Marketing Paper Final Exam Essay

Final Paper Marketing encompasses the labyrinthian cycle of every constitute of a intersection point, from conception to the final sales agreement and everything in between. Marketers atomic number 18 challenged with identifying the consumers needs/wants and managing the process to meet those needs. every(prenominal) harvest a seller develops goes through four dos in its life, The Product feel Cycle. Each stage of the proceeds life cycle (Introduction, Growth, Maturity, and Dec g everyplacenment note) have uncommon characteristics that a marketer faces as they create utility and try to concord or grow their market shargon.Through each stage advertisement is critical and marketers try to inform, persuade and remind consumers around their product. The difference is the commence and focus of the publicise. Every product that comes to market enters into the Introduction gunpoint. This is the stage where consumers ar first introduced to the product. During the introdu ctory stage of the product life cycle, a faithful works to stimulate demand for the fresh market entry. (Boone & Kurtz, 2006, p. 371) A marketer must connect with consumers to create a market for the parvenu product. Every year hundreds of new products enter the introductory stage.Currently a product that is just beginning to take hold is high-definition televisions (HDTVs). HDTVs broadcast pictures with increased lucidness and give the viewer (consumer) options on camera angles and additional information. Currently, Yankee free radical estimates that 15 part of American households now own (a HDTV), with Forrester estimating 10 percent at most. (Crawford, 2005) During the introductory stage, marketers are trying to introduce the product to consumers. atomic number 53 of the ways marketers succeed is in offering promotions or discounts to distributors to get the product in the marketplace.Most of the advertising focuses on informing the public about the new product. While inf ormation is key, advertisers also try to persuade consumers to purchase the product and often generation remind consumers where they can find the product. The canonical stage is where all products start. It is in this early stage that products are lissom hatefuld on consumer and distribution feedback. Often times the numbers of marketers are minimal in the introductory stage as the market is world developed. As a product finds its market and begins to gain acceptance, it moves into the Growth dot of the product life cycle.The growth stage is where a product sees its sales volumes increase dramatically. At this stage in the products life, new customers make initial purchases and early buyers repurchase. (Boone & Kurtz, 2006, p. 372) Early marketers find increased aspiration as their competitors enter the product space to share in the lettuce. artificial send television has entered into the growth market with the advent of the small dish. Early satellite television was mai nly limited to rural areas that were inaccessible to cable television. The dishes were bad and unattractive.As the technology has advances and the satellite dish has shrunk to less then xxiv inches, consumers have rushed to the alternative to cable television. Satellite television marketers are continuing to refine their product in this growth stage. Recently, the top devil providers of satellite television signed deals to provide affordable high-speed earnings service. For satellite-TV providers, the service is another way to offer a full line of products. (AP, 2006) The growth stage is where marketers move from a heavy focus on information in advertising to a more coaxing approach.The persuasive approach allows the marketers to differentiate from competitors and encourage individuals to not be left behind. If the product space attracts multiple marketers, pricing, features and other differentiators are used in the advertising to help marketers gain or maintain market share. The Growth Stage of the product life cycle is complex and changing. Marketers rely on word-of-mouth, voltaic pile advertising and falling prices to sustain the momentum and interest in the product. The purpose of the growth stage is to get reluctant buyers to buy and current customers to repurchase.As a product be ons and growth stabilizes, the product moves in the Maturity Stage. gross sales start to plateau and supply exceeds demand for the first time in the products life cycle. Competing marketers have flooded the field and profits begin to develop depressed. All of these factors create pressure on marketers to continue their brands sustainability. Carbonated fluffy draws are a very mature product. According to the American drinking Association (ABA) the beginnings of the modern soda started in the 1830s. (ABA, 2006) The ABA estimates that there are over 450 brands in the product space.The number of brands creates fierce competition for Americans 65 billion in annual purch ases. Adverting in the mature stage of a products life is all about change magnitude purchases, differentiating your brand and finding new uses or markets for the product. In the soft drink space marketers try celebrity endorsements and product differentiation. 7-UP is the un-cola, trying to draw its promissory note among more popular cola brands. Whatever approach the marketer takes in advertising, the goal is to extend the adulthood stage and maintain profits for as long as possible.A product in the mature stage of the product life cycle does not indicate imminent demise. As illustrated above, soft drinks continue to command consumers dollars. Marketers will often vista to new markets and changes in the product to extend the life of the product. One of the largest struggles for mature products is maintaining profits as competition drives down prices. As the product leaves maturity it enters the Decline Stage in the Product life cycle. A products worsen is most often linked to new technologies. Marketers focus on reminding the be customers in the market that they are there for the consumers needs.Sales decline, profits decline and the product space eventually looses money. VCRs are a product on the decline in the United States. With the advance of DVDs and the reduction in price of DVRs, VCRs are loosing shelf space and market share. Marketers often times search for new markets as products decline in their existing markets. So while the United States and Europe may transition to a new technology, emerging economies may embrace the older and cheaper technology, thus extending the products life. Advertising a product in the stage of decline focuses on reminding the remaining consumer base the product still exists.