The Core Aspects of Marketing

The Core Aspects of trade marketplaceing is the activity, portion of institutions, and coveres for creating, communicating, delivering, and exchanging oblations that accept value for guests, clients, partners, and society at large.Kotler PMarketing is the notice of human activities directed at facilitating and consummating exchanges.CIMThe Chartered Institute of Marketing delineate tradeing as The management process obligated for finding, anticipating and satisfying node requirements advantageably t e genuinely(prenominal)y to my point of view AMA (Ameri lav Marketing Association) says that grocerying is an activity, which an set up does a process identical communicating, delivering, and exchanging offerings to have a valuable customer or clients. correspond to my point of view Kotler P says that marketing is a human activity which facilitates in doing their final activity in exchanging their w bes.According to my point of view CIM (Chartered Institute of Marketing) says that it is a management process which is responsible for identifying and satisfying the customer requirements in truth put onfully.Sm completely history soundly-nigh my selected scheme -LG (Lucky meretricious star)The comp either was originally established in 1958 as Gold star, producing Radios, TVs, Refrigerators, Washing machines, and aureole Conditioners. (LG-MARKETING-Mix) (http//www.docstoc.com/docs/12163409/LG-MARKETING-Mix)According to these three definitions LG is following AMA (Ameri faecal matter Marketing Association) definition. AMA defines as marketing as the institution which does the social helping to the customers. This is what LG is following their of import aim is in addition todoa social service to the public.TASK-1.2Out of the orientations that exist, try to identify to which orientation the disposal belongs to and justify your selection with appropriate examples taken from the shapingOrientationOrientation course persons attitude or adjustment in relation to a special(a) event. (Dictionary)Orientation is a function of the genius involving aw beness of three dimensions sentence, place and person. Problems with orientation lead to disorientation, and whoremaster be due to various conditions, from delirium to intoxication.en.wikipedia.org/wiki/Orientation_(mental) in that location ar four-spot types of orientations those arProduct OrientationSales OrientationMarket Orientation end product OrientationProduct OrientationProduct orientation manner an arranging which principally concentrates on their products to make profits at the a resembling(p) time to fulfill the customers needs. When the output signal process is going on the employees who atomic number 18 functional their leave mainly concentrate on the proper packaging makeup the silk hat prime(prenominal) order.E.g. If we look upon the example, because of the proper packaging order customers lead astound attracted to a incident product they f orget buy it without each hesitation. We lavatory say magi noodles ar lift out examples for that.When a business bases its talent to make profits on the high technical quality of its products, quite than on customer needs. (Lexicon)Sales OrientationSales orientation means an validation which mainly concentrates on their gross revenue on a particular time period akin a year, month and week. In any cheeks their main view allow for be their sales volume their sales terms etc.E.g. If we look upon the example in sales orientation we finish say LGs phone business as a ruff one, because of their hackneyed products large number get attracted they go out buy automatically.Market OrientationMarketing orientation means an organization which mainly concentrates on how to market their product to the customers. In this mode the organization go forth objective a particular mannequinify to increase their profits.E.g. If we look upon the example in market orientation we can sa y Babies be a good localize theme in which we can earn more profits than the another(prenominal) lay group.Production OrientationProduction orientation means an organization which mainly concentrates in the production line. Where they mainly concentrate on the needs and wants of the target market, rather concerning virtually the production techniques etcE.g. If we look upon the example in production orientationLG is following the Market sales orientation method because to spellbind the customers to their selves. They are actually targeting their groups at the same time they are producing unalike products. They are feeling very comfortable with the market orientation method.TASK-1.3 go out how the selected organization is responding to the emerging sore trends and compare the orientations exist in the market place by taking examples.According to LG, impertinent-made trend system is not a tough matter for them because they are perpetually analyzing the customers needs w ants match to their purlieu. LG is an organization which always looks for their opportunities. LG is providing advanced proficient equipments to develop their products according to their latest trends, which is available in the market they are proving that they are market oriented organization. Their new technology has proven that is a big device driver for the new product development development for their existing products. So, their new technological trends are always proving that their ultimate opportunities to the firms to develop their products in a new way.If we consider about new trends that LG organization had followed to satisfy their customer, we can read several new things that they are utilize in their organization. in that location are close to(a) examples for it.LG homework to introduce all new experimental e-paper.In the field of electronic display LG organization is in a high place. Because LG organization is in the field of electronics for nearly 40 year s. They are always trying to do new experiments on new technology items. So, LG have planned to introduce two new experimental methods those are e-papers which will be available in the market in the form of a 19 inch flexible e-papers display a 9.7 inch tinge e-paper display. (LG trends update)LG electronics introduces the globes slimmest OLED 3D TV at IFA 2010LG has designed its new product in concord with 2010 borderless TV series home field of operations system with new colors patterns. According to the LGs display search method, North Americans Blue-ray players market guess is bright in 2009 up to 4.44 million were sold, Blue-ray players expected that it will get sold up to 7.85 million in 2010, but it did not. Because of that they will fall out to increase intensely by 17 million by 2012. In response to this huge growth of Blue-ray market, LG has doubled their sales to 2.5 million which followed from wear years profit of one million sold. LGs ambitious plan is to col lapse 1.2 million Blue-rays players to North America, Which is a largest market in the macrocosm.One of the biggest name calling in the field of consumer electronic products, LG Electronics, has taken the IFA 2010 export system in Berlin, Ger many another(prenominal) they have taken the 3D revolution to new heights. (LG Trends Updates)LG unveils an all new residential solar agency Hybrid Air conditionerNowadays in that respect is a great concern about Green House gases in the atmosphere about the depletion of the ozone layer. Because of the heavy storm many products are get green treatment, especially in the consumer electronics good, where now many companies are introducing extremely energy well organized products which provides 100% reliability to do their best to save the surroundings.(LG Trends Updates)LGs Promoting New Blue-ray Players in USWhats LGs grand plan for promoting their new Blue-ray players? target area the US market.LG Electronics launched their shit new inv entive Blue-ray players of 2010 at the Consumer Electronics attest (CES). LG electronics has strengthened its strategic alliances by developing the enterprise thus they will target the Blue-ray players market. LGs head Kang shin-ik, said that The combination of our technology and partnerships with content-making corporations has paved the way to control over the Blue-ray players market.(digital trends)LG will start the source of power to tower the Blue-ray players in the market of North America Because of the advanced Blue-ray players they can exceed the movies, music, can show heaps of other entertainment, like showing the live on forecast via internet this a great plus for the organization. Furthermore, we can use various contents by simply pressing the shortcut push on. By the net cast method LG is mechanizing the whole content service which are applied to broadband TV, Blue-ray players the home theatre system.LG introduced the Blue-ray system method in the second half o f 2008, which also permitted Netflix contents. We can say that Americas minute one online movie rental website is Netflix. Also LG added YouTube, the worlds popular video website of UCC in the first half of last year their fore all the users can watch the videos in YouTube of the definition of Blue-ray players. As a result LG is providing some usefulness to the customers, where can watch more than 12,000 high-quality movies, TV programs UCC videos etc This technology method will get uploaded by 13 hours capa city where in their birth living room or bedroom. What we have to do is just to chaffer the Blue-ray player it will do all the work for you. LG is further expanding their Blue-ray network. They will expand their Blue-ray system to a higher level thus in the near future.LG is tempting to the Blue-ray player, which is connected to the internet other multimedia devices much(prenominal) as Wi-Fi Digital Living Network Alliance (DLNA). Through this method users can use the net work by their PCs they can use to escape movies other files. (Digital Trends)Conclusion-In my point of view I would say that always LG is mournful to the new trends, because to invent new technologies other items. Their main is to satisfy the customers by their wants according to their environmental culture.TASK-1.4In your view point explain the cost and bring ins of the marketing approach of the selected organizationIf we trance upon this topic this is an interesting exiting topic.Cost benefit of an organization plays a major role in an organization. Cost means how much amount that is paid to purchase a product benefit means how much advantage we too ked from that product. For this physical process organization is using lots of method to increase their benefits.When we are considering about LGs cost benefits procedure they are using different kind of cost techniques at the same time they are also getting the benefits too.If we buy a liquid crystal display TV in LG in the big size like 32 inches more we can have a small home theatre system for free.If we buy any high rated product from LG the employees who are work will give a good service to the buyer like taking their product keeping in their vehicle.There are providing best facilities for their customers. Facilities like Air conditioning the full place it means keeping the entire place cool allowing the customers to park their vehiclesThey are using some new technologies communication method like hoarding, posters, banners other methods to grab the attention of the customers.If we see upon the benefits LG organization is providing to the customers giving special discounts in the festival time.In the above form there are some costs benefits which are provided by LG.The Awards which LG gotIf we see upon the lay outs which LG has achieved, we can say many things like LG got the award for the innovative organization for their creative thoughts in the years of 1989-1994. LG got the green products award in 2009 for their step towards better environment. LG got an award of CES wireless handset which is for the electronics. exchangeable this LG organization has got many awards.Customer SatisfactionIf we see upon the customer triumph level in LG its really good, because all the employees who are on the job(p) in LG satisfying the customer needs perfectly according to their requirements. For the second full-strength year, LG has got the highest rank in customer satisfaction with the clothes washers dryers according to the J.D Powers method.Market fateLG is a worldwide order where moreover employees are working(a) to satisfy the customers. LG has a biggest market share in the world. If we see upon the market share of LG it is having about 65% in the worldStrong brand nameIf we see upon the LG it is a reputed international firm which has a diversify product line in the electronics field, so LG has a cockeyed pecuniary moorage which is big strength for the firm. Conclusion- In my point of view I would say that LG is charging only few of money, but they are giving lots of benefits to customers. They are getting more awards for their creativeness, satisfying the customers in a best way, keeping a good market share in the world having a strong brand name in the world.TASK-2.1The macro and small environmental mover influences of the selected organization marketing activities. big EnvironmentMacro environment means the external ciphers which will scratch a companys planning and their performance which are beyond their control.Micro EnvironmentMicro environment is an environment which covers a small area of a particular organization. This studies about the individuals, household and firms that make decisions to all to allocate the limited resources, where goods services are being bought sold. In the micro environment there will be customers, competitors, suppliers the public (marketing Mimi.hu)Macro Micro environment in LGThis is the envi ronment which nub the organization externally. By analyzing this environment you can get the opportunity cancel the threads.Macro environmentPolitical factorEconomic factorSocio-cultural factorTechnological factorPolitical work outIf we see upon the political factor there is being a major issue in Pakistan. There political conditions have made industry very unstable. Because of that issue all the other LG firms around the world are getting affected.Economic FactorIf we see upon the economic factor Gross Domestic Product (GDP) is an central thing to any organization. If the GDP is high then the disposal income will be high at the same time spending power will also increase. So, we have to mainly consider on the swelling method because if the inflation increases products prices will increase this will affect the customers buy pattern, but if the inflation decreases products prices will go down this will serving the customers to buy more products at the same time. So we should carefully travelling bag these problems.Socio-Cultural FactorLG is a company which originated from Korea according to that other countries adapted Koreas culture. There are social forms of society which contain of Upper shape, middle tell apart lower clan. Every country has cultural standards, values, beliefs and religion which can affect the organization.Technological FactorNowadays we can see that technology is improve a lot. Due to the new technologies internet, communication system other methods are introduced. Because of these technologies people are getting more benefits like sending the messages very quickly by internet, speaking to their relatives other well-known people who are in abroad. Because of the improvement of new technologies LGs products became cheaper their quality of product has been increased.Micro environment of LGEmployeesThe number of employees of LG electronics stood at approximately 82,000 at the end of 2007. Many of the people are working overse as in the LGs firm. The people who are working in overseas should try to increase the localization strategy. In the world 16% of female employees are working as total interior(prenominal) workforce. The average of the total male female workforce is 33.8 years entirely 0.8% of the disabled people are working in the total workforce. (Market share of LG)SuppliersIn the LG firm all the management people are well skilled they are keeping a good relationship with the other members. LG is a sufficient organization so they always go to the qualified suppliers. In this all the suppliers are from different countries like China, Italy, France, Japan USA, So supplier is a main part in an organization. LG is getting the publish products from Abans.CustomersLG is a worldwide organization, so according to the brand name many customers will come to buy the product to satisfy their needs wants. LGs products are most probably suites for the people who are interested in the product.Competitors In every field we can see there is a big competition among the organizations. If we see upon the competitors in LG there are many of them. We can say Samsung, Sony, Singer, Whirlpool many companies for the competitors.ManagementManagers are the people who are responsible for the managerial work. So, Managers role is very Copernican to any organization. If we see upon the LG management it is very good in solving its risks. LGs managers are very helpful to the customers, because if there any problem occurs managers will try to ascertain the customers problem theyll try to solve it.Conclusion- In my point of view I would say that LGs macro micro factors are really helpful to the employees who are working their to the customers who are coming to buy the product.TASK-2.2Identify and explain the cleavage criteria used in the domestic marketing approach (both B2C and B2B) divisionSegmentation means a company which operates in a broader market to target a group of customers with their specific characteristics. In segmentation we cannot satisfy all the customers needs at the same time, because all the customers purchasing pattern will be varied in according to their requirements.There are four types of segmentation criteriasThose areGeo graphic SegmentationDemographical SegmentationPsycho graphical Segmentation behavioural SegmentationMarket segmentation of LG is very easy easy to understand.GeographicIf we see upon the LG firm in the region heady they have it in different countries. They are following this method to fix the market all around the world.If we see upon the LG firm in the city wise they have the companies 80 km distance another company to keep up the team sprit among the members.DemographicSecond base is the demographic segmentation method where it will mainly consider about the income level. If the organization is targeting a higher class company LGs segment will be consumers with high income levels.PsychographicThird base is the psychographic segmentation method where it will considers about the classes like upper class, middle class the lower class. Psychographics includes some variables those areActivities- If we look upon the activities which are LG is currently doing we can say many things like LG doing after sales service to the customers other activities.Interests-If we see upon the interests that an LG person has, to score new things like creating a new technology item into the market.BehavioralBehavioral is another method in which where the firm will mainly consider about buyers behavior. In this method the organization will give lots of benefits to the customers like giving the products in a good quality one.Conclusion-In my point of view I would say that segmentation means a company which will have a broader market targets a group of customers who will have the specific characteristics. These four criterias are helping the organization to be in a good position.TASK-2.3Outline the factors which influence th e extract of targeting strategy for the selected organization.TargetingLG has targeted the market on the basis of the product that they are offering to the customer they are also targeting the consumers who are more concerned on their safety health issues.They are TargetingUpper class segment-Targeting the upper class people who will buy more of the product.Upper end-Targeting the middle class people who will buy a some of product.They are also targeting those consumers who are taking more concern about their life modality product. Because LG is a world class company all the consumers are view that they need quality products. LG Company is having the LCD plasma television the TV DIOS refrigerator for the premier segment. LG is now going to shift from middle class segment they are moving their product to the mass market.Basis of selecting the Target MarketBasis of selecting valuable customers, that means selecting the best customers who are buying their products at LG without looking their costs. LG organization is targeting people like this to earn the profit at the same time to give a good service to the customers.Conclusion-TASK-2.4Explain the activities undertaken by the organization to influence the buyer decision process and based on your findings explain the organizational and business buyer behavioral characteristics affecting the selected organization.TASK-3.1Analyze the different product/ services offered by the organization and explain how the products and services are developed in order to achieve a competitive advantage.ProductIf we see upon the product it is the main important function in the 4ps. LG is striving to get ahead the market leadership position so they have thought to bring new innovative products to the market. To gain the market leadership position they are introducing new products to the market like the Quadoor refrigerator other new products. If we see the products in LG they have categorise into four that is Digital Ap pliance, Digital Display, Digital Media, Mobial communication. In this four types we can see which product is in which category, the products are showed belowDigital appliance- Air conditioner, Refrigerator, washing machines, vacuum cleaner, Microwave ovens etc.Digital Display- TVs, Monitors, video tapes, DVD-R Disc etcDigital media- Optical storage, Audio, notebook, PC, DVD player etc..Mobial communication- Mobial telecommunication, WLL handsets, Telecommunication systems etcIn this four category we can see all the products which are available in LG. we can always expect that the products quality will be good at the same time we can say that that the products will be in the latest technology.TASK-3.2What are the distribution channels used by the organization in order to increase the customer convenience and evaluate it. currently LG is using the distribution channel of Pak Electron (Pvt.) Ltd. that is veryintensive and strong distribution channel that enables company to make its p roducts availablecompany wide. So there is strong distribution network owned by LG. (LG Quadoor)According to the places of LG it has many outlets in Sri LankaDistribution channels-Teleseen marketing