The purpose of this assignment is to help students think through the importance of social, legal, and ethical issues that may arise with their product or service and the implications of decisions made within those frameworks. It is designed to help the le

Promotion and the Product Life Cycle (Nintendo Co., Ltd)

Image 1: Product Life Cycle

Three areas of product life cycle

There are four stages of the product life cycle. The initial stage of product development is a new product introduction. The second stage is growth, while the third stage is maturity. The decline is the final phase of the product life cycle. The primary purpose of this section is to analyze three stages of the product life cycle;

1. New product introduction

A new product introduction is the initial state of any product life cycle. At this stage, nobody knows about the new product. It is the duty of the product manufacturers to make sure that they properly package and introduce the product to the market. One of the most common features of this stage is low sales (Cao & Folan, 2012). The sales are low since not many people are aware of the existence of this product.

1. Growth stage

At the growth stage, the product is experiencing an increase in sales as a result of increased awareness of the product. Just like in the introduction phase, businesses use a lot of money in marketing (Cao & Folan, 2012). Thus, while it is evident that the product's awareness in the market may be on the rise, the business ought not to lift its feet off the gas, but it should keep focusing on strategies that would enhance the awareness of the product in the market. Thus, at this stage, a business still invests heavily in marketing.

1. Maturity

The maturity stage is where a product has exhausted the market, and it is impossible that it can realize any more growth in the market. Many products spend a lot of their time at this stage. The sales of volume at this stage are very high since there is excellent awareness of the product in the market. However, the sales volume will rise to a point where the business starts experiencing a decline in the sales volume of the product.

Metrics for success or failure

Any business is under obligation to make sure that it measures the performance of its products in the market. Thus, there is a need for the businesses to make sure that they come up with the most suitable metrics to help in determining the performance of the product in the market (Cao & Folan, 2012). For this product, two metrics will be used to measure the performance of the product in the market. One of them is customer feedback, while the other one is the volume of sales. An assessment of the feedback of the customers may be used in understanding whether or not the product has been accepted in the market.

Media method for the products

YouTube is the most suitable non-print media for this product. The media will be used to explain to the consumers about the use of the product. The visual effect of this media will enable many people to have a better understanding of the product (Young, 2014). In print media, the business will use magazines to publish the features of the product. Magazines ate suitable because of their wide coverage and their ability to accommodate a lot of details.

Elements of the Product and Promotion

Media Strategy

The teem media strategy refers to the selection of the most appropriate media for marketing and using it to the best advantage of the business. Media selection is critical since not all types and forms of media are suitable for all products (Hoffman & Novak, 2012). Thus, it is essential to select the media that will address the uniqueness of the product.

Direct Marketing

Direct marketing involves making direct contacts with potential clients and introducing the product to them. Direct selling may involve face-to-face marketing, the use of phone calls, or emails. One advantage of direct marketing is that it provides an opportunity for clients to ask as many questions as they desire, and the business will provide responses.

Public Relations/Strategies

Public relations management involves taking active steps to manage the relationship between the organization and its clients. For the product to succeed, it is essential for the business to make sure there is a suitable relationship with clients. One of the public relations strategies that the business can be involved in is to take part in community activities such as cleaning.

References

Cao, H., & Folan, P. (2012). Product life cycle: the evolution of a paradigm and literature review from 1950–2009. Production Planning & Control, 23(8), 641-662.

Hoffman, D. L., & Novak, T. P. (2012). 12 Social media strategy. Handbook of marketing strategy, 198.

Young, A. (2014). Brand media strategy: Integrated communications planning in the digital era. Springer.