Social Ethical and Legal Implemantation

Promotion and the Product Life Cycle

Promotion and the Product Life Cycle

Procter and Gamble (P&G) Co. is a multinational American company listed among the 500 fortune companies their headquartered is located in downtown Cincinnati, Ohio. P&G is manufacturing a wide range of consumer products and serving the needs of diverse segments of the markets. The company has successfully introduced an extensive number of innovations and one of the renowned innovations is brand management and “connect and develop” innovations. P&G Company is counted as one of the highest paid company for the range of advertisements it makes for creating the different identity for dissimilar products (Annual Reports P&G, 2017). This paper will explore the life cycle of P&G.

Product Life Cycle

For the past three decades, every single company who would not like to lose the worth of their products in the market has discussed the term product life cycle. The American Motors Corporation introduced such concept in 1985 that ramp up their production in the midst of huge competitors. Among the various products of the P&G the product life cycle of Vicks VapoRub’s and different types of strategies that would have been implemented are mentioned below:

Development Stage

At this stage, the objective was to create the awareness among the potential users, so the type of the product remains basic, a price is declared in the market so that customers can choose your new product. Few locations are selected as per the market research, this stage is very expensive due to marketing, promotion fees, and free samples are provided to induce the standard of quality new product carrying.

Growth Stage

At this stage of the product sales rises and cost per customer is averagely resulting in the rise in profit. This stage main objective is to maximize the market share. Here with product extension is used like how Vicks introduced their inhaler. The price of the product is designed to penetrate the market, distribution channels are also increased, and the number of promotions is reduced as compared to the development stage for taking the advantage of the demand.

Maturity stage

Vicks is now at the maturity stage and profits is higher than the comparative ointments available in the market. The first product choice of every customer in the world for common flu and cold today is Vicks VapoRub. At this stage the marketing objective remains to maximize the profits through defending the market share as cost per customer is low and profits are higher. The marketing strategies are diversity in the product like now ointments can be introduced without smell. Prices here are kept comparatively reasonable and distribution channels are built up. Promotions are utilized in a way that customers remain in touch with the same product even for a longer period (Pride and Ferrell, 1980).

Measuring Metrics

Measuring metrics are ways of calculating the return on an investment made by the company in order to determine the success of marketing activities. Marketing metric is defined as the numerical collection of data that signifies the impact of a campaign on desired public.

Web content: Website content will promote and increase the number of visitors and customers.

Lead conversion: This includes the period and conversion, started from the potential customer become a loyal customer.

Individual Visitors: In some cases, it is not accurate, but it defines how many times the same visitors saw the website of the company.

Click through rate: It provides the result of how many times visitors press the buttons on web pages for further information.

Bounce rate: This rate calculates the result of visitors of web pages who saw the page but do not apply any further actions.

Social media: Is the number of followers and likes.

E-mail Opening: How many emails were actually opened by the recipients (Seggie, Cavusgil, & Phelan, 2007).

The advertisement type, which includes the promotion of products or services through the paper, is said to be the print media marketing methods. Among many prints, media type’s newspaper is the pull strategy of promotion through which customers are given information through the newspaper (Ojajarvi, & Valtonen, 2012).

Non-print Media

The advertisement of the product or services in videos, slides, or voice through television, radio, or internet is said to be nonprint media method of marketing. The best way to convince the potential consumer nowadays is through a website by providing the direct answers to the queries asked by the potential consumers (Mazaheri, Richard, & Laroche, 2011).

References

Annual Reports P&G (2017). Pginvestor.com. Retrieved from

http://www.pginvestor.com/CustomPage/Index?KeyGenPage=1073748359

Mazaheri, E., Richard, M., & Laroche, M. (2011). Online consumer behavior: Comparing

Canadian and Chinese website visitors. Journal Of Business Research, 64(9), 958-965.

http://dx.doi.org/10.1016/j.jbusres.2010.11.018

Ojajarvi, S., & Valtonen, S. (2012). Newspaper and Television as Local and Community Media

Assessments By Industry Experts. Journal Of Media Business Studies, 9(2), 129-145.

http://dx.doi.org/10.1080/16522354.2012.11073548

Pride, W., & Ferrell, O. (1980). Marketing (1st ed., pp. 290-294). Boston, Mass.: Mifflin.

Seggie, S., Cavusgil, E., & Phelan, S. (2007). Measurement of return on marketing investment:

A conceptual framework and the future of marketing metrics. Industrial Marketing

Management, 36(6), 834-841. http://dx.doi.org/10.1016/j.indmarman.2006.11.001