MKT/571

MARKETING 6

Promotion and The Product Life Cycle

Regina Snedecor

MKT/571 Marketing Management

April 3, 2017

Heidi Kelley

Marketing is among the most important aspects that organizations involve in, with the aim of making their products known to the customers and increasing their sales. Without a good marketing a strategy, the majority of the organizational products do not acquire good sales as they can acquire with proper marketing strategies being utilized. When an organization is launching and introducing a new product in the market, marketing is among the most important aspects that determine the success or failure of that product. A customer that is targeted by the organization to purchase the products required to be informed of the existence of that product in the market and provided with a clear explanation of the many ways through which the product could benefit him or her. Marketing is however not a simple activity that any organization can manage to involve in simply. Strategies through which a new product will be introduced in the market and promoted are required to attain success. The paper provides a product strategy through which an organization can manage to establish and introduce a product to the market and attain success (Posner, 2015).

The product strategy

The product strategy is simply a strategy that an organization aims to utilize which will help in the introduction process of a new product in the market and ensure that the product becomes known and preferred by customers. An appropriate product strategy for this case is a strategy that will help individuals attain an understanding of the existence of the product in all markets and the benefits that the product would provide to them. The first aspect of the strategy is marketing with the aim of creating awareness to the customers that the product exists. This step should involve the utilization of social media platforms, billboards and promotion forums. As a first time product that is being utilized in the market, the strategy should mainly aim to communicate to most people within the market. Billboards, social media and promotional programs that air in media like television and radios would ensure that almost all individuals attain an awareness that the product exists.

The second step is aimed to address the growth stage of the product. In this step, the organization should maintain a steady price and at the same time aim to involve in the marketing activities of explaining the importance and benefits of the product. This would provide customers with the need to purchase the product at hand. The other important aspect of the product strategy is aimed to cater for the products maturity stage. At this stage, the demand for the product is likely to decrease, after other competitors emerge in the market. The strategy should thus be aimed at differentiation and improvement of the product. This will enable the organization to remain much better and have the product being preferred over those of the competitors. The success of this strategy will prevent the occurrence of the decline stage.

Assessment of success or failure of the marketing activities

Assessment of whether the product strategy and marketing activities that the organization is utilizing are being obtained is significantly important. One can simply formulate other strategies to help in promoting products when he or she realizes that the current strategy is not effective. For this case, the success of a product strategy is determined by the ability of the product to maintain a high demand for a long time after it is introduced in the market. The failure of the strategy is when the product reaches the decline stage within a short duration after its introduction to the market. The product attaining a high number of sales determines the success of the marketing activities. Its failure is on the other hand determined by its inability to increase sales (Eastman, Ferguson, & Klein, 2006).

Media methods for the product

Media methods refer to the strategies that the organizations can utilize to ensure that customers obtain information concerning the product and its benefits. One, print media strategy that the organization can utilize to market its product is the newspaper. Newspapers are a convenient way to provide information to the people, because, on a daily basis, people read newspapers, and thus they are likely to see the advert for the product. In this advert, the individuals will also attain an understanding of the product description, price and the benefits that they can obtain by purchasing that product. Another, non-print method that the organization can utilize to market the product is formulating a Twitter platform where people who share the product’s description are given certain quantities of that program. Such media methods would be significantly beneficial to the organization.

Product promotion

Product promotion is significantly important to any organization. Through it, customers acquire more information concerning the products and how they can utilize them effectively. The media strategy, to begin with, is an important product promotion element that organizations utilize. Through this element, organizations simply publicize their product promotion programs where they ensure that they are viewed on TVs and radios. Direct marketing is another element that is considered highly important. This is the strategy where individuals market and promote them directly to the targeted group of customers. It helps in making the customers confident on the product and provides them with an opportunity of seeking clarifications that they might need. Public relations strategies of product promotion are also regarded as highly important. These are strategies that organizations use to communicate with the public and provide assurance of the products that are being offered. This strategy helps people become more confident with the product at hand (Paul, & Kapoor, 2008).

References

Eastman, S., Ferguson, D. & Klein, R. (2006). Media promotion and marketing for broadcasting, cable, and the Internet. Burlington, Mass: Focal Press.

Paul, J. & Kapoor, R. (2008). International marketing: text and cases. New Delhi: Tata McGraw-Hill.

Posner, H. (2015). Marketing fashion: strategy, branding and promotion. London: Laurence King Publishing.