I am a senior leader at a niche manufacturing company that specializes in sustaining obsolete
technologies. We invest in product lines that may have been neglected by the original
manufacturers. We not only extend the product lifecycle but, in some ways, revitalize the
product to an untouched or expanding market. Initially, upon acquisition of a product (or
line of products) from the company that is divesting them we treat it as a “new”
manufactured good. The first step is to reproduce the build/repair process that the OEM
used. By doing so we ensure that all current customers will receive at least a comparable
good that was being built by the previous manufacturer. The next step in the lifecycle is to
refine/improve upon the build/repair process that will produce it with higher quality, faster,
and with less effort. This results in net productivity. The sales force begins soliciting past
and current customers to introduce our company as a partner to ensure they will be
supported long-term. This normally results in additional order for first time product or
repairs for units that have been sitting on their shelves due to lack of support from the OEM.
In tandem the team is canvasing potential customers in similar markets that may not be
aware of the product we have acquired. Again, often times this results in orders that had
previously been in an untapped market. We then move to sustainment where the build/repair
process has matured and is a core component of our annual sales. Finally, the product moves
into a retirement and decommissioning phase where all fielded units have been removed
from service or replaced by newer technologies. This lifecycle or expected lifecycle can last
10-40 years after acquisition depending on the product type. A product that I am familiar
with is Nespresso. Nespresso offers coffee machines as well as coffee pods that correspond
with the machines. The products life cycle is determined by the care that the consumer
performs on the machines as well as their preferences of coffee and storage of the pods. I
have had my coffee machines since 2018 and have not had any problems with the function
of the machine. The types of changes that will occur to the product as it continues through
the product life cycle is the new flavors of coffee in the pods, the wear and tear of the
machine and milk frother, and the care and maintenance of the machine and milk frother.
Since I have personal experience with the usage of the coffee machine and since I have tried
all the flavors of the coffee that are provided for the model of coffee machine that I have, I
am able to vouch for the longevity of the usage of the machine as well as provide my own
opinion as a customer for the requested customer feedback. The product I am very familiar
with is Walt Disney. This company has become what many would call an entertainment king
over the past few decades dominating adolescent wants and expanding into adult targets over
the last few decades. Since it's beginning Walt Disney went from adapted children's stories,
to theme parks gear towards family entertainment, and today it has become a large
competitor in the video streaming world. Disney has done a lot of upgrading to its model as
well. When Disney acquired Pixar Animation Studios it had even more chances to get more
audiences involved in its world. The most well known marketing change up for Disney that
is currently still going on is Disney's release to begin including more LGBTQ+ characters in
its original stories. When Disney announced their move into this form of media there was a
large number of people who had decided to leave behind the organization as a whole and on
the flip side there was a new number of targeted audiences who were coming to join. In
order for Disney to remain as relevant as possible in a constantly changing world their
marketing had to change with the times. This means moving more into social media and
making sure to target the right audiences for their message. A product that I use regularly
and has been very visible in the marketplace is a Theragun. This product is very unique and
it's target segment is for athletes and gym goers who need to recover and heal their muscles
quickly and effectively.
Initially, Theragun and Hypervolt were the only companies with the reciprocating massage
gun technology out there. When I first purchased a Theragun they were north of $300 and
hard to find. This would have been the introduction phase of the product life cycle. Over the
past 2-3 years though, the market has been flooded with all sorts of copycats and imitators
trying to get their foot in the door on the profits that these firms are realizing. In this sense
these massage guns are now at maturity. I recently bought another one from a different
brand at a kiosk in the mall for $180. This one has five times the features of the original one
I bought for $300. At the maturity stage of the product life cycle the market has many
competitors and prices fall. As the technology grows and more features are introduced there
will still be some increases in sales, but at a declining rate.
The market for these massage guns will continue to grow over the next year or so before the
next modified product form comes about and takes over the industry. At this time we will
probably see a decline in the first generation guns. A product I am familiar with is Nike.
Nike is the world's largest athletic apparel company known for footwear, apparel, and
equipment. It was founded in 1974 as Blue Ribbon Sports and then became Nike in 1971.
The types of changes that will occur as it continue through the product life cycle are
reengineering, restructuring, and renovation. Currently Nike is in the growth stage of the life
cycle. During the growth stage of the life cycle consumers have accepted the product in the
market and customers are beginning to truly buy in. When this happens that means demand
and profits are growing. The growth stage is when the market for the product is expanding
and competition begins to develop. I think this will affect the marketing of Nike because
there is so much competition. I also believe that it will not have a great affect because Nike
is such a big brand there is none other like it in my opinion and I believe there are many
people who believe the same. No matter what other brand you may choose it is not Nike.
