Market Research Promotional Strategy for LG Electronics Essay

Market Research Promotional Strategy for LG Electronics - Essay Example The development of strategic plans worldwide is based on specific criteria. Most usually, the targets set have to be feasible – in terms of the resources and the time required – while the potential failures need to be identified in advance in order to ensure the limitation of failures. On the other hand, not all organizational initiatives have the same characteristics; when the achievement of specific targets is attempted then the methods used have to be carefully chosen – a balance between the cost of a specific strategic project and the expected benefits of this project must be pursued by managers in modern organizations. Current paper focuses on the examination of the strategic plans required for the increase of the market share of the firm LG in a particular sector: the televisions and audiovideo equipment. The firm’s current pricing strategy is reviewed and evaluated in order to decide on the appropriate of the marketing plans used in relation with th e specific marketing plan. It seems that the achievement of the specific target is feasible but specific measures will be required especially if taking into account the position of the firm’s competitors but also the challenges of the specific industry in all markets internationally. LG Electronics was first established in 1958 under the name ‘GoldStar’. Since the decade of 1960s the firm was actively involved in the production of radios and televisions – also of other products like the air conditioners. In 1995 the firm was renamed to LG Electronics. Through the years the firm was involved in other sectors, like the telecommunications while its performance is under continuous development (see Figure 1, Appendix). Currently, the firm’s employees have been estimated to 82,000 – working in about 82 branches of the firm worldwide. The firm’s achievements in its industry are many. We could indicatively refer to the development of the first