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Marketing and Product Life Cycle - Essay Example

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The marketing of this new product which will accompany all the products distributed by Procter and Gamble will be largely dependent on its stage in the product life cycle. Moving from the introduction to maturity, it is strongly recommended that strategies are aligned with the changes in the customers' perception and other industry players' expected responses.
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Marketing and Product Life Cycle
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Marketing and Product Life Cycle The marketing of this new product which will accompany all the products distributed by Procter and Gamble will be largely dependent on its stage in the product life cycle. Moving from the introduction to maturity, it is strongly recommended that strategies are aligned with the changes in the customers' perception and other industry players' expected responses.
The introduction of Key Ring in the market will be accompanied by wide publicity efforts utilizing the major channels like television, magazines, radio, and newspaper advertisements. These campaigns will begin as early as a month before the launch date of Key Ring in order to raise awareness and make the customers excited about the launching. In addition, these will also aid the company in informing customers on the usage of the new product. During the launching, in-store promotions will also be used in order to allow the customers to experience and be educated of Key Ring. Questions will be entertained and freebies will also be given to participants.
During the growth stage, it is expected that the product will already be popular in the market but competitors are trying to catch up by making their own campaigns. Procter and Gamble will counter this by giving higher discounts to the company's products. Bundling and in-store promotions will still be utilized. Noting the strong brand equity of Procter and Gamble, it is expected that buyers will still gravitate to its products and will be seeking more ways to get discounts.
Sales is expected to taper off during maturity when demand slowly stabilizes. Procter and Gamble can stimulate the use of Key Ring by including its new product lines in the discount coupons. Since the company is very much aggressive in introducing new product variants, it is very much advisable to entice customers in buying these products by allowing them to purchase at a discount. These activities will be aided by including the Key Ring tactics during the advertisement of the new product offerings. In-store promotion like giving free Key Rings which the customers can use for their purchases is also expected to boost demand. The company can also look into offering product bundles which can only be purchased through Key Rings. Read More
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