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Business Studies - Marketing

Business Studies Marketing Assignment - Jayden Toole

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Business Studies - Marketing

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  1. Curve TV - 55EA9800 PRESENTED BY LIFE’S GOOD ELECTRONICS

  2. Strength’s and Weaknesses of Current Product * If the viewer is within the suggested viewing area

  3. LG Curve Television (55EA9800) Product Life Cycle [Australia]

  4. Product Innovation • The new product curves to the viewers by a built in sensory device • Automatically adjusts the brightness according to light availability within the room • Automatic switches channels when adds appear according to viewer preference • The product automatically adjusts its size according to the viewers location within the room (Height, Width) + A manual control remote • Automatically adjusts sounds according to the current program and the viewers location • The product is on wheels therefore best possible experience for the viewers • Voice reminders television programs are commencing as well as other reminders customers can personally set • Have a 2 hour emergency power battery for blackouts • Connect to phone, computer and tablet through Bluetooth, USB port and/or WIFI • 3D viewing, glasses free • Voice control • Connects to lights in the house so automatically turn off lights • 10 000 Pixel screen • DVD player which can store up to 4 DVD’s at a time

  5. LG 22nd Century series A3289M4B

  6. Segmenting the Consumer Market Demographic factors LG electronics is targeting anyone who is looking at purchasing a new television however we are especially targeting a young middle class family as they are always busy and on the go. As this product enables the parent to fully relax at the end of the busy working day and chasing their young children around and offers that luxurious comfort. this television can also entertain the children when the parents are busy with cooking dinner or cleaning the house. This product is aimed at families with a combined income of $120 000.

  7. Segmenting the Consumer Market Geographic factors The television is aimed for all geographic locations city and country as long as there is electricity and a television signal, this television is for them.

  8. Segmenting the Consumer Market Psychological factors This product is aimed for the population who wants to feel like they are up to date with the latest of technology. “The simple to use controls are suitable for everyone from the young to the elderly” quoted by Kathy Lawerence a 63 year old Australian citizen. The television is also aimed at those busy working parents who just want a treat at the end of the day and this product is able to do that with all the new installed software and added features.

  9. Target Market Product This product is aimed at young families as they are always busy and on the go. Recent studies show that parents would like more time to relax in this busy stone age. This product has the tools for keeping young children entertained and also has the latest technology to make your day as parents. LG electronics. LG quality control methods by checking each individual hardware piece and ensuring they meet the standards which is required. Whilst LG quality assurance methods include testing the product after being full manufactured, with LG correcting any malfunctions, the product is issued with a 2 year replacement warrantee if the device malfunctions without any damaged caused by an external force.

  10. Target Market Place Customers will be able to find the product at traditional LG retail partnership stores: Harvey Norman, The Good Guys and Bing Lee. LG staff will personally display the product in all customers range of sight as well as adding balloons, large poster and other Psychological manipulation strategies. LG electronics serves a worldwide market with five business units in nearly a hundred and ten locations. Our aim for the product is rapid and fast growth and this will be achieved through the globalization establishment of the product. It will start within Australia and then expand. In order to sell the product LG has tied up with a number of distributors such as Russo’s Transporting services and Dorman’s Trucking Company who are given the responsibility of distributing the products efficiently and timely with minimum of fuss.

  11. Target Market Promotion Promotion of product will occur in the morning as parents drop the children off to daycare and at night as the parents are relaxing. LG will personally equip each retailer with a banner which is to be displayed outside the store plus 2 posters which are to remain on windows and 3 in store posters which can be displayed within customers view. Television advertisements between the hours of 8.30pm to 10pm and radio advertisements between the hours of 7.00am to 8.30am. LG electronics has always believed in the concept of promotional advertisement. It feels that a direct communication with the consumer is necessary to sell its products and hence its advertisements can be seen throughout the year in televisions, magazines, newspapers and internet. The brand also gives special discounts to retailers and distributors who advertise regularly and who open exclusive shops for LG. The advertisement is the maximum for newly introduced products and for products which give high turnover.

  12. LG 22nd Century series A3289M4B – SWOT ANALYSIS Strength’s • New technology • Inexpensive • Family orientated • Sharpest television on the market • More supportive viewing angles • The low cost of production and high revenues ensure a good return on investment • 92% of the respondents rank ‘watching TV’ as their top media source • Being a visual medium, its impact transcends the social & educational background of its viewers • Is equipped with the power to influence people, their beliefs and their opinions.

  13. LG 22nd Century series A3289M4B – SWOT ANALYSIS Weaknesses • Common materials utilized • Inefficient electricity use

  14. LG 22nd Century series A3289M4B – SWOT ANALYSIS Opportunities • Festive season starts in 3 months • Televisions have a large customer base • Increasing interest of global investors in the television industry • Average house hold has 2 televisions

  15. LG 22nd Century series A3289M4B – SWOT ANALYSIS Threats • Competitors can easily copy LG Technology and innovate the technology • Rising electricity costs • Rising Australian dollar • Competitors have a loyal customer base • Increasing interest of consumers in digital media • Digital media advertising revenue grew by 17% in 2015 to $44 billion

  16. Planned Outcome LG electronics planned outcome consists of: The product being at the end of the establishment stage by the end of the year 1 in 7 families within Australia will have the new television by the end of January next year Become the number one selling television by 2020

  17. Reference List Marketing91.com. 2016. Marketing mix of LG - LG marketing mix. [ONLINE] Available at: http://www.marketing91.com/marketing-mix-of-lg/[Accessed 24 June 2016] Moore, Ian, Daniel MacPherson, and David Moore. Creative business studies. Summer Hill, N.S.W: Creative Classroom, 2012. Print. Product Lifecycle Management. 2016. Product Lifecycle Management. [ONLINE] Available at: http://www.biz-development.com/Sales/4.11.Product-Lifecycle-Management.htm [Accessed 24 June 2016] LG Electronics (@LGUS) on Twitter. 2016. LG Electronics (@LGUS) on Twitter. [ONLINE] Available at: https://twitter.com/lgus[Accessed 24 June 2016] The Huffington Post. 2016. 5 Reasons NOT To Buy a 4K UHD TV - Yet. [ONLINE] Available at: http://www.huffingtonpost.com/stewart-wolpin/5-reasons-not-to-buy-a-4k_b_7065864.html[Accessed 24 June 2016]

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