Product Lifecycle for Promotion Marketing Assignment

Product Lifecycle for Promotion
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Product Lifecycle for Promotion
Companies along with their promotion or marketing professionals monitor the product’s life cycle keenly (Stark, 2015). For example, a laundry detergent producing company keeps an eye on their product to ensure survival after the end of the product life cycle. This means that when a business enterprise releases a newly designed product into the market, they are certain that their product will go through a certain life cycle. However, when that product life cycle gets close to an end, a business settles on what to do. The decision at this “near-end-stage” could be to retire their product altogether (Barney, 2014). Alternatively, the firm, in our case, a detergent producing company could decide to extend the product’s life cycle through several promotional strategies. The majority of the commonly applied approaches include packaging as well as featuring their product, different product pricing strategies, rebranding techniques, and expanding their product’s market to reach a broad audience.
Re-packaging offers a way for the business to give a new and better image to its mature product. However, this strategy becomes more effective if the previous image limited the product’s target audience. Additionally, fresh packaging has the capability of attracting a new market segment by tapping into the visual preferences of the market (Chandrasegaran et al., 2013). For example, the laundry detergent producing company might settle on re-packaging a detergent brand they have producing and selling for the last two decades. In this case, a detergent that became more popular around the early 1980s will now be associated with both the young generation and grandparents (Barney, 2014). Therefore, re-packaging this product (laundry detergent) for the new and young generation and letting them know that the detergent is not their grandparents’ detergent can reach them and roll in the young generation forming the current market.
Re-branding in mature products can be seen an extreme approach when it comes to extending a product’s life cycle. However, this strategy can be very effective in laundry detergent industry, especially for a small business. Re-branding changes the packaging and the name as well as the appearance of the detergent (product). For instance, the detergent producing company might feel that the product’s image is more established since it dates back to 1980s. This means re-branding the laundry detergent will involve giving it a new name as well as an overall image. This strategy will help the product serve a different and new audience which has the potential of extending its life cycle (Barney, 2014). Moreover, re-branding may also involve coming up with TV spots that touch on the previous image and name, and demonstrate how the previous ones are not relevant anymore.
Discounting attracts more customers to buy the product. However, designing a new strategy of pricing does not mean it must be done a short-term term basis and as a seasonal option for the product. In turn, this strategy can be done on the long-term basis and focus on the future. Similarly, in several cases, pr...