Marketing communications
Establishments concern themselves with getting their goods and services to a large customer base to ensure the realization of much profits. The initiative brings into play proper advertisement and sales promotion. The ideology initiates the use of an ideal marketing communications mix that bears influence from the stages in a product’s life cycle, which are the development, introduction, growth, maturity, and decline stage.
Marketing communications of an organization is “a complex of measures, techniques, and methods by which information about goods, services or brand of the company reaches its users” (Todorova, 2015). Firstly, the development stage entails a product as an idea which is still in the manufacturing process and not ready for sale, thereby making the marketing mix capture a planning phase. Research and planning are essential at the juncture as awareness is the critical element. Secondly, the introduction stage exhibits the entry of the good into the market, characterized by low sales and high marketing expenses. The marketing mix, thereby at this juncture, therefore, captures market establishment initiatives and demand creation for the product. Thirdly, the growth stage exhibits customer awareness of good, coupled with increased sales. The marketing plots at this scene captures branding, which is vital for product differentiation. Fourthly, the maturity stage that involves rising competition. The marketing mix thereby factors in initiatives that seek to build customer brand loyalty through special promotions and incentives to alter consumer behavior in favor of the concerned party. Lastly, the decline stage illustrates oversaturation of the market characterized by declining marketing mix and efforts. The remaining aspects focus on reinforcement of brand image of the product to remain relevant to the product’s customers exercising loyalty.
The development, introduction, growth, maturity, and decline stage are the building blocks of a product’s life cycle exhibit specific characteristics that influence the marketing communications mix. The developments capture the ideal enactments that would ensure appropriate advertisement and sales promotion.