Product Life Cycle and the Marketing Mix & Efforts

Running head: PRODUCT LIFE CYCLE 1

PRODUCT LIFE CYCLE 4

Product Life Cycle and the Marketing Mix & Efforts
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· Describe how your marketing efforts and marketing mix will change with each phase of the life cycle
1. Stage 1: Development
During this early stage, the product is possibly an idea, or under manufacture and not yet commercial. The creative team of the company is still trying to devise the dynamics of the one-brand strategy before introducing it to the market. As such, the potential marketing mix to be utilized on the launch of the strategy is still in the planning phase. The marketing efforts are not yet applicable. In this phase, the company is examining the viable marketing strategies and methodologies to introduce the product rather than applying strategies for marketing. In the developmental stage, the marketing efforts involve enacting marketing campaigns coupled with initiating special promotions which will inform potential customers of the new one-brand strategy. In this stage, the company will consider some of the 4Ps like price and promotion to ensure the introduction of the product in the market is met with the desired acclaim.
2. Stage 2: Introduction
The one-brand strategy will shift from development to the introduction phase once it is availed in the market. Nevertheless, the product is new in the market with a large majority of the potential customers unaware of its existence. The marketing efforts in this phase will focus on informing customers the availability of all the Coca-Cola products under one-brand name. Expenses in this particular stage are expectedly high while the sales are expectedly low. Coca-Cola is a renowned multinational with a large customer base. As such, the marketing mix and efforts at this stage will entail creating strategies to inform the existing customer base while also establishing a market for the products to be sold through the one-brand strategy. The company has to devise demand for the new products and this will entail rigorous marketing under no competition but with high costs and low sales.
3. Stage 3: Growth
After the introduction phase, the company’s strategy will enter the growth stage where the awareness of the product is increasingly expanding among the customer base. At this stage, the strategy is susceptible to the economies of scale. Competition, profits, sales and demand increase. As the customer base is already aware of the strategy, this stage will involve marketing the benefits of the strategy to the customers. The marketing mix in this particular stage will entail differentiating the products from that of other competitors in the market by strategies like branding and the like. Marketing efforts will concentrate on showing Coca-Cola customers how introducing the one-brand strategy benefits them over the previous multi-brand strategy. Also, to ensure they understand the benefits over products produced by Coke’s competitors.
4. Stage 4: Maturity
In the maturity stage, the one-strategy already has a foothold in the market. Production volume rise, costs decrease, increased competition and market saturation are characteristics that can be associated with this stage. As customers are already aware of the product and familiar with the benefits of the one-brand strategies over the others, the marketing efforts will involve creating brand loyalty. Marketing strategies will be dedicated at ensuring the customers continue purchasing Coca-Cola products under the newly implemented one-brand strategy. As such, it is vital for the marketing mix to utilize methodologies like special promotions and incentives to ensure the market is fully attracted to the purchase of the Coke products. These strategies will ensure the customer base is maintained and subsequently increased.
5. Stage 5: Decline
The ultimate phase associated with the product life cycle. Volumes decline, over-saturation, profitability fall and prices fall are some of the traits that encompass this phase. Also in this stage, the marketing efforts and the marketing mix involved decline significantly. Attracting new customers in this phase is close to impossible. Nevertheless, the company may benefit from customer loyalty generated from the previous stage. Usually in this stage, the marketing mix will only entail reinforcing the strategy’s benefits to the remaining customer base. Nevertheless, eventual decline is inevitable.

References
day, G. (1981). The Product Life Cycle: Analysis and Application Issues. Journal of Marketing, 45:60-67.