Lg Electronics Canada Inc. the Watch Phone
EXECUTIVE SUMMARY
After a successful launch of the LG Watch Phone in Europe, LG Electronics Canada, Inc. is preparing to introduce The Watch Phone to Canada. As an assistant marketing manager I will aid in the development and execution of a niche marketing plan that blends with LG’s 51 years of brand equity while increasing market share in consumer electronics. No other watch phone currently exists in the Canadian market. The market is saturated with mobile phones and portable electronic devices that have 3G capability, a touch screen interface, MP3 player and video calling. LG must entice consumers to switch from their handsets to the LG Watch Phone and generate sales from new markets. Potential customers for this product will be educated, youthful and upwardly mobile: young Baby Boomers (aged 45-49), Gen Xers (aged 30-44), and older Gen Yers (specifically, the ages of 25-29). These consumers will make product, price and carrier plan comparisons between the higher-end handsets: Samsung Omnia; BlackBerry Tour; and Apple iPhone.
My comprehensive marketing plan, with a scheduled launch during Q4 2010, outlines the following: Optimal target markets; product alterations; Skimming Price strategy; Efficient distribution channel supporting LG’s new LTE technology A persuasive promotional campaign. It is anticipated that the LG Watch Phone will be launched in Canada in on November 25, 2010. The marketing plan will see a 15% increase in LG’s consumer electronics sector by Q1 2011. KEY ASSUMPTIONS • The 2008 global financial recession did not severely affect overall performance of the consumer electronics industry. We are now at the end of Q3 2009. Economic recovery is slow with downward pressure on prices as consumers seek out better value for their money.
• The majority of growth in the consumer electronics industry was attributed to the portable sector of the market characterized by product miniaturization and technological convergence.
After a successful launch of the LG Watch Phone in Europe, LG Electronics Canada, Inc. is preparing to introduce The Watch Phone to Canada. As an assistant marketing manager I will aid in the development and execution of a niche marketing plan that blends with LG’s 51 years of brand equity while increasing market share in consumer electronics. No other watch phone currently exists in the Canadian market. The market is saturated with mobile phones and portable electronic devices that have 3G capability, a touch screen interface, MP3 player and video calling. LG must entice consumers to switch from their handsets to the LG Watch Phone and generate sales from new markets. Potential customers for this product will be educated, youthful and upwardly mobile: young Baby Boomers (aged 45-49), Gen Xers (aged 30-44), and older Gen Yers (specifically, the ages of 25-29). These consumers will make product, price and carrier plan comparisons between the higher-end handsets: Samsung Omnia; BlackBerry Tour; and Apple iPhone.
My comprehensive marketing plan, with a scheduled launch during Q4 2010, outlines the following: Optimal target markets; product alterations; Skimming Price strategy; Efficient distribution channel supporting LG’s new LTE technology A persuasive promotional campaign. It is anticipated that the LG Watch Phone will be launched in Canada in on November 25, 2010. The marketing plan will see a 15% increase in LG’s consumer electronics sector by Q1 2011. KEY ASSUMPTIONS • The 2008 global financial recession did not severely affect overall performance of the consumer electronics industry. We are now at the end of Q3 2009. Economic recovery is slow with downward pressure on prices as consumers seek out better value for their money.
• The majority of growth in the consumer electronics industry was attributed to the portable sector of the market characterized by product miniaturization and technological convergence.