A Study On Consumer Buying Behavior of LG Brand
A Study On Consumer Buying Behavior of LG Brand
A Study On Consumer Buying Behavior of LG Brand
Project submitted to
By
Dinesh Vijay Datilkar
Roll No: 9322021014
Specialization: marketing
Batch: 2021-2023
Prof.sanjog sir
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Project submitted to
By
Prof.sanjog sir
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Student’s Declaration
I hereby declare that this report submitted in partial fulfillment of the requirement of MMS
(marketing) Degree of University of Mumbai to S.A.V ACHARYA INSTITUTE OF
MANAGEMENT STUDIES. This is my original work and is not submitted for award of
any degree or diploma or for similar titles or prizes.
Place : SHELU
Date : 02-06-2023
Signature:
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Certificate
This is to certify that the dissertation submitted in partial fulfillment for the award of MMS (marketing) degree
of University of Mumbai to S.A.V ACHARYA INSTITUTE OF MANAGEMENT STUDIES is a result of the
bonafide research work carried out by Mr. Dinesh Vijay Datilkar under my supervision and guidance, no part of
this report has been submitted for award of any other degree, diploma or other similar titles or prizes. The work
has also not been published in any journals/Magazines.
Date: 02-06-2023
Place: SHELU
DR.ANIL GARG
INDEX
3.2 Hypothesis 46
3.5 Limitations 49
Introduction
Before the liberalization of the Indian economy, only a few Companies like Kelvinator,
Godrej, Allwyn, and Voltas were the major players in the consumer durables market,
accounting for no less than 90% of the market. Then, after the liberalization, foreign
players like LG, Sony, Samsung, Whirlpool, Daewoo, and Aiwa came into the picture.
Today, these players control the major share of the consumer durables market. It is
growing very fast because of rise in living standards, easy access to consumer finance,
and wide range of choice, as many foreign players are entering in the market
With the increase in income levels, easy availability of finance, increase in consumer
awareness, and introduction of new models, the demand for consumer durables has
increased significantly. Products like washing machines, air conditioners, microwave
ovens, color televisions (CTVs) are no longer considered luxury items. However, there
are still very few players in categories like vacuum cleaners, and dishwashers.
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HISTORY
1958–1960s
In 1958, LG Electronics was founded as Goldstar . It was established in the aftermath
of the Korean War to provide the rebuilding nation with domestically-
produced consumer electronics and home appliances. LG Electronics produced South
Korea's first radios, TVs, refrigerators, washing machines, and air conditioners.
Goldstar was one of the LG groups with a brethren company, Lak-Hui (pronounced
"Lucky") Chemical Industrial Corp. which is now LG Chem and LG Households.
Goldstar merged with Lucky Chemical and LS Cable on 28 February 1995, changing
the corporate name to Lucky-Goldstar, and then finally to LG Electronics.
1970s–1990s
LG Electronics earned US$100 million in revenue from exports for the first time in its
history. Rapid growth by globalization saw the company establish its first overseas
production, based in the United States, in 1982. In 1994, Goldstar officially adopted the
LG Electronics brand and a new corporate logo. In 1995, LG Electronics acquired the
US-based TV manufacturer Zenith and absorbed it 4 years later. Also in that year, LG
Electronics made the world's first CDMA digital mobile handsets and
supplied Ameritech and GTE in the US. The company was also awarded UL
certification in the US. In 1998, LG developed the world's first 60-inch plasma TV, and
in 1999 established a joint venture with Philips – LG. Philips LCD – which now goes
by the name LG Display. In 1999, LG Semiconductor merged with Hynix.
2000–present
In order to create a holding company, the former LG Electronics was split off in 2002,
with the "new" LG Electronics being spun off and the "old" LG Electronics changing its
name to LG EI. It was then merged with and into LG CI in 2003 (the legal successor of
the former LG Chem), so the company that started as Goldstar does not currently exist.
LG Electronics plays a large role in the global consumer electronics industry; it was the
second-largest LCD TV manufacturer worldwide as of 2013. By 2005, LG was Top 100
global brand, and in 2006 LG recorded a brand growth of 14%. Its display
manufacturing affiliate, LG Display, as of 2009 was the world's largest LCD panel
manufacturer. In 2010, LG Electronics entered the smartphone industry. Since, LG
Electronics continued to develop various electronic products, such as releasing the
world's first 84-inch ultra-HD TV for retail sale.
On 5 December 2012, the antitrust regulators of the European Union fined LG
Electronics and five other major companies (Samsung, Thomson since 2010 known as
Technicolor, Matsushita which today is Panasonic Corp, Philips, and Toshiba) for
fixing prices of TV cathode-ray tubes in two cartels lasting nearly a decade.
On 11 June 2015, LG Electronics found itself in the midst of a human rights
controversy when The Guardian published an article by Rosa Moreno, a former
employee of an LG television assembly factory.
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At the end of 2016, LG Electronics merged its German branch (situated in Ratingen)
and European headquarter (situated in London) together in Eschborn a suburb
of Frankfurt am Main.
In March 2017, LG Electronics was sued for its handling of hardware failures with
recent smartphones such as the LG G4.
In 2018, LG decided to stop Smartphone production in South Korea to move production
to Vietnam, in order to stay competitive. LG said that "Vietnam provides an "abundant
labor force", and that 750 workers at its South Korean handset factory would be
relocated to its home appliance plant.
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COMPETITORS
Samsung
Xiomi
Panasonic
Haier
SWOT ANALYSIS
LG Electronics is one of the leading companies in the field of electronics with Global
presence in many countries. .
Global Operation
LG Electronics is playing an active role in the world market with its assertive global
business policy. As a result, LG Electronics controls 110 local subsidiaries in the world
with around 82,000 executive and employees.
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LG Group
1. LG.Philips LCD
2. LG Chemical
3. LG Telecom
4. LG Powercom
5. LG Twins
6. LG Dacom
Digital appliance
a) Air Conditioners,
b) Refrigerators,
c) Microwave Ovens,
d) Washing Machines,
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e) Vacuum Cleaners,
f) Home Net,
g) Compressors for Air Conditioners and Refrigerators
Digital display
a) Plasma TVs,
b) LCD TVs,
c) Micro Display Panel TVs,
d) Monitors,
e) PDP Modules,
f) OLED Panels,
g) USB Memory,
h) Flat Panel Computer Monitors
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Digital media
a) Home Theater Systems,
b) DVD Recorders,
c) Super Multi DVD Rewriters,
d) CD±RW,
e) Notebook PCs,
f) Desktop PCs,
g) PDAs,
h) PDA Phones,
i) MP3 Players,
j) New Karaoke Systems,
k) Car Infotainment
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Marketing strategies
LG Electronics will do its best to create new products and services with an open mind,
while developing new technologies and business fields through various associations
with some of the world's most successful companies.
1. 3M
2. SUN
3. YAHOO
4. PHILLIPS
5. TOYOTA
6. MICROSOFT
7. HP
8. GOOGLE
9. GE
10. INTEL
11. NORTEL
12. HITACHI
13. PRADA
14. RENESAS
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15. TOSHIBA
16. BESTBUY
LG BRAND IDENTITY: -
The brand of LG is delightfully smart. LG strives to enhance the customer’s life and
lifestyle with intelligent features, institutive functionality and exceptional performance.
The brand platform:-
The LG brand is composed of four basic elements –
1. Value
2. Promise
3. Benefits
4. Personality
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Growth in LG is very high for those who are in the company and for those who want to
join in LG. The company is growing with fast innovation and the BLUE Ocean strategy
is one of the examples of growth.
Mission
The mission of LG is to provide the customers with utmost satisfaction through
leadership.
The fundamental policy of development is to secure product leadership that the
Customers may have the utmost satisfaction.
Product Leadership
We are focusing on six development areas to become the product leader.
1. New Machine
2. Reliability
3. Conventional Installation
4. Environment Friendly Product
5. Low Noise & Vibration
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6. Energy Saving
Quality Innovation:
The policy of quality assurance is to provide customers with utmost satisfaction
by supplying zero defects.
LG proceeds in a hierarchal manner. It is named as “LG WAY”.
From top to bottom:
No.1 LG – is the VISION
“Jeong-DO” Management is LG‟s unique application to ethics. LG will succeed
through fair management practices and constantly developing our business skill.
A) Honest with our customer
b) Providing great values to customer through constant innovation & and development.
c) Equal opportunities
d) Equal Treatment
Management Principle - Creating value for customer
• Basic Ethics
• Completion of Duty
• Self Development
• Fairness in Performance
• Avoidance of conflict with company interest
5 Corporate Responsibilities to employees
• Respect for human dignity
• Fair Treatment
• Promoting Creativity
6 Responsibilities to society and country
• Rational Business Development
• Protection of stock holder interest
• Contribution to social development
• Environmental Conservation
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LG INDIA:
LG Electronics India Pvt. Ltd., a wholly owned subsidiary of LG Electronics,
South Korea was established in January 1997 after clearance from the Foreign
Investment Promotion Board (FIPB). LG set up a state-of-the art manufacturing facility
at Greater Noida, near Delhi, in 1998, with an investment of Rs 500 Crs.
LG corporate office is located at Plot no.51, Udyog Vihar, Kasna Road, Greater
Noida, India.
This facility manufactured Color Televisions, Washing Machines, Air-Conditioners and
Microwave Ovens.
''Company is setting up a chain of exclusive premium showrooms. LG plans to launch
60 premium Brand Shoppes by the end of the first quarter of this year.
At present, LG has a total of 83 LG stores across the country, of which 45 are
Shops and 38 are exclusive stores. Brand shops will be placed in the premium segment
and the target audience will comprise buyers interested in premium and high-end
products.
LG Brand Shoppe goes beyond the concept of a normal exclusive store by having a
more interactive environment and additional lifestyle orientation on display so that the
customer can actually experience the LG products in his or her own home settings.
LG Electronics India Ltd (LGEIL), consumer durables leader with 27% market share, is
planning a brand-new image. To attract inspirational and young consumers across India,
company will roll out a new marketing strategy. The exercise will cost the company Rs
360 Cr.
Challenges in India
The challenges faced by LG when entered in Indian market
1. Low brand awareness about LG in India.
2. One of the last MNCs entered in India (Samsung, Panasonic entered in 1995 in
India).
3. High import duty
4. Competition from local market players and other MNCs in consumer durable
segment.
5. Price sensitiveness of the Indian consumer
LGEI over comes these challenges to emerge as
Innovative marketing strategy
1. Launch new technologies in consumer electronic and home appliances.
2. LG was the first brand to enter in cricket in big way a way, by sponsoring the 1999
world cup followed it up in 2003 as well.
3. LG brought in four captains of the Indian cricket team to endorse its products. LG
invested more than US$ 8 million on advertising and marketing in this sport.
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R&D potential
LG has the research and development facilities in Bangalore and Pune. Both the unit
carry out R&D department for the domestic as well as the parent company it also dose
customize R&D for the specific countries to which it export product.
Product localization: -
1. Product localization is the key strategy used by the LG
2. LG came out with Hindi and regional language menus on its TVs.
3. Introduced the low-priced “Cineplus” and “sampooma” for the rural market.
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4. LG was the first brand to introduce gaming in TVs in continuations of its association
with cricket LG introduce cricket game in CTVs
Samsung
Sony
Videocon
the purse strength of the customers. The same thing applies to LG refrigerators and
televisions. The new venture into the mineral booster is a thing that they are looking
into. The market is an untapped one for LG. The LG company is also trying to make its
product eco-friendly which allows it to stand out among the competitors.
Television –
1. 55-inch OLED TV
2. 65-inch and 77-inch OLED TV
3. LG Smart TV
4. Plasma TV
Smart Devices and mobile phones – A varied range of tablet devices and smart
phones like
1. G3,
2. G Flex
3. G2
4. A smart watch that is based on Android wear
Home Entertainment
1. Music Systems
2. Home Theatre Systems
3. BLU Ray Players
4. DVD Players
Home appliances
1. Refrigerators
2. Dishwashers
3. Microwave Ovens
4. Vacuum Cleaners
5. Washing machines
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6. Water Purifiers
7. Air conditioners
LG gives tough competition to Samsung and other top brand companies due to its
ability to have a complete chain of products. If you look at the product range of LG, it is
second to none. Thus, in the marketing mix of LG, you will find that product is the
topmost advantage of the brand.
Next, it opened its own manufacturing units in places like Noida, Bhopal etc. The
company tied up with retailers for the direct sales of its products and distributors for
the channel sales. LG has 46 branch offices that work directly with every field of
distribution. A policy of regional distribution is maintained and they follow the policy
of stock rotation. LG products are available very easily at all the malls and
supermarkets. The company has its own well-maintained showrooms to provide every
service to its customers. Online shopping for LG products is also possible at every
shopping site. The LG exclusive showrooms are known to be the most profitable for
retailers because of the product depth that LG has. Excellent distributors and the
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companies focus on supply chain are the two reasons for the success of the place
element in the marketing mix of LG.
The places of distribution for LG are through the local stores. This was the main
strategy of the company. But with the passage of time the advent of ecommerce we find
that the LG goods are sold through their own site and also other ecommerce platforms.
They are available all throughout the market and are a great way to showcase their
products. We find that the LG Company has tied with other companies outlets also.
Sometimes we find their products also on display in the outlets of other shops. Like the
case of Reliance outlets for the gadgets, we find that the LG products are on display.
The mobile stores outlets also have LG phones. The way they place their products
shows that they make sure that all the products are available to the customers. Either
through the finger tips in the form of ecommerce or through the outlets where they have
the opportunity to check the products first hand.
The pricing policy of LG consists of “cost plus fixed markup”. It means that the policy
for pricing consists of cost of the product and a reasonable profit. A special team has
been appointed to research the market in a detailed manner. Here the prices of its
competitors are collected along with the consumer’s thoughts through extensive
research. Every factor is thoroughly analyzed and after evaluating its own costing and
the market research the actual price of a product is determined. When the company
launched its products in India for the first time, they were all of high range but later as
the company opened its own manufacturing units; it has been able to lower the prices of
the products.
LG electronics has decided to follow a policy of price competitiveness for the rural
areas. In order to reach out to the rural base in every nook and corner it has decided to
reduce the prices as increase in volume will result in huge revenues and profits.
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In order to maintain its brand name the company is accustomed to invite famous
personalities from the field of entertainment and sports. For example, In China Kim
Tae-Hee, a famous actor is its brand ambassador, whereas in India, Akshay Kumar, the
famous Bollywood actor has acted in the LG commercials. LG became the first brand to
sponsor the 1999 and 2003 world cup of cricket. LG has also sponsored the ICC
Awards and the Formula-One for five years from 2009-2013.
The main belief of the LG Company is that they should communicate directly with the
customers, and therefore we find that a lot of advertisements all throughout the year
through the various sources like television, radio, internet, newspaper and magazine.
The promotional strategy in the marketing mix focuses on strong brand awareness
through all possible channels. LG mainly advertise the products which are a high
turnover material and they make sure that more number of customers is aware of the
products and thus their sales are increased. They pick up the famous faces of the
country and they in due course make them the brand ambassador. This is the reason
because people will directly relate to the products available to them. LG also promotes
their products through the various sporting events where they become the sponsors of
the team or the tournament. The LG company makes sure that the product is always in
the mind of the probable customers and that they will consider their company when
they want to buy the product. Hence, this covers the entire LG marketing mix.
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LG REFRIGERATORS
LG refrigerators are packed with latest innovations and come in a variety of styles,
including:
French-Door Refrigerators: The line of elegant fridges offer the latest advances in food
freshness combines with impressive storage capacity.
Side-by-Side Refrigerators: One of the most popular styles, these fridges feature LG’s
latest cooling and freshness technology, convenient storage throughout and styling that
enhances every kitchen.
Bottom-Freezer Refrigerators: the fridge stays at eye level, exactly where you want
LG TELEVISION
LG has been a pioneer in the Television industry for quite a long time and no wonder it
has some of the best smart TV options in the market. As LG stands as an established
brand for so many decades, the company has done everything to bring the best & latest
of the technology to it consumers. As the market is shifting to smart technology, we see
emergence of smart TVs & Android TVs in the current market.
LG is also a front runner, when it comes to bringing the latest features to its lineup of
smart TVs. Depending upon your requirement, you can choose your preferred screen
size. The range is available from 24 inch and you can go for a large 65 inch TV for
making the most of entertainment. LG has options in 4K TV, OLED TVs, 3D TVs and
Ultra HD TVs for the enthusiasts.
Some of the prominent features include; 60 Hz Refresh rate, Wide Angle Viewing, 20
Watt Speaker output, Bluetooth support, wifi support, and many more. You can also
connect your smartphone to the TV and cast your favorite media content like YouTube
& Netflix.
LG smart TV has support for Android OS and you can get Android play apps in your
smart TV for better Android experience.
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Buyer’s reactions to a firms marketing strategy has a great impact on the firm’s
success.
The marketing concept stresses that a firm should create a Marketing Mix (MM)
that satisfies (gives utility to) customers, therefore need to analyze the what,
where, when and how consumers buy.
Marketers can better predict how consumers will respond to marketing strategies.
Personal risk
Social risk
Economic risk
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The purchase of the same product does not always elicit the same Buying Behavior.
Product can shift from one category to the next.
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Review of
Literature
According to “An impact of consumer buying behavior in decision making process
in purchase of electronic home appliances in Chennai (India): an empirical study”
Marketing starts before production and continues after sales. Marketing is the process of
creating customers. LG products are liked by one and all. The study shows that most of
the sale is done on basis of sales promotion activities and TV advertisement etc. The
important attribute of the product is quality and prices should be taken care. Product
attributes like permanence and after sales service has been appreciated. It is certified
that the customer satisfaction concept is an unpredictable one in any kind of marketing
but this study has attempt its best to reveal the same.
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Based on this study, the researchers concluded that, people in Hyderabad city has
pertinent knowledge about diverse brands of the Electronic Home Appliances.
Knowledge about Electronic Home appliances differ based on the age level. The
demographic factors like age, gender, marital status, qualification, occupation, income
and family type discriminating the buying behavior of home appliances is based on this
study the awareness level of home Electronic Home appliances are moderate in
Hyderabad City. Most of the respondents have the relevant knowledge on the renowned
brands like Godrej, Whirlpool, LG, Samsung and other company brands. Based on
grades and rankings given by respondents, the main factors involved in selecting home
appliances are price then brand name, then quality, then service and the last are the
other offers given by the retailer. Respondents are not much prejudiced by retailer’s
information. The media and advertising furnishes more requisite information when
compare to other medium of dissemination of information to the public. In the case of
TV, respondents are influenced by picture quality first, then sound, then screen quality,
then size and color. In the case of refrigerator, respondents are influenced by efficiency
first, then capacity, then sturdy, then storage space, and then aesthetic of the
refrigerator. In the case of washing machine, respondents are influenced by efficiency
first, then capacity, then sturdy, then storage space, and then aesthetic of the Washing
Machine.
The present era has witnessed a revolutionary change in the trend of advertising. The
role of advertisements is important and influences the buying behavior of consumers.
This research was a study on impact of advertisements on consumer buying behavior
with respect to consumer electronic Based on the analysis it can be concluded that
advertisements have a significant impact on the consumer buying behavior. This study
can be helpful for advertisers in the consumer electronics sector to understand what
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From the study, it is to conclude that buying behavior and post purchase satisfaction
vary among the consumers for select brands and factors influencing them is also found
differ in the urban and rural areas. Since electronic industry in India is more vibrant,
and also the present marketing mix practices of the companies are well directed to
satisfy the consumers, finally, it is recommended to the companies of 3 select brands is
that there is a tremendous scope of development in rural India. From the observation, it
is clearly understood that companies have not formulated differentiated strategies for
urban and rural areas in India. Differentiating and matching the expectations of the
urban and rural people will help the companies to gain wider reach and helps to increase
the productivity.
Despite the basic characteristics of consumers the behavior pattern of consumers are
more or less similar to each other, particularly in the aspects like quality, preference and
decision making. However it is evident that the present approaches to draw the attention
of customers are not adequate. The consumers are particular about the appropriate
system of distribution and hence there is a great need for change in the electronics
buying system. It may not be always correct to say that consumers behave in the same
way as it much depends on type of products, quality of the products and price of the
products. Consumer attitude towards electronics based on age group , income group
,and price leads major role while purchasing the electronic goods.
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Brand loyalty has certain components through which it is affected. They are:-
Experience Learning Motivation Brand Preference After doing the analysis from
the data collected it can be concluded that buying behavior of customers is strongly
affected by the past experience with a certain brand and that helps them to decide
whether to go for that brand again or not. i.e. if the experience is good with the existing
brand then they are will to buy a L.E.D TV of the same brand and vice versa. Thus the
Brand loyalty is very much affected by good or bad experience of the consumer with
the brand of TV they have already used. The consumers having good experience get
motivated to buy other Television of the same brand and thus it make them Loyal to
that brand. In the above case Samsung is the most preferred Brand as majority of the
customers who have used Samsung are satisfied with the product and are willing to
purchase product of same brand. Those who are loyal to a certain brand also impact
their circle through word of mouth as they recommend the same brand to others based
on their experience. The consumer buying behavior towards a L.E.D is depended on
few major factors Like:- Performance Design Picture Quality Sound Quality
These are the factors/attributes about which the customers are more concerned and they
want most in a L.E.D Television. And as per the survey majority of respondents with
62% do not mind in paying extra price for the Brand they prefer till it gives the features
they expect from that Brand. Thus price is not a strong factor which affects the Brand
Loyalty of the consumer in case of A L.E.D Television. The Customer Preference is
also not much affected by the advertisement or the celebrity who is endorsing the brand
as most of the respondents believed in their experience with the brand and the Image of
the Brand which would help them decide to buy L.E.D TV of which Brand.
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Research
Methodology
3.1 OBJECTIVES OF THE STUDY:
The objectives are designed to have a particular direction to the study like what aspect
of the topic is going to be studied. A topic can be studied from various parameter, the
objectives designed for a project gives an idea that in what manner the topic is studied,
what is the flow of project, what are the variables selected for the project, etc.
The hypothesis or the research problem of the study is designed in such manner to find
out the relationship between the variables, i.e. does the effect on has any impact on the
other. We can also say that the following hypothesis will let us know how closely they
are correlated with each other.
HYPOTHESIS 1:
HYPOTHESIS 2:
H0 - LG’s quality of products does not influence people to buy its products
HYPOTHESIS 3:
HYPOTHESIS 4:
HYPOTHESIS 5:
Primary data: The data which is collected first time or a fresh data is called the Primary
Data.
1. Questionnaire method
Secondary Data: Various research studies conducted on the topic in the past were
reviewed to gain further insight into the topic. These were collected from internet
sources, authentic research papers and journals.
Closed-ended questions
Open-ended questions
Open-ended questions are exploratory in nature, and offer the researchers rich,
qualitative data. In essence, they provide the researcher with an opportunity to gain
insight on all the opinions on a topic they are not familiar with. However, being
qualitative in nature makes these types of questions lack the statistical significance
needed for conclusive research
The difference between management’s perception of what customers expect and what
customers really want.
For e.g. when a customer asked for a particular product of Lg and management fails to
understand what customers really expect from Lg
For e.g. when management has a good idea of a product but fails to develop them into
appropriate product specification
The difference between product quality specification and actual product delivery
For e.g. the management delivered a product to the customer, hoping they would find it
interesting and the customer rejects the products
For e.g. the management promised the customer’s expectations would be fulfilled
The difference between the costumer expectations of a product and what they actually
receive
For e.g. the customer except the product to be excellent and it doesn’t happen
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Data
Analysis
The data collection method means the various sources from where the data has been
collected by the researcher. There are several methods for collection of data, especially
in surveys and descriptive researches. As during data collection for descriptive research
the primary data is collected from the respondents through direct communication or
through personal interviews.
For the purpose of the research, the primary data was collected through a close ended
structured questionnaire which was designed pre hand and an online survey was done
using Google forms. Online survey was the most feasible form as the data was to be
collected from varied population in short period of time. The data collected was a scaled
data i.e. like scale of value 10 each. Survey was answered by undergraduate commerce
students of various colleges under Mumbai University. Close ended questionnaire
method is the most feasible method of data collection as a fixed set of questions is
prepared and surveyed. Therefore, uniform observations were obtained through the
survey.
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Q.1 Age
The maximum responses were from the age group 18 to 25 years of age. I tried to get
majority of the responses from the working population.
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Q.2 Occupation
There are different categories of working individuals. The maximum reviews are from
the student category since it is a college based project. Next, professionals,
entrepreneurs and salaried individuals.
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These are the best brands in the electronic industry. The top two brands are Samsung
and LG, followed by Panasonic, Videocon and others.
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There are different qualities that influence the customer to buy the product. Maximum
number of responses agree with quality being the most important factor for buying a
product, followed by brand image, price and after sales service.
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The above chart shows that the maximum market share of refrigerators sold is held by
Samsung, followed by LG, whirlpool and godrej.
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There are different types of refrigerators available in the market. The above chart
shows that people mostly prefer the normal type i.e. top freezer. Next side-by-side,
French door, door in door and bottom freezer.
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Any person buying any product is always influenced by someone to buy that product.
The piechart given shows that most of them are influenced by family member,
followed by people who take buying decisions themselves. Next are friends and
relatives.
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Q.8 what attracted you the most while buying the refrigerator?
There are different qualities which lead the buyers to buy the refrigerator. According
to the chart, quality is the most important attribute for buying a refrigerator. Brand
image and price being the next attributes.
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The chart shows that people prefer to buy branded refrigerators over non-branded
refrigerators.
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According to the above chart, Samsung is the topmost brand in the sales of televisions.
Next we have LG, followed by Panasonic and onida.
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According to the pie chart 82% of the responses agree that looks of the television
matter to them.
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The above chart shows most people prefer to buy a smart TV, followed by a simple
LED TV.
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According to the pie chart, most of the people by the televisions from retail outlets,
malls and online stores.
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According to the chart, most of the televisions in the households are older than 4 or
more years.
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According to the pie chart most of the customers are satisfied with their LG products.
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According to the graph given, people have rated the after sales service of LG products
between 7 to 8.
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Q.17 if any other brand provides with better services will you go for that
brand?
According to pie chart given almost everyone would shift to a different brand if better
services are provided
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Findings and
Conclusion
Findings:
The data was collected was collected from primary and secondary sources. For the only
primary a survey was done online and 100 responses were collected by the researchers
whereas secondary data was collected from multiple websites and journals.
The findings of primary data were as follows:
There are many brands in the market like Samsung, LG, Panasonic, Videocon
and many others. The top most market holders are Samsung, and LG.
Quality of the product is the most important attribute for most of the
respondents, followed by brand image and price.
According to the respondents Samsung and LG have the biggest market for
refrigerators, to be specific the French-door and top freezer refrigerators.
According to our respondents, quality and brand image of the refrigerator
matters the most. Family members influence the buying decisions of the buyer.
Branded refrigerators have a greater market compared to non-branded
refrigerators.
According to the respondents, the most popular television brands are Samsung,
LG, Panasonic and Onida followed by others, the style and looks matter to the
customers.
A smart TV is the most trending right now, mostly brought from malls and
retail outlets. Online stores are rising with their sales. The maximum life of a
television is around 6-7 years.
LG customers majorly are satisfied with their products and have rated the after
sales service provided by LG 7-8 points on 10
Maximum customers have a mentality to shift towards a brand providing better
products and services.
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Conclusion:
Electronic products are vital part of our daily lives today. We need an electronic device
in almost every job we do. Televisions, refrigerators, washing machine, mobile phones
and many other products. We need the best quality products for ourselves, which makes
the buying decisions of these products are very difficult.
My study says, LG started off as a topmost company dealing in electronic products,
with the entry of new companies with better technologies, LG lagged behind due to
outdated technology.
According to survey conducted by me, LG has a good reputation in the market. LG may
try to improve the qualities and after sales services provided by them.
In current market scenario, the competition in the electronic sector is highest, so as to
remain in competition all companies have to develop in terms of customer satisfaction
and others features. LG is good at what it provides to its customers but it needs
improvements in some areas.
According to the survey, the topmost brand for both refrigerators and televisions is
Samsung, hence becoming its biggest competitor, it needs to improve in the innovations
and launch the best quality products in market to compete with Samsung.
Consumer satisfaction is really important field in today’s market. It is very important
for companies to satisfy their customers with all their wants and demands. It is really
necessary for them to understand their customer’s desires and provide them with the
same.
LG has a great internal structure with a long term serving mission and code of conduct.
LG being a Japanese company follows Japanese methods of management although LG
India has a different policy and code of conduct.
LG has spread its feet in almost all categories of electronic products, whether it is
mobile phones, washing machines, televisions or sound systems. It has a tie up with
many companies like yahoo.com etc...
Thus, any brand if needs a good market share it has to focus on customer satisfaction in
the first place then there are other aspects as well. LG as a brand needs improvement in
qualities of its products, its style and looks and the services provided by them to their
customers
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Recommendations &
Suggestions
Secondary supports play an important role in the customers mind and create
awareness among the customers. The secondary support includes Demonstration,
Exhibition & Even Sponsors.
1. From the survey it was found out that the majority of customer’s don’t buy consumer
durables from exhibitions. They just visit the exhibitions to see the co. latest model.
2. They want to buy from the showrooms or from co. showrooms. For them service is
important .Beside convenience and other factors service is key factor.
3. Also majority of customers do not want any financing scheme for purchasing the
durables.
4. There was heavy rush on weekends so large numbers of ISD‟s were appointed that
day. Also the live demo calls helps in selling. Exchange offers also generate sale.
5. Customers are also now very choosy in buying the product and it is important for the
company to make loyal customer of their brand.
6. In survey we found that LG has captured maximum market share in every category.
LG dominates CTV, LCD, and Refrigerator, and Washing machine, category.
9. Customers are also now very choosy in buying the product and it is important for
the company to make loyal customer of their brand.
Bibliography
1. https://en.wikipedia.org/wiki/LG_Electronics
2. https://kupdf.net/download/lg-project-report_59cb873708bbc5d71a686fd3_pdf
3. https://www.slideshare.net/singharun256/lg-project-reportarun-singh?qid=cb63f056-42bc-489e-ab7d-
3fbf90bafe0f&v=&b=&from_search=1