Written Assignment Unit 4 PDF

Preview

Summary

assignments...

Description

1

Thigh Master and Peloton Products Life Cycle Stages Department of Business: University of the People BUS 5112: Marketing Management Dr. George Conley, Jr. September 29, 2021

2 Thigh Master and Peloton Products Life Cycle Stages As illustrated by LaMarco (2019), all products have a life cycle commencing with the production phase with manufacturing followed by the growth, maturity, and decline of the product. The life cycle models allow marketing teams to take the proper action and strategies to preserve a product, rebrand, or cease operations. In the introductory phase, the public becomes aware of the product, and funds are primarily used for brand marketing. The product’s features, such as the physicality, packaging, and whether it requires coding, and other similar characteristics should be considered. After the introductory period, a product goes into the growth phase where consumers purchase the merchandise, and any malfunctions or anomalies are corrected. A product then cultivates into the maturity stage with permanence and product growth stall; however, at this time, the organization begins to see return on investments. Lastly, in the decline phase of a product, “all good things come to an end” (Decker, 2019). The product costs also decrease with the decline, but with other new products, the organization still has relevance. Launched in 1991, the Thigh Master was a popular exercise product as workout programs, equipment, and clothing were popular in the late 80’s and early to mid-90’s. While probably not as prevalent as the treadmill, the Peloton exercise bike was established and marketed in 2014. According to Rector (2020), it is important to “know your product and service.” The Thigh Master reached its plateau in the growth phase with informercials, eventually declined, but has since reemerged as one of the less costly exercise products in the market. The marketing tagline is unchanged – “put it between your legs and squeeze.” Although the product has resurfaced, I have not noted any digital marketing, ad print, or television commercials – simply old-fashioned word of mouth, and it worked in some respects as it has

3 moved back into the growth phase as a mature product. Given the low cost ($5.99 to $9.99), placing the Thigh Master in stores, such as the Dollar Tree, 99 Cent Store, Consumer Value Stores (CVS), and in grocery store aisles could assist the organization with additional profits and broaden the buyer audience – women. On the other hand, the Peloton exercise bike, although established seven years ago is in still in the growth phase. Cycling is highly popular for gym rats as Peloton’s consumers purchase the product and save money on monthly gym memberships since the Peloton is used at home with much more features than the basic gym equipment. Currently marketed on television during the early news hour, modifying the strategy to the primetime hours of television, including early morning could boost exposure. Magazine advertisements and placing the merchandise in gyms for use and potential purchase is another marketing strategy given the expensive $1,400 to $2,500 price tag. However, like most technology, Peloton was susceptible to hackers that accessed the bike’s cameras, microphones, and extensive screens. Fortunately, in the growth phase, Peloton can correct the mishaps, and remarket the bikes at a slight discount with a new strategy. Conclusion As Rector (2020) illustrates, it is important to know your product and services and determine who the consumers are purchasing your product and services. Successful marketing also requires engaging and understanding the life cycle of products, while having a stellar team of thought-provoking ideas, creativity, durable branding, and an attractive tagline to prevent the decline phase from developing while losing organization profits along the way.

4 References

Decker, F. (2019 February 12). Product Life Cycle Analysis & Price Strategies. CHRON. https://smallbusiness.chron.com/pros-cons-product-life-cycle-11801.html LaMarco, N. (2019 January 31). Pros & Cons of a Product Life Cycle. CHRON. https://smallbusiness.chron.com/pros-cons-product-life-cycle-11801.html Rector, T. (2020 August 18). Lessons from the Thigh Master: How to Create a Killer Marketing Product. Linkedin. https://www.linkedin.com/pulse/lessons-from-thigh-master-howcreate-killer-marketing-thomas-rector...