Marketing Paper Final Exam Essay

lowest Paper Marketing encompasses the complex cycle of every power point of a harvest-home, from conception to the final exchange and everything in between. Marketers are challenged with identifying the consumers needs/wants and managing the process to meet those needs. every(prenominal) product a commercializeer develops goes finished four phases in its life, The Product Life Cycle. Each stage of the product life cycle (Introduction, emergence, adulthood date, and Decline) drop unique characteristics that a marketer faces as they create utility and try to nourish or gravel their market share.Through each stage advertising is critical and marketers try to inform, persuade and actuate consumers around their product. The difference is the approach and focus of the advertising. Every product that comes to market enters into the Introduction Stage. This is the stage where consumers are number 1 introduced to the product. During the opening stage of the product life cyc le, a firm works to stimulate demand for the clean market entry. (Boone & Kurtz, 2006, p. 371) A marketer must connect with consumers to create a market for the naked product. Every year hundreds of young products enter the opening stage.Currently a product that is just beginning to harbor hold is high-definition television sets (HDTVs). HDTVs broadcast pictures with increased clarity and give the viewer (consumer) options on camera angles and additional information. Currently, Yankee Group estimates that 15 percent 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. One of the ways marketers succeed is in offering promotions or discounts to distributors to feel the product in the marketplace.Most of the advertising focuses on informing the public about the new product. While information is key, advertisers also try to persuade consum ers to purchase the product and often times remind consumers where they can recover the product. The Introductory stage is where all products start. It is in this early stage that products are graceful human footd on consumer and distribution feedback. Often times the numbers of marketers are minimal in the introductory stage as the market is being developed. As a product finds its market and begins to gain acceptance, it moves into the Growth Stage 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 competition as their competitors enter the product outer space to share in the profits. Satellite television has entered into the growth market with the advent of the small dish. Early satellite television was mainly limited to rude areas that were inaccessible to cab le television. The dishes were large and unattractive.As the technology has advances and the satellite dish has shrunk to less then twenty-four inches, consumers ease up rushed to the alternative to cable television. Satellite television marketers are continuing to refine their product in this growth stage. Recently, the top two providers of satellite television signed deals to provide affordable high-speed internet 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 than persuasive 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 cyc le is complex and changing. Marketers rely on word-of-mouth, hole advertising and falling prices to sustain the momentum and interest in the product. The goal of the growth stage is to get reluctant buyers to buy and current customers to repurchase.As a product matures and growth stabilizes, the product moves in the Maturity Stage. gross revenue 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 become depressed. All of these factors create pressure on marketers to wait their brands sustainability. Carbonated well-fixed drinks are a very mature product. According to the American Beverage connection (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 unsmooth competition for Americans 65 billion in annual purchases. Adverting in the mature stage of a products life is all about increasing 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 make pass its distinction among more popular cola brands. Whatever approach the marketer takes in advertising, the goal is to surpass the maturity 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 look to new markets and changes in the product to reach out 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 descent is most often linked to new technologies. Marketers focus on reminding the remaining 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 sequence the United States and Europe may transition to a new technology, emerging economies may embrace the onetime(a) 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.