Technological factors

Inventions change products and their production processes. An instance of innovation is the online market, bar coding, and computer aided designs, which are regarded as advancements.(5) The major benefit of technology is its ability to cut down production costs and improving quality. LG is proud of its inventive advance to technology and improving it for manufacturing products that deploys design technology and features. It is universally recognized that LG is strong on technology. Improvements in technology process have made their products cheaper. Newer softwares are continuously being developed to check the quality of the final product. The driving force behind the company’s vast ability and pride is its ingrained culture of innovativeness. Moreover, it has pioneered major technological inventions that it employed in introducing new products in global trade.

Poland has become a relative winner of the global financial crisis and may now, in the post crisis years, offer a product which has lately been in short supply - economic stability. Numerous companies which until lately have not seen Poland as priority investment location started to take serious interest in the Polish market. The way Poland is perceived on the international scene changed considerably in the last 10 years. Poland went up in lot of rankings. Firstly, because the country enjoys an uncommon and a very attractive economic stability and secondly because of the one of the most unique Polish values – human capital. Poland is a trustworthy and reliable partner for international business. Poland’s exceptional business and investment opportunities attract investors from Western Europe as well as from the US and Asia. Poland is located in the center of Europe, and this factor alone should be enough to demonstrate the great potential of this powerful country.

In 2015 according to EUROSTAT Poland was one of the fastest growing countries in the EU. Only 3 Baltic Countries recorded higher rates of GDP growth. While the average rate of GDP growth in the EU was only 1.7% in 2015, Polish economy grew by 3.8%. From these facts it’s obvious that from EU countries Poland is one of the best for investigating and developing.

Task 3;

Develop an action plan in the area of 4Ps for the LG Group. Pay particular attention to the exact characteristics of the strategy for the individual elements of the marketing mix (4Ps).

From a national company to an international company LG has come a long way. Currently LG electronics has become the second largest manufacturer of television in the world. It also comes under the top hundred brand names in the world. Some of its chief competitors in the world market are as follows –Samsung, Sony, Videocon.