Marketing Objectives Of The LG Pro: Marketing Strategy

1353 Words3 Pages

mindset this price is relatively low. The markup or profit margin is set high at 48.6% for the LG Pro. This is due to the product is new and cornering the market with no competition. The total cost of the product for sale to organizations will be $520.00.
Three Year Projection As the data shows within the chart and graph, The total combined projected demand amount is $795,600.00. This number is a total of 2200 LG Pro computers, 1100 for the domestic organizations and 1100 for the U.S. organizations based on the need of the organizations. The break-even number is $535,500.00, leaving us with a surplus of $266,010.00. The promotional budget is set at $134,000.00, using money wisely through advertising outlets; the projected expenses are $132,470.00. …show more content…

The team will utilize each of these components to establish the intended marketing objectives for year one, year two, and year three.
First-year Objectives
A marketing objective for the LG Pro will be to enter the market and obtain at least 10 percent of the market share within one year. LG will focus the objectives of the LG Pro during the first year on improving product awareness, creating effective marketing campaigns for advertising and making improvement to build product and brand awareness (Kaho, 2016).
Second-year Objectives
Second-year objectives for the LG Pro involve reducing production costs, making a mark in the industry, identifying new market opportunities and expanding sales into the education industry market segment, and making improvements to build customer satisfaction (Kaho, 2016).
Third-year …show more content…

Through this methodology the strategic marketing plan will have the best overall outcome while staying on the course the team has set. Some of the evaluation methods are based on time and others are based on product movement. An example of time and product based evaluations the team has determined to start with a weekly data collection of sales, both domestic and international. The data that is being collected is made up of who is purchasing more product (which companies), in those companies what departments (HR, sales, marketing, etc.), how many computers are they buying (quantity) and is there a trend (reoccurring purchases versus first time purchases). After the first two weeks have passed and a small data collection is available, this will act as a baseline. Once the baseline is established the team can identify areas that either need to be fixed or at least trends that need to be monitored. After the first quarter is met, the team will then go to bi-weekly data collection assuming all supply distributing channels, sales routes and production line quantities are all in the green. These evaluations will continue until the end of year one. After all quarters have met the established marks, to include end of year one sales, evaluations will be on a monthly time frame. This evaluation method

Open Document