Summary
Incorporating appropriate product life cycle (PLC) strategies in the marketing plan of a brand are critical for its success. The demand for such products is increasingly high as compared to the commercialization of goods with little emphasis on tactful advertising techniques. As such, this paper explains the role of incorporating the knowledge of the product life cycle as a marketing tool in achieving feasible promotional programs for organizational success.
The Role of Product Life Cycle in Selecting Marketing Strategies
The knowledge of the product life cycle facilitates the selection of a marketing strategy. For instance, product information is useful in planning new advertising platforms for goods and services. Brand knowledge is also key in gauging the selling techniques over time (Udokporo et al., 2020). The information about a product is, therefore, useful in defining appropriate publicity techniques to ensure product growth. The PLC trend is also helpful in assessing price features to ascertain the effects of selling strategies adopted by a marketing program. Finally, analyzing the product trend is crucial in determining the level of customer loyalty. The benefits of brand awareness are evidenced in the declining stage of the product life cycle when competition is high and can lead to a drop in brand loyalty.
Core Differences in the Stages of PLC Influencing the Selection of Marketing Program
An appropriate product launching is crucial to the success of any marketing program. For instance, the introduction technique should be consistent with the targeted brand positioning within the market. Effective advertising should aim at creating a product trial and awareness (Udokporo et al., 2020). As such, lack of a consistent strategy may render a promotional strategy redundant requiring an alteration to meet the prevailing market trends. The growth stage of a product should also incorporate profit-maximizing approaches including improving the quality of goods while introducing new appealing features in creating favorable brand equity (Tadajewski, 2006). Therefore, such strategies create a competitive advantage for a firm reducing the need to alter their marketing programs.
Sample Products and their Handling of Changes throughout the PLC
The choice of an effective advertising campaign needs to consider strategic changes throughout the product life cycle of goods. Voskos Company, for instance, availed its yogurt brand with a mix of certain publicity elements including distributing the brand in health food stores in familiarizing it with customers. Currently, the company engages in a slow penetration characterized by low pricing and promotional activities in minimizing the costs associated with advertising. McDonald’s Company has effectively managed its product growth stage in the previous years. It introduced many appealing makeovers with the aim of promoting its brand loyalty. Such initiatives are crucial in implementing feasible marketing plans throughout PLC.
The maturity stage of a product’s development is eminent in Coca-Cola products. The organization previously reinvented a range of products including brands of mineral water and other energy drinks alongside items such as Fanta, Sprite, and Stoney. Moreover, the firm is currently adopting different sizing and shaping in packaging its goods to create an appealing brand image. The declining stage of a product can also be managed by constantly changing the advertising information to sensitize the public to a new look at its goods. Dollar Shave Club uses this technique to market its products. Currently, the company sells its grooming services through other business ventures and is experiencing an increase in the volume of sales.
The knowledge of the product life cycle is, therefore, a key marketing tool for business success. Product information should be consistent with the advertising goals of an organization in maximizing profits while reducing costs. This is eminent in companies such as Voskos, Coca-Cola and Dollar Shave Club. They have maintained efficient marketing techniques such as price skimming and slow penetration to address the dynamic global completion.
References
Tadajewski, M. (2006). The ordering of marketing theory: The influence of McCarthyism and the Cold War. Marketing Theory, 6(2), 16199.
Udokporo, C., Anosike, A., & Lim, M. (2020). A decision-support framework for Lean, Agile and Green practices in product life cycle stages. Production Planning & Control, 1-22.