BUS5112 Discussion Unit4 PDF

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BUS5112 Discussion Assignment Unit 4

The product life cycle helps to inform decisions made by marketing managers. Examine two products that you are familiar with, one that is in the early stages of the product life cycle and one in the mature stage.  

How is the marketing different for the two products? What improvements to the marketing strategy would you recommend for each if you were the marketing manager?

In this class I have picked two products that demonstrate the early and mature stage of product life cycle.

The product life cycles are Nissan Vehicle Subscriptions and Apple iPhone, respectively. Marketing directors depend on the product life cycle as a source of perspective when planning and following up on their advertising plan for the product as this discussion demonstrates. In Principles of Marketing, the beginning phase of the item life cycle is known as the introduction stage which is equivalent to the commercialization phase of the new product advancement lifecycle (The University of Minnesota, 2015). During the introduction stage, the objectives are to make customers aware of the new product, lure them to buy, and persuade merchants to dispatch the product (Migrator, 2019). The mature stage, then again, is the point at which a product arrives at level deals development, or the finish of upward development (The University of Minnesota, 2015). During the mature stage, the objectives are to prolong the life expectancy of the product by separating from the competition, making new features and editions, and changing the cost for seriousness (Migrator, 2019). Nissan Vehicle Subscription is an example of products in introduction stage Nissan vehicle subscriptions were presented in early 2020, so the administration is in the presentation phase of the product life cycle. This kind of program offers concierge service

with upkeep, emergency aides, protection, and the capacity to change vehicles at different periods (Edmonds, 2019). Nissan has competitors like the projects by Porsche, Jaguar, Land Rover, BMW, Lexus, and organizations free of vehicle makers (Hyatt and Szymkowski, 2020). Nissan's offering is at the lower end of the price points for this kind of service and offers the capacity to swap vehicles every day (Davies, 2020). The advertising campaign is being handled by Nissan itself in the market territory picked for the delivery with a targeted social media campaign (Gazdik, 2020).

Products in the maturity stage On the other hand, the Apple iPhone is an indicator of products in the maturity stage. This product is possibly familiar to most of us since it has the third highest market share in the world (Counterpoint Technology Research, 2020). Smartphones are very necessary to many in this jet age. I would say that the mobile market is already matured. A lot of players are now manufacturing mobile devices in many countries. Most of the design looks awfully familiar, except the important features are based on the software that users install on their own, not the mobile devices themselves. The marketing approach of devices such as the iPhone tends to naturally focus on how often they upgrade performances of system operation or a new physical feature. However, such a new benefit would be sometimes overlooked by customer because they appear to be a kind of subtle upgrade. Recommendations for marketing strategy improvement: According to The University of Minnesota (2015), "Companies are challenged to create procedures to expand the maturity stage of their products, so they remain competitive and many organizations do as such by adjusting their objective business sectors, contributions, or their marketing strategies." It is hard to improve Apple's showcasing

methodology of iPhone. However, I would advise they persist on their original plan as "Apple brand". I believe one of their competitive strength is their simple, lovely, and astonishing design. The ongoing designs of iPhone look nearly as same as other competitors. I think they could separate themselves from competitors by design perspective, regardless the cost. On the other hand, Nissan Vehicle Subscriptions appear to be in a beginning phase of marketing. Very few individuals know about this product and its advantages. Therefore, the manager of Nissan vehicle subscriptions needs to emphasize on expanding the awareness among consumers. This will promote numerous contents on the internet, for example, review on Amazon website, articles of blogs, video marketing, YouTube, and Radio advertisement etc. The YouTube is one of the most effective means to market a product in this jet age. For example, it was in YouTube I find university of the people. In all of this means of marketing I strongly recommend that emphases should be place on the low-price offer, this will help to attract customers about the new product. In summary, Nissan needs to discover the specialty of clients interested on this novel method to acquire a vehicle and optimize the service for features, price, and markets. Apple iPhone has had a strong presence in the Smartphone market industry over a decade and needs to guarantee it keeps up its strength with standard forming to stay aware of technological progression and catching new participants to the market.

Reference:

Counterpoint Technology Market Research.(2020). Global Smartphone Market Share: By Quarter. Retrieved from https://www.counterpointresearch.com/global-smartphone-share/

Davies, C. (2020, February 19). Nissan Switch car subscription promises daily swaps for one monthly fee. Slash Gear. Retrieved from https://www.slashgear.com/nissan-switch-carsubscription-promises-daily-swaps-for-one-monthly-fee-19610287/.

Edmonds. (2019, January 8). What are car subscription services? Retrieved from https://www.edmunds.com/car-leasing/what-are-car-subscription-services.html Gazdik, T. (2020, February 19). Nissan tests vehicle subscription service. Media Post. Retrieved from https://www.mediapost.com/publications/article/347328/nissan-tests-vehiclesubscription-service.html

Hyatt & Szymkowski, S. (2020, February 21). Roadshow's guide to car subscription services, an alternative to buying or leasing. CNet. Retrieved from https://www.cnet.com/roadshow/news/2020-new-car-subscription-service-guidebuying-leasing-audi-genesis-porsche-volvo/

The University of Minnesota (2015). Principles of marketing. https://open.lib.umn.edu/principlesmarketing/

Migrator. (2019, May 31). Product life cycle. Retrieved from https://www.nibusinessinfo.co.uk/content/product-life-cycle...