LG TVs have become increasingly popular in recent years, and many consumers have been asking why they are so cheap. There are several factors that contribute to the affordable price tag of LG TVs, including their manufacturing process, marketing strategies, and competition in the market.
1) Process Of Manufacturing
Firstly, the manufacturing process of LG TVs plays a crucial role in keeping their costs low. LG is a massive conglomerate that produces a wide range of electronics, from smartphones and home appliances to televisions.
As a result, they have an integrated supply chain that allows them to produce their products more efficiently and at a lower cost. This integrated approach means that LG can control the entire production process, from the creation of the panels to the assembly of the final product, which helps them keep their costs low.
2) Investment In Research And Development
Furthermore, LG has invested heavily in research and development, allowing them to develop cutting-edge technology that reduces the cost of producing their televisions.
For instance, LG has developed OLED (Organic Light Emitting Diode) technology, which is more energy-efficient and has a higher contrast ratio than traditional LCD displays. This innovation has enabled LG to produce high-quality TVs at a lower cost.
3) Strategy Of Marketing
Another factor that contributes to the affordability of LG TVs is their marketing strategy. LG has focused on creating value for customers by offering high-quality products at competitive prices.
They have also invested in creating a strong brand image and building customer loyalty, which helps them maintain their market share.
4) Meeting Customer Expectations Exceptionally
In addition, LG has been able to reduce their marketing costs by relying heavily on word-of-mouth marketing and online reviews.
By providing exceptional customer service and ensuring that their products meet or exceed customer expectations, LG has been able to generate positive reviews and word-of-mouth referrals, which helps them reduce their advertising costs.
5) Market Competition
Finally, competition in the TV market is another factor that keeps prices low. LG faces stiff competition from other electronics giants such as Samsung, Sony, and Vizio, who are all vying for a slice of the market.
This competition has resulted in price wars, with manufacturers trying to undercut each other to win over customers.
To stay ahead of the competition, LG has focused on offering unique features and cutting-edge technology that set them apart from their competitors.
For example, LG was one of the first manufacturers to introduce 4K resolution and HDR (High Dynamic Range) technology, which has helped them attract customers who are looking for the latest and greatest features in their televisions.
The affordability of LG TVs is a result of their integrated manufacturing process, investment in research and development, effective marketing strategies, and competition in the market. These factors have enabled LG to offer high-quality products at a lower cost, making them an attractive choice for consumers who are looking for an affordable yet feature-packed television.