Product cycle is the process that an individual product goes through before sales take place in the market. It involves some processes which may change from one item to another. Product strategy is a plan or an analysis of product about the nature of the market that the firm will sell their goods. The product strategy assists in coming up with efficient and effective ways to sell an item so that it can reach many consumers, satisfy them and at the same time result to increase in profit.
In this case, the company to be discussed is the Dana Incorporated. It is a business in the United States which a worldwide leader in the supply of highly engineered driveline, sealing, and thermal-management technologies that improve the efficiency and performance of vehicles with both predictable and alternative-energy trains which use power (Rajni, et al. 2015). The product strategy in this company is to ensure that aspects of product cycle are well in order so that the goods and services get an excellent introduction in the market which can yield higher returns.
Product life cycle of Dana Incorporated
In this case the, there are four steps which are used to describe the product cycle of this company they include: introduction, growth maturity, and decline stage.
Initial Introduction Stage
The first stage the firm aims at trying to develop a product like in this case ensuring high engineered product and at the same time it searches the market for the product. It is whereby it ensures that there is the better pricing of the item in such a way that each consumer can easily afford, the placement and location of the issue are good, and the products will be readily available when need. It also ensures that the item distribution takes places in different regions and better distribution channel are well in place. The Dana Company has also made sure that their products are well promoted, and the ads reach different people in different corners of the world (Rajni, et al. 2015).
The product growth in Dana company ensure that what was in the initial stage is well maintained and in case some steps need improvement changes are made to ensure high performance and high yield in profit Bartlett, et al. 2013).Dana organization needs to have diversification of products and globalization of their goods in the growth process. It has made a step to grow by buying axle housing and driveline shaft engineering operations from the Unites States of America
During the maturity level, no much changes taking place in Dana firm the main aim here is to maintain and increase profit. The company has already acquired the market share, and it is the leading among the competitors. In this step factors like differentiation of product, diversification is considered to ensure that the Dana firm stands in a better position in the market Bartlett, et al. 2013).
The last step in product cycle is the one for declining of sales. During this stage, the company chooses to do away with that product because sales are down or differentiate then to ensure that they are more attractive to the consumer Bartlett, et al. 2013). During this stage, the prices mostly remain the same for the products. During this stage, the organization is aiming to come up with new product and process technologies for light-weighting as a way to differentiate the products.
Metrics to Determine Success or Failure of the Market Activities in Dana Incorporated
By ensuring that the firm is performing well globally, it could be hard to go to person to ask them or collect data. It could be necessary to use the Dana firm to determine the success and failure of the enterprise by the responses which those who visit the site comment (Tayeh, et al. 2015).
One of the metrics is to capture the new customers who visit the Dana company website. By doing so, one can be in a position to know the number of consumers who visits the site a day, and this can indicate the market performance and activities (Tayeh, et al. 2015).
Also it should set a system which will show the total number of the website pages that a client visit. By doing so, the firm can be in a position to determine which pages most people view and this can enable them to know how the organization performs (Tayeh, et al. 2015).
There is also the rate of Transformation where an individual may choose to comment or do an action on the organization’s website. It will enable the company to know the feeling of the customers towards the organization by either commenting positively or negatively (Rajni, et al. 2015).
A print Media Method and Non-Print
Print media is a way that the firm may choose to advertise their products using printed documents like magazines, newspapers, door to door catalog among other items in media. By doing so, one aims to reach many people and also it acts as future evidence (Bartlett, et al. 2013).
Non-print media method is ways that people use to advertise in social media. In such cases, individuals use Facebook, what up among other media.in the modern world non-print media seems to take a large space in the market as technology has improved, and most people are digital form. The issues of paperwork are minimal, and it and the method are active and cheap.
It would be substantial for Dana organization to focus on non-media to reach out many people. The non-media would be a faster way to ensure that the product is available even online by creating online shops Bartlett, et al. 2013).
Three Elements of the Product and Promotion
In this case, the issue of positioning is important in product and development. By the fact that the Dana company aims to sell t commercial vehicle, light vehicles it should stand its distribution stores near the such Chrysler, Ford, Nissan, John Deere, Military this industry as they are their primary customers (Rajni, et al. 2015).
By the fact that the technology is changing day by day people are also doing away with the traditional advertising methods and adapting to the new method. In this case, the Dana firm should embrace the non-print media practice at set it as a strategy to reach many people globally. With doing so, it will increase their product sales and hence continue promoting their products (Rajni, et al. 2015).
Public Relation Strategy
Dana firm should come up with a corporate social responsibility to the community globally. It is to ensure that they give back to the community, and also it will improve their reputation and at the same time increase public relation and loyalty of customer to them (Tayeh, et al. 2015).
Bartlett, D., & Twineham, J. (2013). Product Life Cycle. In Encyclopedia of Corporate Social Responsibility (pp. 1914-1920). Springer Berlin Heidelberg.
Rajni, M., Modi, S. K., & Singla, B. B. (2015). AN EMPIRICAL STUDY ON PRODUCT PROMOTION ON SOCIAL NETWORKING SITES: A REVIEW.
Tayeh, M., Al-Jarrah, I. M., & Tarhini, A. (2015). Accounting vs. market-based measures of firm performance related to information technology investments.