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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 IVthSemester
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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 Departmentof 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 . She
rendered 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. to prepare the marketing strategy
and Advertisement is my own work conducted under the
supervision of Mrs. Shikha Urmil Khan, 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 theSupervisor
Signature of theHead of the
Department
Signature of theExaminer
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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 consumerdurables 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, South
Korea was established in January, 1997 after clearance
from the Foreign Investment Promotion Board (FIPB).
The trend of beating industry norms started with the
fastest ever-nationwide launch by LG in a period of 4 and
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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. Covering
over 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
amongst all LG manufacturing plants in the world. LG
has been able to craft out in ten years, a premium brand
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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 subsidiaries
worldwide, with roughly 82,000 executives and
employees. To locate any of LG Electronics offices orsubsidiaries, 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
self-expression and a promise of satisfaction to its
customers.
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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 plastics
business, it established GoldStarCo.Ltd., (currently LG
Electronics Inc.) in 1958. Both companies Lucky and
Goldstar merged and formed Lucky-Goldstar. Goldstarproduced 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
1995, to better compete in the Western market, the
Lucky-Goldstar was renamed "LG", the abbreviation of
"Lucky-Goldstar". More importantly, the company
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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 likeDVD-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
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
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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 electronicsHome 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_entity7/31/2019 NARGIS L.G. PRO.
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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_monitor7/31/2019 NARGIS L.G. PRO.
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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_advantage7/31/2019 NARGIS L.G. PRO.
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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-07/31/2019 NARGIS L.G. PRO.
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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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ADVERTISING OF LG
http://www.google.co.in/imgres?imgurl=http://www.techshout.com/img/lg-divx-logo.jpg&imgrefurl=http://www.techshout.com/software/2009/01/lg-gw620-and-chocolate-phones-now-deliver-divx-capabilities/&usg=__rxald1cxe_f3RNNPfzrQxjZHTr0=&h=300&w=450&sz=23&hl=en&start=8&zoom=1&tbnid=ldBOPg-mAj_XdM:&tbnh=85&tbnw=127&ei=Q91-T7maLonMrQeNsIXoBQ&prev=/search?q=lg+company+logo&hl=en&sa=X&biw=994&bih=636&tbm=isch&prmd=imvns&itbs=1