Question

Think about all of the many products you can purchase today. Identify one product that currently represents each phase of the product life cycle, and make a brief statement about its competition, price,distribution,and promotion.

Please make copy paste available

Answer 1

The product that I choose for discussion is the mobile phones.

Product life cycle

All the products have a particular duration of life, similar to living organisms. As human has different stages of life, every product has certain stages. The life of the product starts with its introduction into the market. Then it experiences rapid growth and that results in maturity. And at last the market for the product decays and finally its life ends.

Stages of product life cycle are:

• Introduction stage
• Growth stage
• Maturity stage
• Decline stage

Samsung was founded in 1938 by Lee-Byung. It then become the world's largest electronics company and now it is the largest manufacturer of mobile phones. For the samsung mobiles 2003 was the watershed year. It successfully positioned itself as one of the world's best mobile phone manufacturers. And its products become famous. The introduction as well the growth stage of Samsung mobile phone are running very conveniently.

At the introduction stage the company launched its mobile phones in the market. At that stage the sales were expected to be slow, so that the company increases its promotion and awareness. To solve the danger of slow sales, samsung allows for advance pre-orders from customers.At the growth stage its sales started increasing so that profit also started growing. At that time the company introduces new features and promotional activities.

Competition

Competition is important for every business. It helps to identify our specific and unique traits that are appealing to customers. One of the most important benefit of competition is that it develop innovative ideas to enhance the products .

Samsung is a leading mobile company. The reason for this is its technological innovation. That increases its popularity and sales. Its competitive advantages are technology, supply chain, marketing and brand image. Its brand image is the centre of attraction and also it is a customer centric brand that cares the need snd satisfaction of customers . Tis makes the samsung more competitive .

Price

Price is the amount for what the product is to be purchased . The only component of marketing mix that generates returns is price. The common pricing objectives are profit maximization, price stability, competition, survival etc.

Samsung is mainly using two types of pricing strategies

1. Skimming price: price skimming can be defined as a product pricing strategy where a consumer will pay the highest initial price demanded by the product.

2. Competitive pricing: always samsung prices their phones competitively with all other manufacturers. Especially it always stays under whatever apple is offering .

Distribution

The distribution strategy also has importance in its growth. In most places samsung has a contract with single distribution company.

Promotion

Samsung mobiles are inviting its customers to try the product for free. And it is providing freebies like Bluetooth headset, leather case diary, 2GB SD card etc. It is giving advertisement with publicity appearing in TV and cinema ads, on billboards and at sports and art events. It established many samsung mobile stores to increase the visibility of the brand and it has free online software updates, tutorials and customer service and it is maintaining good customer relationships .