LG Marketing Strategy

Therefore, this case analysis will perform a strategic analysis of LG washing machine in addition to providing recommendations based on the frameworks that have been learned in the unit. LG is a large multinational company that has its operations spread in different parts of the world. Koslow (2007) writes that the organization is known for the delivery of very innovative digital products encompassing entertainment, and home media and appliances such as washing machines. It also produces other consumer electronics such as televisions, refrigerators, and air conditioners. The company has a global aim of becoming one of the top three high performing firms in the world consequently beating its competitors. In this model, customers found within a particular group have same needs while those in other groups have divergent needs.

In the washing machine market, there is a great need for segmentation for the company so that it can accurately identify the users of this appliance. In fact, the company has actively taken up this role of segmentation purposely for the identification of its customers. The market for the LG washing machine can be segmented into three parts encompassing students, young professionals and the elderly. The first segment for the LG washing machine includes students. The last segment of the LG washing machine is the elderly and senior citizens of the state. These are individuals that are usually old and tired and thus washing machines come in handy in assisting them to do their washing. In fact, because of their age, they even hire operators of these machines.

This segment is important as most of the people in this age bracket are also ailing. There is thus need to provide them with utmost comfort, particularly through the washing machines. Therefore, consistency with the changes in consumer tastes and preferences will ensure that the washing machines stay afloat in the market. Competitive Responses LG has acknowledged the fact that successful companies in the increasingly competitive business platform are those that know the ways of adapting in the midst of competitor disruption of the market. This, therefore, means that when there are changes in the market brought about by competitive dynamics, the reaction towards these dynamics will play an important role in selling any particular product. In addition, a well thought out plan has the capacity of realigning the business strategy to take advantage of the disruptions.

Based on the production of washing machines, there is a high level of competition particularly between LG and other reputable firms. Basically, differentiating the LG washing machines has given them a superior touch to those that are being produced by its competitors. Prioritization of Limited Resources A prioritization of limited resources in the manufacture of LG washing machines is significant for the betterment of the sales and profits for the entity. Worth noting is that the efficient operations of companies are often hindered by the limitedness of resources. For LG washing machines, this may be perceived based on the distribution channels and the number of employees. For this company, it has particularly concentrated on the distribution channels as a limited resource that has often hindered optimal operations of the firm.

Besides, the washing machines should be easy to use consequently making the client satisfied. LG should also increase the warranty on the washing machines. Increasing the warranty of the product will boost the confidence of the customers thus leading to more sales. It is also here that the company should work towards boosting the brand image of the washing machines. Ones the brand image has been improved, there will be more sales of the washing machines. Based on its strength, LG Company is a global giant having several subsidiaries. As a result, the company should use its well-recognized brand to increase the sales of the washing machines. It can portray them as both innovative and reliable just as its other electrical equipment consequently boosting the sales and revenues from the machines.

The company can also capitalize on the existing opportunities in the washing machines’ market. For instance, the company has the opportunity of creating strategic partnerships with other companies that would assist it in advancing and in the identification of business opportunities. PESTEL LG Company can also work towards improving its operations so that the external, as well as, the out of control factors can be sufficiently put under control. On the first account, the political environment often has a broad impact on a company since it relates to the law and the taxation policies that companies are expected to adhere. Therefore, to boost the sales of the LG washing machines, there is a need for the company to increase its political and legal interactions.

By increasing these interactions, the company will not experience any challenge in its global production endeavors in addition to the export business. Economically, Palmatier and Sridhar (2017) write that it is worth noting that the economic aspects can have extensive impacts on the operations of any firm. Technologically, the company should continue investing in innovation so that the washing machines become entirely efficient. The technology should also be used in reaching its customers and followers. Legally, the firm should continually operate while upholding all the legal requirements of the countries where they have their operations. These legal requirements encompass aspects such as tax legislation, environmental protection and even employment of a particular percentage of the local population in the host country. Lastly, the washing machines should increasingly be designed in environmentally friendly manners with the product also being energy efficient.