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product mix of lg electronics


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product mix of lg electronics

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  3. 3.  The bundle of utilities or the physical and psychological satisfaction that the buyer receives is provided by the seller when he sells a particular product.  Philiphs Kotler defines product as: “A product is anything that can be offered to a market for attention, acquisition use or consumption that might satisfy a want or a need.”  A bundle of utilities consisting of various product features and accompanying services. 3
  4. 4. Product mix is a combination of products manufactured or traded by the same business house to reinforce their presence in the market, increase market share and increase the turnover for more profitability. Normally the product mix is within the synergy of other products for a medium size organization. However large groups of Industries may have diversified products within core competency. Videocon, L.G, are some examples. 4
  5. 5.  Number of products: The amount of products that is produced by a particular company.  Range of product: A complete portfolio of products that a company manufactures and/or markets.  Type of product: A group of items within a product line that share one of several possible forms of the product.  Product consistency: It refers to how closely related the various product lines are in end use, product requirements, distribution channels. 5
  6. 6.  Product line: A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.  Product length: It refers to the total number of items the company carries within its product lines.  Product width: It refers to the number of different product lines the company carries.  Product depth: It refers to the how many variants are offered of each product in the line. 6
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  9. 9.  A Global electronics and Telecommunications company.  Second largest electronics manufacturer.  Third largest appliance in the world.  Worlds second largest manufacturer of television sets and third largest producer of mobile phones.  LG group is the merger of LUCKY and GOLDSTAR, two Korean companies.  By 2005, LG was among top 100 global brands and in 2006, LG recorded a brand growth of 14%.  LG‟s display is now the worlds largest plasma panel manufacturer. 10
  10. 10. Since its initial years in India, LG has focused on bringing out new models regularly in its product range. In its first year of operation in India, LG launched 70 models across a range of products. In 1997, it introduced its Golden Eye Technology TV, which had a light sensitive natural algorithm „eye‟. The „eye‟ responded to the changes in lightening in the room, accordingly and adjusted colour sharpness, brightness, contrasting and balance them automatically. Thus, LG showed that it cared for customer health through its products. LG‟s concern for health of customers was its unique selling proposition(USP) in the Indian consumer durable market. 11
  11. 11. DIMENSION OF PRODUCT MIX IN LG ELECTRONICS LG operates its business through 6 divisions. These are also the product width of LG Electronics. These are: 1. Home appliances 2. Mobile communications 3. Home entertainment 4. Computer products 5. Air conditioning 6. Business solutions The items that comes in the product width is the product line. 12
  12. 12.  Home appliances: The home appliances make products like refrigerators and washing machines. The various home appliances are:- 1. Side by side refrigerator 2. Double door refrigerator 3. Single door refrigerator 4. Washer dryer combos 5. Front load washing machine 6. Top load washing machine 7. Semi automatic washing machine 8. Dish washer 9. Microwave oven 10. Vacuum cleaner 11. Air purifier 12. Water purifier 13
  13. 13.  Mobile communications: LG mobile devices are made for GSM as well as for CDMA networks worldwide. The various mobiles are:- 1. Smart phones 2. Touch phones 3. Multi media phones 4. Dual sim phones 5. Basic phones 6. All types of mobile phones  Home entertainment: The home entertainment makes products like TV‟s, DVD Players etc. For example:- 14
  14. 14. 1. LCD TV 2. Plasma TV 3. Color TV 4. Music system 5. DVD Player 6. LED LCD TV 7. Blue Ray Players 8. Home Theater System 9. PDP Modules 10. OLED Panels 11. USB Memory 12. DVD Records 13. MP3 Players 15
  15. 15.  Computer products: LG provides following computer products:- 1. Desktop 2. Flat panel monitors 3. LCD monitors 4. Projector 5. Optical media 6. Notebook  Air conditioning: The various types of ACs are:- 1. Split AC 2. Window AC 3. Cassette AC 4. Ducted AC 16
  16. 16.  Business solutions: LG provides various products for business:- 1. Monitors 2. Car infotainment 3. Telemeters 4. Digital signage solutions 5. Security devices 6. Video conferencing 17
  17. 17. In the latest, LG produced various Greener Products. They are : 1. Mobile Phone: LG has made mobile phones environment friendly by replacing harmful materials with healthy substitutes, at the same time increasing energy efficiency and recyclability. 18
  18. 18.  Washing machines: LG electronics has adopted the Life Cycle Assessment(LCA) system for its product development and carries out the development of its eco-products in stages.  TVs: The company has also improved the TV‟s light efficiency while enhancing the circuit components and designs, and reducing energy consumption. 19
  19. 19.  Eco-Design: LG‟s eco-design strategies reduce the environmental impact of a product‟s development, production and circulation all while improving efficiency of resources and recyclability and reducing use of hazardous materials.  Hazardous substances: Since 2005, LG‟s products have ceased to contain any of the six most hazardous substances specified by the EU. LG adheres to strict regulations regarding the management of hazardous substances in its production processes. 20
  20. 20.  Changes in demand of product.  Change in purchasing power or behavior of the customers.  Change in company targets.  The competitor‟s actions and reactions.  Development of by-products at low cost.  Spare marketing capacity.  Financial influences of the firm.  Goodwill of the firm.  Advertising and distribution factors.  Possibility of adding new product to its product line at less cost. 21
  21. 21. Managing the product mix for a company is very demanding and requires constant attention. Top management must provide accurate and timely analysis of their company‟s product mix so the appropriate adjustments can be made to the product line and individual product. 22
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