviewing the

manuscript in finalising the report.

I also extend my deep regards to my teachers, family members,

friends and all those whose encouragement has infused courage in me

to complete the work successfully.

NARGIS KUSHWAHA

B.B.A.IVthSemester


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I declare that the project report titledMARKETING

STRATEGY OF LG. is my own workconducted under the

supervision of Mrs. Shikha Urmil Khan Faculty

Department of Business Management. Govt. Girls P.G.

College of Excellent, Sagar. To the best of my knowledge

the report does not contain any work which has been

submitted for the award of any degree, anywhere.

NARGIS KUSHWAHA

B.B.A.IVthSemester


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The Project report titled" MARKETING

STRATEGY OF LG"has been prepared the marketing

strategy and advertisement by Miss.NARGIS

KUSHWAHA student of B.B.A. IVth Semester under the

guidance and supervision ofMrs.Shikha urmil khan

for the fulfillment of the Degree of B.B.A.

Signature of the

Supervisor

Signature of the

Head of the

Department

Signature of the

Examiner


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INTRODUCTION

Established in 1997, LG Electronics India Pvt. Ltd., is a

wholly owned subsidiary of LG

Electronics, South Korea. In

India for a decade now, LG is

the market leader in consumer

durables and recognized as a

leading technology innovator

in the information technology

and mobile communications business . LG is the

acknowledged trendsetter for the consumer durable

industry in India with the fastest ever nationwide reach,

latest global technology and product innovation. One of

the most formidable brands, LGEIL has an impressive

portfolio of Consumer Electronics, Home Appliances, GSM

mobile phones and IT products. LG Electronics India Pvt.

Ltd., a wholly owned subsidiary of LG Electronics, SouthKorea was established in January, 1997 after clearance

from the Foreign Investment Promotion Board (FIPB).


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The trend of beating industry norms started with the

fastest ever-nationwide launch by LG in a period of 4 and

1/2 months with the commencement of operations in

May 1997. LG set up a state-of-the art manufacturing

facility at Greater Noida, near Delhi, in 1998, with an

investment of Rs 500 Crores. This facility manufactured

Colour Televisions, Washing Machines, Air-Conditioners

and Microwave Ovens. During the year 2001, LG also

commenced the home production for its eco-friendly

Refrigerators and established its assembly line for its PC

Monitors at its Greater Noida manufacturing unit.The

beginning of 2003 saw the roll out of the first locally

manufactured Direct Cool Refrigerator from the plant at

Greater Noida.In 2004, LGEIL also up its second

Greenfield manufacturing unit in Pune, Maharashtra

that commences operations in October 2004. Coveringover 50 acres, the facility manufactures LCD TV, GSM

Phones, Color Televisions, Air Conditioners, Refrigerators,

Microwave Ovens Color Monitors.Both the Indian

manufacturing units has been designed with the latest

technologies at par with international standards at

South Korea and are one of the most Eco-friendly units


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amongst all LG manufacturing plants in the world. LG

has been able to craft out in ten years, a premium brand

positioning in the Indian market and is today the most

preferred brand in the segment.At LG, we believe that

technological innovation is the key to success in the

marketplace. Founded in 1958, we've led the way in

bringing advanced digital products and applied

technologies to our customers. With our commitment to

innovation and assertive global business policies we aim

to become a worldwide leader in advanced digital

technology. VisionLGs vision is to deliver innovative

digital products and services that make our customers

lives better and easier happier, even through increased

functionality and fun. LG Electronics plays an active role

in world markets with its assertive global business policy.

As a result, LG Electronics controls 114 local subsidiariesworldwide, with roughly 82,000 executives and

employees. To locate any of LG Electronics offices or

subsidiaries, click the relevant region on the map below.

If no data appears once you have selected your region,

click Ask. Brand IdentityLGs brand identity focuses on


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self-expression and a promise of satisfaction to its

customers.

HISTORY

LG Corp. founder Koo In-Hwoi established Lak-Hui

Chemical Industrial Corp. in

1947. In 1952, Lak-Hui

(pronounced"Lucky", currently

LG Chem) became the first

Korean company to enter the

plastics industry. As the company expanded its plasticsbusiness, it established GoldStarCo.Ltd., (currently LG

Electronics Inc.) in 1958. Both companies Lucky and

Goldstar merged and formed Lucky-Goldstar. Goldstar

produced South Korea's first radio. Many consumer

electronics were sold under the brand name GoldStar,

while some other household products (not available

outside South Korea) were sold under the brand name of

Lucky. The Lucky brand was famous for its line of hygiene

products such as soaps and HiTi laundry detergents, but

most associated with its Lucky and Perioe toothpaste. In


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1995, to better compete in the Western market, the

Lucky-Goldstar was renamed "LG", the abbreviation of

"Lucky-Goldstar". More importantly, the company

associates the letters LG with the company's tagline

"Life's Good". This tagline came from Australia, where

many of the products are tested first by LG. Since 2009,

LG also owns the domain name LG.com. In 1996 LG

formed a joint venture with IBM. This joint venture was

later terminated. On 1 April 2000, LG Chemical was split

into three separate companies, namely LGCI, LG Chem

and LG Household & Health Care. Later, in July 2007, LG

Chem merged with LG Petrochemical. Since 2001 LG has

two joint ventures with Royal Philips Electronics: LG

Philips Display and LG.Philips LCD, but Philips sold off its

shares in late 2008.[9] In 2005, LG entered into a joint

venture with Nortel Networks, creating LG-Nortel Co.Ltd.

LG has a joint venture with Hitachi, Hitachi-LG Data

Storage, which makes optical data storage devices like

DVD-ROM drives, CD writers, etc. LG acquired American

television manufacturing company Zenith in 1999. LG

has owned the LG Twins baseball club in Seoul, South


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Korea since 1989. The stocks are separated into four

parts, 52% are owned by the CEO, 22% are distributed

and the other 26% are owned by the next generation CEO

who's currently attending a university in Orlando,

Florida getting her degree in business and Recording

Arts.[clarification needed] The company logo of LG

features the letters L and G, presented in the form of a

smiling human face. Commodore Business Machines,

rebranded products of GoldStar, Philips, Magnavox

mostly monitor displays.


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COMPANY PROFILE

LG COMPANY PROFILE

Type Public

Traded as KRX: 066570 LSE: LGLD

Industry Consumer electronics

Home appliancesTelecommunications

Founded 1958

Headquarters Seoul, South Korea

Area served Worldwide

Key people Koo Bon-joon(Vice Chairman andCEO)
http://en.wikipedia.org/wiki/Types_of_business_entityhttp://en.wikipedia.org/wiki/Public_companyhttp://en.wikipedia.org/wiki/Ticker_symbolhttp://en.wikipedia.org/wiki/Korea_Exchangehttp://eng.krx.co.kr/mki/stc/stc_d_001.jsp?isu_cd=A066570http://en.wikipedia.org/wiki/London_Stock_Exchangehttp://www.londonstockexchange.com/exchange/prices-and-news/stocks/prices-search/stock-prices-search.html?nameCode=LGLDhttp://www.londonstockexchange.com/exchange/prices-and-news/stocks/prices-search/stock-prices-search.html?nameCode=LGLDhttp://en.wikipedia.org/wiki/Consumer_electronicshttp://en.wikipedia.org/wiki/Home_appliancehttp://en.wikipedia.org/wiki/Telecommunicationhttp://en.wikipedia.org/wiki/Seoulhttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Vice_Chairmanhttp://en.wikipedia.org/wiki/CEOhttp://en.wikipedia.org/wiki/CEOhttp://en.wikipedia.org/wiki/Vice_Chairmanhttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Seoulhttp://en.wikipedia.org/wiki/Telecommunicationhttp://en.wikipedia.org/wiki/Home_appliancehttp://en.wikipedia.org/wiki/Consumer_electronicshttp://www.londonstockexchange.com/exchange/prices-and-news/stocks/prices-search/stock-prices-search.html?nameCode=LGLDhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://eng.krx.co.kr/mki/stc/stc_d_001.jsp?isu_cd=A066570http://en.wikipedia.org/wiki/Korea_Exchangehttp://en.wikipedia.org/wiki/Ticker_symbolhttp://en.wikipedia.org/wiki/Public_companyhttp://en.wikipedia.org/wiki/Types_of_business_entity


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Products Computer monitorsFlash memoryTelevisions

SmartphonesTabletsMobile phones

Revenue US$48.23 billion (2011)

Net income US$ 1.1 billion (2011)

Employees 91,254 (2011)

Parent LG Group

Website www.lge.comwww.lg.com
http://en.wikipedia.org/wiki/Computer_monitorhttp://en.wikipedia.org/wiki/Flash_memoryhttp://en.wikipedia.org/wiki/Televisionhttp://en.wikipedia.org/wiki/Smartphonehttp://en.wikipedia.org/wiki/Tablet_computerhttp://en.wikipedia.org/wiki/Mobile_phonehttp://en.wikipedia.org/wiki/US$http://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Holding_companyhttp://en.wikipedia.org/wiki/LG_Grouphttp://www.lge.com/http://www.lg.com/http://www.lg.com/http://www.lge.com/http://en.wikipedia.org/wiki/LG_Grouphttp://en.wikipedia.org/wiki/Holding_companyhttp://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/US$http://en.wikipedia.org/wiki/Mobile_phonehttp://en.wikipedia.org/wiki/Tablet_computerhttp://en.wikipedia.org/wiki/Smartphonehttp://en.wikipedia.org/wiki/Televisionhttp://en.wikipedia.org/wiki/Flash_memoryhttp://en.wikipedia.org/wiki/Computer_monitor


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BOARD OF DIRECTORS

Bon-Joon Koo

Vice Chairman &

CEO,

LG Electronics

Inside Director

David Jung

CFO of LGElectronics

(Executive Vice President)

Inside Director

Yu-Sig Kang

CEO of LG Corp.

(Vice Chairman)

Non-executive Director


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Sang-Hee Kim

Lawyer

Outside

Director

In-Ki Joo

Professor

Yonsei University

Outside Director

Kyu-Min Lee

Advisor SK Research Institute

for Super Management

Outside Director


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MARKETING STRATEGY OF LG

Marketing strategy is a process that can allow an

organization to concentrate its limited resources on the

greatest opportunities to increase sales and achieve a

sustainablecompetitive advantage. Marketing strategies

serve as the fundamental underpinning of marketing

plans designed to fill market needs and reach marketingobjectives.Plans and objectives are generally tested for

measurable results. Commonly, marketing strategies are

developed as multi-year plans, with a tactical plan

detailing specific actions to be accomplished in the

current year. Time horizons covered by the marketing

plan vary by company, by industry, and by nation,

however, time horizons are becoming shorter as the

speed of change in the environment increases. Marketing

strategies are dynamic and interactive. They are

partially planned and partially unplanned. See strategy

dynamics. Marketing strategy involves careful scanning

of the internal and external environments.Internal

environmental factors include the marketing mix, plus

performance analysis and strategic constraints. External
http://en.wikipedia.org/wiki/Competitive_advantagehttp://en.wikipedia.org/wiki/Competitive_advantage


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environmental factors include customer analysis,

competitor analysis, target market analysis, as well as

evaluation of any elements of the technological,

economic, cultural or political/legal environment likely

to impact success. A key component of marketing

strategy is often to keep marketing in line with a

company's overarching mission statement.Once a

thorough environmental scan is complete, a strategic

plan can be constructed to identify business alternatives,

establish challenging goals, determine the optimal

marketing mix to attain these goals, and detail

implementation.A final step in developing a marketing

strategy is to create a plan to monitor progress and a set

of contingencies if problems arise in the implementation

of the plan.[1] Marketing strategies serve as the

fundamental underpinning of marketing plans designedto fill market needs and reach marketing objectives.Plans

and objectives are generally tested for measurable

results. Commonly, marketing strategies are developed as

multi-year plans, with a tactical plan detailing specific

actions to be accomplished in the current year. Time

horizons covered by the marketing plan vary by
http://en.wikipedia.org/wiki/Marketing_strategy#cite_note-0http://en.wikipedia.org/wiki/Marketing_strategy#cite_note-0http://en.wikipedia.org/wiki/Marketing_strategy#cite_note-0http://en.wikipedia.org/wiki/Marketing_strategy#cite_note-0


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company, by industry, and by nation, however, time

horizons are becoming shorter as the speed of change in

the environment increases. Marketing strategies are

dynamic and interactive. They are partially planned and

partially unplanned. See strategy dynamics. Marketing

strategy involves careful scanning of the internal and

external environments.Internal environmental factors

include the marketing mix, plus performance analysis

and strategic constraints. External environmental factors

include customer analysis, competitor analysis, target

market analysis, as well as evaluation of any elements of

the technological, economic, cultural or political/legal

environment likely to impact success. A key component of

marketing strategy is often to keep marketing in line

with a company's overarching mission statement.

Once a thorough environmental scan is complete, astrategic plan can be constructed to identify business

alternatives, establish challenging goals, determine the

optimal marketing mix to attain these goals, and detail

implementation.


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The main objective of project is to prepare the

marketing strategy and Advertising of LG are as under :-

To know availability and durability of the productand services of LG .

To know whether products are feasible. To know about best quality of LG. To know about very good services of LG.


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As said a basic research was conducted at the company

to enables the company to assess how far the customers

are satisfied with product and services of LG.During the

course of the study the following limitations were

observed:

(a) The method will be unsuitable if the number of personsto be surveyed is very less as it will be difficult to draw

logical conclusions regarding the satisfaction level of

customers.

(b) Interpretation of data may very from individualdepending on the individual understanding the product

features and services of the company .

(c) The method lacks flexibility.In case of inadequate onincomplete information the result may deviate.

(d) It is very difficult to check the accuracy of theinformation provided.


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(e) Since all the products and services are not widely used byall the customers it is difficult to draw realistic

conclusions based on the survey.


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The following suggestions are offered to the LG:-

1. As the LG thus company should launch effectivepromotional.

2. Wide advertisement showing utility of their product andfeatures of their product should be made.

3. Company may offer gifts scheme from time to time sothat he product may attract the masses.

4. The company should lower the price5. The company should come up with attractive

advertising plants.

6. The company should improve its distribution network.7.

The company should also think and implement somepublic relation programme.


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1.Customer's priority is on the price, mileage, and lookwhile purhasing LG. They are not much affected y

promotional programs.

2.Dealers expect some promotional schemes/ offersfrom the company.

3.There are many promotional offers available to thecustomers like:

Company hired many cricketers and actors for

promoting the product.


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BIBLIOGRAPHY

Marketing Management by Sir Kotler Philip Marketing Research by Sir Sharma D.D. Websites :

oWww LG .comowww.google. Como www.marketing stratergy of LG.com


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RESEARCH METHODOLOGY

INTRODUCTION :

Research methodology is a very to systematically

solve the research problem in common place refers to a

search of knowledge Research in an original contribution

to the existing state of knowledge making for its

advancement. The role of research in several field is

business on economy as a whose, has greatly increased

in modern times.

Meaning and Scope :

Research in command plaice refers to a search for

knowledge in fact research in an art of scientific

investigation the meaning of research can be stated as a

careful investigation or inquiry though search for nun

gales in branch of knowledge


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According to Different Woody:

Research and reeling problems formulating defining

and redefining problems, formulating hypothesis a

suggested solution collection organizing and evaluating

data marketing deductions research conclusion at lost

carefully testing the conclusion to determines whether they

fit the formulating hypothesis.

Research is an original contribution to the existing

stock of knowledge marketing for its advancement in hurt

the research for knowledge through objective and

systematic method of grinding solution to a problem in

research.

Research Design:

A research design in purely and simply the

framework or a plum for a study that guides the

collections and analysis of the data. A good research

design has the characteristic viz problem definition,


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specific method of data collection and analysis time

required for research project and estimator of expenses

to incurred it may be worthwhile to mention here that a

research design is nothing more than frameworks for

study so that Secondary data is second hand in formation

on the other hand on includes those data which are

collected for same earlier research work and are

applicable or usable in the study research has presently

undertaken to collect additional information I made

use of secondary data like magazines websites,

newspapers etc.


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I declare that the project report titledMARKETING

STRATEGY OF LG. is my own work conducted under the

supervision of Mrs. Shikha Urmil Khan,Faculty

Department of Business Management. Govt. Girls P.G.

College of Excellent, Sagar. To the best of my knowledge

the report does not contain any work which has been

submitted for the award of any degree, anywhere.

NARGIS KUSHWAHA

B.B.A.IVthSemester


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INDEX

1. Preface

2. Acknowledgment

3. Declearation

4. Certificate

5. Introduction

6. History

7. Company Profile

8. Board of Directors

9. Objectives

10. Research Methodology

11. Marketing strategy of LG

12. Limitations

13. Suggestions

14. Conclusions

15. Biblography

16. Enclosure


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Documents

l.g. Projects ( Life of Good)