Question

Pick any product from any company (just not one used as an example in the text for product life cycle) - and tell us where the product is in the product life cycle. When you select Introduction, Growth, Maturity or Decline be sure to support your answer by elaborating on the characteristics described in the text. Be sure to cite the source of any data you use to support your argument. PLEASE DO NOT SELECT A PRODUCT THAT IS ALI BUT DEAD - SUCH AS TYPEWRITERS OR VCRS ETC. You should select a product that is still being actively sold.

Answer 1

This is a fact that development of every product goes through stages during its lifetime known as its product life cycle which includes four important stages i.e. introduction, growth, maturity and decline. Similarly, DVD players also have to undergo all these four stages of the product life cycle.

Below is a basic description of the four stages of a Product Life Cycle and the Marketing mix implementation

Marketing mix is implemented differently at different stages of Product Life Cycle. Characteristics for each stage differs and in response to the different types of needs of the product, the market mix used during these stages differ as well-

·Development Stage:

The product is an idea, which is not for sale, although it is being manufactured. Market mix is in the planning stage, rather than implementing marketing strategies the manufacturer is researching marketing methods and planning for the product which is to be launched.

·Introduction Stage:

In this stage, the product hits the market; sales are initially low as customers are not aware of the product at this stage. Marketing expenses are high. So, the marketing mix during this stage of PLC entails strategies to first establish a market and create a demand for the product.

·Growth Stage:

Sales increases in this stage as more customers become aware of the product, Branding is an important factor now at this stage of PLC. Marketing mix differs in this stage from other stages. Marketing the product involves showing the customers how the product benefits them over other products of the competitors, building brand preference.

·Maturity Stage:

As the product gains over its competitors the marketing mix during this stage involves efforts to develop customer loyalty, offering special promotions and incentives to customers who can switch to other products of the competitors.

·Decline Stage:

Once a market of the product is over, it becomes saturated. Marketing mix and marketing efforts also decline in this stage. The product does not attract any new sales and attract customers who are brand loyal on the basis of the residual reputation of the product.

Currently, DVD players are in the matured stage and their sale has diminished considerably by their successors- blu- ray discs which are currently in the growth stage, in a similar way the arrival of DVD players had reduced the sales of VCD players in the market. DVD players are not only a physical product but are also a service to which all the 7 P’s of marketing mix are applicable and the product life cycle of DVD players fits the marketing mix. Promotion, one of the P’s of marketing mix which emphasizes on product differentiation along with advertisements, proper packaging can help DVD players to get renewed life in the market.

With the arrival Blu- ray discs, the primary aim of DVD players now is to boost its sales and earn maximum profit. There cannot be any empirical study on the PLC of DVD players due to which the sales of this product can't be clearly predicted but the crucial point of DVD players is that it not only being a physical good but rather a service shows the implication of the newly introduced 3 P’s i.e People, Process and Physical Evidence which have relevance to the service industries. Just as DVD players replaced VCD players, now it’s the era of Blu- ray discs to replace DVD players as the former is more advanced and succeeding DVD’s by maintaining its position in the growth stage. Hence, the correct marketig mix should be implemented differently at each stage of PLC of DVD players to maintain its position in the matured stage.

Objectives of DVD players with respect to its Product Life Cycle:

·Presently the aim of the DVD players should be to maximize profits and growth to expand their current business operations and increase market share.

·Its aim is to survive in the market and look for profits.

·The primary objective of DVD players should be t o improving sales to maximize profit.

·The companies involved should spend less on advertising and promotion but should also emphasize on product differentiation.

·DVD players are focusing to maintain the current market share.