Essay Sample on Marketing Strategies

Introduction

In the introduction stage of the life cycle of a product, the product is new and not known to the intended consumers. Therefore, it is essential to use an active marketing strategy in marketing the product. An active approach is essential for this stage as it compels the consumers that the product fulfils all their needs as well as giving them a deep dive on all the details of the product (Najafi-Tavani, Sharifi & Najafi-Tavani, 2016). During the growth stage, consumers are aware of the product.. The strategy for the product that should be used at the stage should be able to maximize the opportunities of the product. The best and appropriate marketing tactic that the company should make for the product is the strategy for designing, improving and enlarging the distribution network.

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During the maturity stage, there is a fight for the market share among the competitors of the product. For the product, the company should develop wise and aggressive strategies to be able to defeat the competitors (Najafi-Tavani et al., 2015). The company can adopt the market modification tactic that involves entering other markets to win other consumers, possibly of the competitors. The decline can be slow or fast as it depends. The company needs to take the proper strategies for the products in the early decline stage. Amongst other product strategies, the best approach to use is finding another use of the product. The business might also choose to sell the brand to another company.

Marketing Strategies Related to Price

In relation to price, the best marketing strategy to take during the introduction period in the life cycle of a product is pricing at a premium strategy. This strategy is effective during the first stages of a product since a business should work towards creating a value perception for their products. During the introduction stage, the businesses should ensure that the presentation of a product is appealing enough to support premium pricing (Ferreira & Coelho, 2015). During the growth phase, the best marketing strategy to adopt in relation to price is the pricing for market penetration strategy. A company can use this strategy to draw the attention of the consumers from their competitors. The company will then be able to raise its price for the product to suit its position within the market.

For the maturity phase, since the business is now stable and the product is well known in the market, the best approach is economy pricing. The approach attracts many clients especially those who are price conscious. When considering a pricing marketing strategy during the decline phase, the psychology pricing strategy is the best technique which compels consumers to respond to the emotional levels of the company rather than the logical ones.

Marketing Strategies Related to Place

The best approach to use during the introduction stage in the life cycle of a product is the selling directly strategy. The approach gives a company a more personal feel of the market because of the direct interactions with the consumers. According to Foroudi et al., (2016), the approach also helps the business control it's pricing and the methods used to sell the product. For the growth phase, a company can consider adopting a distribution strategy that entails selling via a reseller. The strategy is advantageous to the growing business in many ways. Using a reseller helps in the marketing of the product as well as the brand of the product (Foroudi et al., 2016).

Intensive distribution is the best approach that will be chosen during the maturity of a product when marketing it. The strategy ensures that there is the widest distribution of the product. During the last stage of the life cycle of the product, a firm can result back to the Selling directly strategy, since the product has declined and not many people want it.

Marketing Strategy Related to Promotion

During the introduction stage of a product, the business segments the consumers to increase the positivity of the response that the consumer gives. The segmentation promotion strategy will help the company decide on which segment to focus on depending on the response. In the second stage of the phase, an organization ought to use the targeting approach to communicate to the segments that have been selected in the introduction stage of the product. According to Pettigrew et al. (2015), during the maturity stage, the organization ought to undertake the strategy of design a valuable communication method for the product which is better than that of their competitors. During the decline phase, the company can choose to take the strategy of doing nothing since they cannot be able to make profits off the product anymore (Pettigrew et al., 2015).

References

Ferreira, A. G., & Coelho, F. J. (2015). Product involvement, price perceptions, and brand loyalty. Journal of product & brand management, 24(4), 349-364.

Foroudi, P., Gupta, S., Kitchen, P., Foroudi, M. M., & Nguyen, B. (2016). A framework of place branding, place image, and place reputation: Antecedents and moderators. Qualitative market research: an international journal, 19(2), 241-264.

Najafi-Tavani, S., Sharifi, H., & Najafi-Tavani, Z. (2016). Market orientation, marketing capability, and new product performance: The moderating role of absorptive capacity. Journal of Business Research, 69(11), 5059-5064.

Pettigrew, S., Biagioni, N., Jones, S. C., Daube, M., Kirby, G., Stafford, J., & Chikritzhs, T. (2015). Sales promotion strategies and youth drinking in Australia. Social Science & Medicine, 141, 115-122.