Business Administration 162 - Principles of Marketing - Cardona

The purpose of this stepwise assignment is to provide an opportunity to play the role of marketing manager and gain valuable, first-hand experience in writing, organizing, and polishing a marketing plan.

In this fourth part of the assignment, you will develop a product description. This includes:

Personal Products

• classify your product as a convenience, shopping, specialty, or unsought product

Business Products

• classify as an installation, accessory equipment, raw materials, component parts, MRO (maintenance, repair, and operating) supplies, or  business services

All Products

• Product life cycle
• Brand awareness
• packaging and labeling
• product development including quality, design, features, etc.
• product positioning

A product life cycle is the total amount of time that a product is available to consumers, from when it’s first introduced until it’s removed from the market. A product’s life cycle begins when it’s initially developed and introduced to the market and ends when the product is no longer available for purchase.

1. The development phase of the product life cycle is when raw ideas are refined into a marketable concept. From a business standpoint, product developers conduct market research, determine whether the concept is viable, and identify their target audiences. Sometimes development is couple with the introduction phase of a campaign; the time when consumers are first made aware of a product. During this phase, it’s critical that marketers use multiple channels to target their ideal audiences. An introduction comes just before a product’s release and can set the stage for a successful launch.

2. A product’s growth stage is when consumers begin to believe in its capabilities and view it as something that will add value to their lives. Demand and profits are both on the rise when a product is in its growth phase.

3. In a product’s maturity stage, sales grow at a slow but steady pace. The rapid growth period has ended and supply has balanced out with demand. Competitors have established a foothold and are threatening the original manufacturer’s market share, but most original producers have mastered the processes of sourcing raw materials and manufacturing enough to cut prices to encourage continued sales.

4. The end of the maturity stage is what many call the saturation stage. This is when sales begin to stagnate. They have not yet begun to decline, but they are no longer rising either. This is usually followed by a decrease in sales and is most commonly referred to as the decline phase of the product life cycle.

Adapted from Adobe.com.