Promotion and the Product Life Cycle
Product Lifecycle of Samsung
The introduction, growth, maturity, and decline are four stages in a new product’s cycle of life. Each product life cycle is comprised of four P’s. These four P’s are products, price, locations and promotions. The first phase includes altering consumer perceptions, product testing and securing distribution (Kotler & Keller, 2016). At this initial stage, the marketing strategy must reach the target consumers. Quality and affordable pricing helps build shopping and demand and revenues for subsequent phases. This service is sold digitally through Samsung stores, both locally and internationally. Samsung must improve the reporting of news, digital ads and a social media campaign. Advertisements should illustrate life values that influence brand decisions, including friendship, interaction, hard work, success, dependability, family and fun.
Stages of the product life cycle
The Growth Stage.
The stage of growth is critical as Samsung is looking at ways of winning premium benefits for non-users in the target market. This includes the latest upgraded innovation of Samsung, such as its Galaxy devices. While the price point will not change, the market and demand may marginally increase or decrease. Other shopping discount outlets including Best Buy, Wal-Mart, Walmart Club and other online retailers should be included on the distribution channels. Consumer demands, together with the development of effective and efficient advertising, are driven by a supply and demand value chain that results in increased brand loyalty and profitability (Bustinza, Parry and Vendrell-Herrero, 2013).
The Maturity Stage.
For competitive advantage, marketing is slightly modified in the maturity stage. There will be more places for shipment. To stores that screen and help sell the product, Samsung provides rewards. The outcomes of a good promotion are distinction and dedication. Samsung must improve the quality of service by incorporating boosters both nationally and internationally to sustain and attract customers as revenue deceleration and competition intensifies
The Decline Stage.
Samsung’s service, marketing and delivery operations will continue in a decline phase as in previous steps, but advertising strategies will continue to provide opportunities and seek market share and loyalty benefit. Samsung must boost its consumer development, creativity and performance, in order to continue with its competitiveness such as Apple and LG, if there are trends of revenue decreases that result in a loss of income. More diversification is being discussed and several new delivery platforms will be explored.
Metric Used: Focus Groups.
Samsung has a tremendous value for consumer response. It helps to assess if the marketing strategy is a mistake or a win. Concentration teams will see how today’s customers feel and how they can enhance their devices. Both classes are made up of 25 men and 25 women. 25 are existing users, and 25 are new to Samsung’s telephones. Everyone is asked about their thoughts about buying a Samsung mobile and Samsung Galaxy electronics ‘ general idea.
Samsung would continue to produce visually appealing advertisements that attract customers by printing. Print advertisements can be highly informative, they last longer and help to create an image. To consumers on the move, banners and posters will be used.
Samsung will use radio to target specific markets when it comes to non-print advertising. Digital ads, including banners and videos, will be used. There will be teasers on social media sites like Twitter, Facebook and Instagram.
Product and Promotion List
Integrated Marketing Communications.
The holistic approach to communication is often called integrated marketing communication, maintaining online and offline continuity with advertising. Samsung advertising priorities are to ensure that the project is well organized by different promotional strategies that work together.
For ads and visibility on social networks, Samsung will use digital advertisements and videos. These are focusers and are used to attract customers with digital teasers.
Samsung utilizes pressure ads to specifically meet prospective customers. You must build an e-mail list of future or existing clients and submit promotional updates and promotions.
The proper product marketing balance should assist the organization in beating competitors. Sales and efficiency are improved by effective packaging, delivery, differentiation and marketing approaches. The release marketing approach is regional and approaches for optimum results are combined. A good consumer-target understanding and customer fulfillment are very strong in terms of result; a carefully planned start-up with an excellent product placement would ensure the brand is successful.
Bustinza, O. F., Parry, G. C., &, Vendrell-Herrero, F. (2013). Supply and demand chain management: the effect of adding services to product offerings”, Supply Chain Management: An International Journal, 18 (6), 618 – 629. Retrieved from http://www.emeraldinsight.com.contentproxy.phoenix.edu/doi/full/10.1108/SCM-05-2013-0149
Kotler, P. T. & Keller, K. L. (2016). Marketing Management (15th ed). Upper Saddle River, NJ: Pearson/Prentice Hall.
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