Marketing Questions
Select a product you are familiar with. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product?
A product goes through four phases throughout its life: introduction, growth, maturity, and decline. The newest product that has been released by Apple is iPhone SE. Apple products tend to have a short life cycle because they are usually in high demand, especially immediately after being launched. During its introduction, Apple conducted intensive marketing to create awareness. People who are at a high social rank tend to purchase the product as soon as it hits the market due to the availability of funds. As the public continued getting familiar with the phone, the marketing reduced, but the sales increased. Currently, the product is in its maturity stage, where marketing levels are quite low. The sales have reached their peak levels and stagnated. The product is bound to hit its declining stage as of next year. People will stop purchasing the product, sales, and profits generated from the device will depreciate, and the product will finally stop selling, especially if Apple launches another upgrade version.
How will this affect the marketing of your selected product?
The marketing changes with each stage. Before and during its introduction stage, the marketing was significantly aggressive. Apple begins its advertising even before the product hits the market, which causes people to eagerly wait for it. When the product is launched, marketing is still aggressive, and it hypes people into purchasing the product. As the product enters the growth stage, marketing is still vigor but not with the same intensity as during the introduction stage. The product is being accepted into the market, and sales are increasingly high. The product then reaches the maturity stage, and the sales are at a peak. Here, the market has fully accepted the product, and marketing decreases. The organization could decide to promote the product one in a while. The product then begins to enter the decline stage, where sales and profits decrease. Here, the company hardly does any marketing. People are no longer interested in the product. The organization may decide to market the product to revive it or to remove the product from the market.
What company has the best effective marketing strategy
Apple’s marketing strategy is one of the best and most effective such that it has become a benchmark for other organizations. Once Apple puts up a billboard, the product automatically speaks for itself. Apple positions its marketing strategically, keeping visuals and messages simple but still quite attractive. The advertisements are quite visible and are not flashy or crowded. It does not exaggerate the advertisements. Instead, it lets the product speak for itself. It does not even put prices on the adverts. The advertisements target customer’s emotions using the most appropriate language. They take time to understand the customer’s preferences and come up with a product that meets their needs. The company is also known for creating mystery and buzz. They create excitement in people by information withholding. They have even been known to let information leak to get people talking. It gets them anxious and anticipating the newest version, and this is its greatest strategy.
References
The Dailly Egg. (2017). Why is apple’s marketing just so darn good? Retrieved from https://www.crazyegg.com/blog/why-is-apples-marketing-good/#:~:text=Position%20it%20as%20More%20than,creating%20experiences%20for%20their%20customer.&text=They%20create%20something%20that%20is,and%20keep%20people%20coming%20back.
Gitman, L. J., McDaniel, C., Shah, A. J., Reece, M., Koffel, L., Talsma, B., Hyatt, J. C., … OpenStax College,. (2018). Introduction to business.