Please Respond if you can answer in 6- 7 hours
Please find the doc attached and you should answer in 6-7 hours
total 350+250 words= 700 words
Please follow the instructions.
Write 350 words on the topic and respond to the given article with 250 words each
1) Write 300 words with 3 peer reviewed references in APA format
Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
Please focus on the following points for main topic and response
· Be familiar with the various approaches to Marketing Strategy
· Be able to create and implement a Strategic Marketing Plan
· Have a working knowledge of Product, Place, Price and Promotion Strategies
· Understand the relationship between Marketing and other functional areas
2) Respond to 1st article with 150 words
Every product goes through various stages throughout its life. From idea generation to increased sales till the product is not in-demand, marketing strategies differs for each level of the product’s life.
The life cycle has four stages – introduction, growth, maturity and decline. While some products may stay in prolonged maturity stage, but eventually every product phases out.
Introduction:
Once the product is ready to be launched into the market, the first stage is called introduction stage. When the product is first released into the market, it has to break the ice. It might be a success if customers like it or it can be a flop-show. In this stage most of the time development and promotions are at higher level. The main aim for companies in this stage is to promote the product and get it in the hands of the end-users. The best example for this stage can be the launch of Apple’s new product every year at their annual convention. When erstwhile CEO and founder of Apple Inc Steve Jobs would launch and announce the new features of their product audience would jaw droopingly wait to lay hands on the new gadget.
This stage is where companies find out what consumers’ response will be for their product and how much successful the product will be in the upcoming future. This stage is defined by higher marketing cost and development cost. Advertisement and promotions are key to get the product or services known.
Growth:
Now the product is known to its customers and they have a positive response. Growth stage is defined by increased sales and gaining higher market share. Due to the increased sales companies can see some of their investments (if not all) returning in this stage. However, because the product or service is so popular, other players in the market would try to mimic same product or service and will try to eat-up a share of the market.
Marketing strategy for the stage can be to maintain same level of marketing and promotion with higher production. Companies tend to explore wider and larger markets to increase their reach.
Maturity:
When product or service reaches at a maturity, its sales starts stagnating or even declining. Prices in this stage has to be competitive which can result into declining margins, increasing competitions pressure and decreased demand for the product. In this stage companies should mainly focus on marketing and highlighting the unique aspects of their product or services as compared to their competition.
Decline:
No matter how hard a company tries to hold its product in the maturity stage, decline is inevitable. In maturity stage, demand for the product reduce considerably and consumer behavior changes. Marketing strategies in this stage should be minimal and be focused only on loyal customers.