Develop one Marketing Objectives for this case "LG Energy Solution".

LG Energy Solution

Established : 2020

Revenue : 10.5 billion dollars (2020)

Employees : 20,000 + (2021)

Industry : Energy storage

Product Line : Electric cars batteries

U.S. facilities : Michigan, and Ohio (will start production in 2023).

U.S. Consumers : GM (joint-venture) and Tesla

Competitors: 1. Contemporary Amperex Technology Co. (CATL) 2. Panasonic 3. Samsung

Sources:

LG Energy Solution (2021). About us. https://www.lgensol.com

Ulrich, L. (2021). The Top 10 EV battery makers. https://spectrum.ieee.org/the-top-10-evbattery-makers

Develop Marketing Objectives

The next component of the marketing plan your team needs to tackle is the strategic analysis report.

As a marketing team, you need to decide on the marketing objectives for your target market before you develop your company's marketing strategy. Marketing objectives translate the company's mission and business into long- and short-term goals. Marketing objectives are usually quantitative and include sales (both in units or dollars), market share, and profitability. They may also include qualitative factors such as quality, customer satisfaction, and social responsibility (Kerin & Hartley, 2017). Knowing exactly where you want to go is essential in deciding how to get there. The objectives have to be measurable, specific, and have a set time limit.

Marketing objectives should be challenging but achievable. They are mainly quantitative (with some qualitative ones), and they should be precise and focused.

  

growth percentage

market share percentage

sales (in both units and dollars)

average unit price

profitability percentage

customer satisfaction

CSR outcomes

employee satisfaction rate

Be sure to include a time frame. Also, presenting the figures in a table, in the end, would look professional.