Promotional and Advertising Strategies Assignment

Promotional and Advertising Strategies - Assignment Example In this volatile market it is necessary for each of these companies to come up with unique marketing strategies, these strategies play a vital role in brand building and differentiating one company from its competitors. The paper discusses the major marketing, pricing, and consumer oriented promotional strategies for the two most aggressive players in the television market: Samsung and LG. (Briel, 2014) It is observed that both LG and Samsung have effectively utilized all the 4P’s of marketing mix. Both the players are almost running head to head in the television market with Samsung being a little ahead of LG. However, according to Korean Times LG has recorded higher sales of its products especially television sets in the Indian market as compared to Samsung. This is due to two very different marketing approaches used by each of these companies. Indian market is largely dominated by rural areas, among the total population of 1.1 billion people, 200 million people live in deserted, rural areas which means they are naturally poor and cannot afford very expensive television sets. In such situation Samsung decided to target the elite sector of the market, mainly due to two reasons. Firstly, it realizes that India is one of the emerging markets around the world and selling its product at a premium rate would increase its probability of succeeding in such a market. Secondly, sell ing the products at a premium rate is always good for a brand in the long term to establish itself as the global premium brand. In the other hand LG, another Korean giant company, has clearly adopted the market penetration strategy in Indian market. LG sells its television sets comparatively at a lower price to provide an access to the richer segments as well as to those with lower income. Like Samsung, LG imports premium products from Korea but increasingly