A few companies like Kelvinator, Godrej, Alwyn, and Voltas were the major players in the consumer durables market before the liberalization of the Indian economy, accounting for no less than 90% of the market. Then, after the liberalization, foreign company like LG, Sony, Samsung, Whirlpool, Daewoo, and Aiwa came into the picture. Now, these companies has controlled the major share of the consumer market. Consumer durables market is expected to grow at 10-15% in 2007-2008.
The company was originally established in 1958 as Gold Star, producing radios, TVs, refrigerators, washing machines, and air conditioners. LG Electronics is one of the leading companies in the field of electronics with a global presence in many countries.Before briefing, we have divided the introduction part into three main sub parts. LG Global, LG India, LG etc. Here we are going to share you a marketing project of LG company which will help you to analysis the current market position of LG company which was prepared by a student. Lets have a look
LG Electronics is a company that thrives on innovation. Its products and technologies enhance lives and introduce our customers to a whole new world of creative designs.
They are committed to finding new ways to make your life better and easier-through simple user interfaces, stylish designs and intelligent, state-of-the-art technology.
Objective of the project
You will find out the market share of the LG and also calculate the display share. Positional dealer who can sale the LG product in large volume. You will Identify potential dealer and development these dealer. So LG can make them their direct dealer. The problem faced by the dealer in sales and the distribution.
You will find out that how far the exhibitions are helpful in branding, While purchasing the consumer durables which parameter is most important for the consumer, Do the consumers prefer the financial facility for buying consumer durable. Frequently consumers change the consumer durable. enhances the knowledge of consumer durable market, increases the knowledge consumer durable product of LG, enhances the knowledge about the marketing and branding activity.
History of LG Company
The company was originally established in 1958 as Gold Star
1958-1969-GoldStar The Electronics Industry Dream
1970-79 GoldStar symbol of The Technolgoy
1980-88 :- INTERNATIONALIZATION
1995-98 GLOBAL LEADERS LG ELECTRONICS
2004-2006 GREAT PEOPLE GREAT DESIGN
2007-THE PEOPLE COMPANY
The LG Group was a merger of two Korean companies, Lucky and Gold Star, from which the abbreviation of LG was derived. The current "Life's good" slogan is a backronym. Before the corporate Name change to LG, household products were sold under the Brand name of Lucky, while electronic products were sold under the brand name of Gold Star. The Gold Star brand is still perceived as a discount brand.
In 1995, Gold Star was renamed LG Electronics, and acquired Zenith Electronics of the United States.
LG Electronics is making technical advances and identifying business opportunities through various associative relationships with some of the world's leading companies.
LG Electronics will do its best to create new products and services with an open mind, while developing new technologies and business fields through various associations with some of the world's most successful companies.
Code of conduct of LG
Responsibility and obligations to customers
- Respect for Customers
- Creating Value
- Providing Value
- Pursuit of Free Competition
- Compliance with Laws and Regulations
- Equal Opportunity
- Fair Transaction Procedure
- Support and Aid for Business Partners
Basic Ethics for Employees
- Basic Ethics
- Completion of Duty
- Self Development
- Fairness in Performance
- Avoidance of conflict with company interest
Corporate Responsibilities to employees
- Respect for human dignity
- Fair Treatment
- Promoting Creativity
Responsibilities to society and country
- Rational Business Development
- Protection of stock holder interest
- Contribution to social development
- Environmental Conservation
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). LG set up a state-of-the art manufacturing facility at Greater Noida, near Delhi, in 1998, with an investment of Rs 500 Crores.
LG corporate office is located at Plot no.51, Udyog Vihar, Kasna Road, Greater Noida, India. This facility manufactured Color Televisions, Washing Machines, Air-Conditioners and Microwave Ovens.
RECOMMENDATIONS AND SUGGESTIONS:
- LG should improve it’s after sale service because its hits badly LGs market share in region.
- More detailed customaries service is to be provided.
- The training to in shop demonstration should be given at frequent time interval and feed back should be considered positively.
- The company should look into the matter of person hiring for in shop demonstration. A big LG showroom should have at least 2 such kind of person.
- LG should try new dealer who have the potential. So they can target more market.
- As there is a bottle neck competition between Samsung and LG, it is necessary to take measure steps to overcome the area of downfall in LG with respect to Samsung.
- The marketing managers should make better relations with dealers and reputation of the company.
- Customer considers quality as their first preference, so the company should give more stress on this.
- The switching of customer from LG product to other brand is due to the bed after sell service in shop.
- The product is well aware and it is on top of mind of customer.
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