* From the scenario, analyze the goals, product, price, and promotion for the new product launch in each stage of the product life cycle. Recommend two (2) marketing tactics and strategies that the marketing intern should consider in order to increase product revenue over time. Provide rationale for your response.
Change is constant and so should your product unless you want to be known as a "one hit wonder". Virtual media (word of mouth) is always a must and most business want to enjoy this form of informed decision making. So, continued innovation is important part of the cycle of life and to maintain its sustainability. Many companies continue to do this if the product is a success but looking for the next new idea (technology) or ways to make it more user friendly. In other words, staying ahead of the competition through research and development, focus groups, and customer feedback.
As we know, nothing stays on top without change in one form or another. Keeping current with the latest tends or demands is what is needed to compete in the market. Advances in technology if embrace should be able to sustain the product for a longer period of time before you have to redesign or repackage the product. If you do not then you will either fail or have to re-invent your product. Like the old saying "sometimes it better to cut your losses instead of prolonging the agony." Buzz marketing will help the consumer remember the brand and the quality of the product which could also extend your life cycle or rejuvenate the product until the next version comes out. Apple is a great example on how to extend their product until it becomes time to retire the previous product.
• From the e-Activity, imagine that your company is a smartphone manufacturer that is launching a new product. Recommend the approach that you would take in order to brand the new product. Determine the primary way in which you would convey the advantage of your company’s product versus the top retailers in the industry. Provide a rationale for your response. Note: You may create and / or make all necessary assumptions needed for the completion of this discussion.
If the company is well respected from past products, customer might use the " Top of the mind awareness" technique. We all have our favorites (Apple, Samsung) and price might not be the issue when making a purchase on a new product. However with that said, understanding what a brand equity means to the consumer can be advantage when launching this new product. Purchase intention uses the most recent marketing research that a target segment will buy the product. Customers acceptance of product creates a clear advantage, fits lifestyle, and not over complex. Having that strong brand will allow you to use an umbrella brand because you have already established customer commitment with the quality, ease of use, and technical support of your company already.