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Key Topics
Requirement
Develop a 900-word analysis that includes:
Describe how your marketing efforts and marketing mix will change with each phase in the product life cycle
Explain how the packaging you will use for your product or service will add value.
Include at least two sources of research that support your analysis; at least one must be the textbook, and one piece of secondary research.
Format your assignment consistent with APA guideline
Solution
Introduction
Apple is known as a famous American multinational technology organization whose headquarter is exist in the Cupertino, California. It deals with different types of products which make it popular nowadays. It creates its brand image in the eyes of people by providing them high-quality goods at high prices. It was established during 1976 to create and sell high-quality computers to its different customers. The main products of Apple are iPhone, iPad, and Apple Laptops.
How would the Marketing Mix of Apple change at Different Phases of the Product Life Cycle
A product life cycle is a combination of different phases which a product goes through during its lifetime.
It consists of five stage which is following:
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Development Stage
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Introduction Stage
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Growth Stage
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Maturity Stage
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Decline Stage
Every stage of the product is different from each other. Needs of the products change as per the growth in the lifecycle of the product. In the same way, the marketing mix utilizes for products also changed (Stark, 2015). Understanding the concept of product lifecycle help marketing managers and business owners of the organization to plan a suitable marketing mix to address every phase fully.
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Development Stage
iPhone 7 of Apple passes though now from the development stage. At this stage the company only implementing its idea and transfer it in physical shape. At the development stage, the marketing mix of Apple will be in the planning phase, and it will focus more on identifying different marketing methods on which efforts it can easily launch its product in the market. At this stage, the organization concentrates on creating brand awareness rather than implementing marketing strategies.
Introduction Stage
As the organization launches its product in the market, it enters the introduction stage of the product lifecycle. It is so because it is a newly introduced product that customers are not so aware of it (Schultz, 2012). During the introduction stage, sales of the product are considered generally low, but marketing expenses are high because the management should perform lots of effort to create its brand image. The marketing mix on this stage of the product lifecycle mainly focus on strategies to create a demand and establish a high market for the product.
Growth Stage
At this stage customer aware about the product and its features and sales increase, the product enters into the growth phase of life cycle. At this stage, the marketing manager should establish various marketing tactics related to branding which helps the organization in differentiating its products from its competitors. Marketing the product involves telling the customers about the usefulness of its products for them over the products sold by its competitors.
Maturity Stage
As the product become popular I the market and gains over its competitors, the product enters into the maturity phase of product life cycle. The marketing mix on this phase concentrates more on efforts to develop customer loyalty, typically accomplished with incentives and various other benefits to customers who switch from a brand and competitor.
Decline Stage
Once the market of a product become over saturated, the product enters into the decline phase of the product lifecycle. At this stage the marketing efforts and marketing mix of the organization become decline (Fan, 2015). If the product of organization able to generate high loyalty from its competitors, Apple able to retain its customers during this phase, but not able to attract new sales from new customers. The marketing mix on the decline phase concentrates on reinforcing the brand image of the organization to stay for a long time in the eyes of its loyal customers.
Packaging Style
Consumer packaging mainly serves to communicate and contain. Packaging should be such which protect the product, promote or sell the item, help the consumer use the product, and also satisfy the legal requirements (Piqueras-Fiszman, 2012). I am using packaging in two classes to add value in my product or services:
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Functional requirements: Product design should be such which fulfill all the functional requirements such as production, in-home, safety and distribution, in-store and legal.
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In-home requirements: According to this requirement I will use such packaging style which is convenient to reinforce consumer's expectations of the product, use, and store, and remind users what and when to repurchase.
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In-store requirements: As per this criterion, I will use such packaging that able to attract the attention of a large number of customers for example Packaging that takes a large amount of space and oddly shaped may be able to draw the attention of a large number of customers.
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Production demands: According to it I will use such packaging style which is fantastic in looking and perform in the market in an efficient manner.
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Sales Requirements: It is necessary that product packaging should be designed in such a manner that will appeal to customers (Loose, 2013). In this I will focus mainly on following areas:
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Apparent size: According to it I will focus more on design packaging in such a manner which look large as possible but without compromising the actual contents of the product or service.
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Attention drawing power: It is known as the obtrusiveness and aesthetics of the package design. In this area, I will focus on such package design which appears attractive, scary, exciting, sexy, pure, soft, etc.
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The impression of Quality: It is considered an important package requirement. During creating packaging, I will focus on all quality contents because they can destroy the market reputation of our product and services.
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Stark, J. (2015). Product lifecycle management. In Product Lifecycle Management (pp. 1-29). Springer International Publishing.
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Schultz, D. E., & Dev, C. (2012). Revisiting the Marketing Mix: The Apple Store experience typifies a new vision for marketing. American Marketing Association, Marketing Management Magazine.
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Fan, S., Lau, R. Y., & Zhao, J. L. (2015). Demystifying big data analytics for business intelligence through the lens of the marketing mix. Big Data Research,2(1), 28-32.
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Loose, S. M., Peschel, A., & Grebitus, C. (2013). Quantifying effects of convenience and product packaging on consumer preferences and market share of seafood products: The case of oysters. Food Quality and Preference, 28(2), 492-504.
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Piqueras-Fiszman, B., & Spence, C. (2012). The influence of the feel of product packaging on the perception of the oral-somatosensory texture of food. Food Quality and Preference, 26(1), 67-73.
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