Running Head: PROMOTION AND PRODUCT LIFE CYCLE 1

Promotion and Product Life Cycle

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Introduction

Product strategies act as the foundation of the product life cycle and path to future product

and company development. Therefore, the article will cover a product strategy that will address

the growth, maturity, and decline stages of the product life cycle, media methods, measures of

marketing activities, and elements of product and promotion.

Product life cycle

A product life cycle offers a path map for products or services introduced. It describes the

four essential stages that products or services must meet in their development in the market.

Basically, the four stages are introduction, growth, maturity, and decline. The four stages each

indicate the period a product has to undergo in the market. The introduction stage, which is the

first, the key objective is to inform the target audience and push the product into the market

(Stark, 2016). In the growth, stage products are commonly associated with high sales and profits,

while in maturity Stage Company’s main focus is on maintain market shares and sustain its

growth. In the decline stage, products shrink, and the markets become more saturated with new

products that pose competition (Stark, 2016). The four stages play a significant role in Walmart's

corporate products and services development. However, the focus will be on in cooperating

product strategy on growth, maturity, and decline stages.

Growth Stage

The growth stage is associated with increased sales volume, profits, and market shares. Thus

Walmart corporates need to seek strategies that fully maximize this opportunity. The key focus

should be on enhancing product and service quality, entering to different market segments, and

reforming marketing messages from product awareness and recognition to product promotion
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(Stark, 2016). In addition, Walmart corporate should spend more on promotional activities to

maximize potentials during this stage.

Maturity Stage

At the maturity stage, sales are usually in their peak season. Thus companies need to modify

marketing strategies to prolong the life span of their products or services. At this stage, the

product becomes more competitive as the market gets more saturated and new products

introduced. Companies can either opt to modify their product or market to remain competitive

(Stark, 2016).

Decline Stage

When the product receives a lot of competition, its sales and profits may gradually decline,

which may be a result of customers shifting their preference, technological advancement, or

availability of more suitable product alternatives in the market. Therefore, the company needs to

start saving more by reduces promotional expenses and distribution outlets. The company also

needs to focus on less expensive markets to capture some profits (Stark, 2016)

Media Methods

Technological advancements have greatly impacted media methods of product development,

growth, and promotion. Precisely, media strategies have been categories into two main methods;

print and non-print methods.

The print method involves the traditional advertisement modes, where the business used

printed media to deliver product or service information to its customers. Customers can get

information either through periodical advertisements, direct mail advertisements, or point of

sales advertisements (Krivorotova et al., 2019). The method effectively works in remote areas

where internet access is challenged.

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On the other hand, non- print method entails transmitting product or service information

electronically or digitally. In electronic media, information can be passed through cell phones,

radios, television, among others, while for digital, advertisements is done online. Companies use

websites and social media platforms such as Twitter and Facebook for advertising their products.

Measures of Marketing Activities

It is important to a follow up of product performance and customers’ response to a new

product. Thus any relevant data regarding the new product or service need to be obtained and

analyzed to measure the marketing activities of that particular product (Katsikeas et al., 2016).

Besides, it is a simple way for companies to keep track of daily operations and performance of

the product. However, the data collected need to be categories based on marketing goals,

performance indicators. Moreover, the company needs to have a plan on how to gather the

performance information and those who will be held responsible for collecting, analyzing,

reporting, and interpreting the data.

Elements of Product and Promotion

Elements of product and promotion help businesses in selecting the best strategies to promote

their products and services (Vasile et al., 2018). All elements are equally important, though it

will cover advertising execution, direct marketing, and public relations strategies.

Advertising Execution

Businesses use advertisement execution strategy to communicate new products or services to

their customers by offering an impersonal presentation of the new product prices, merits, and

availability to the customers. However, there are three distinct features; impersonality paid-form

an identified sponsor. In which impersonality offers communication without the necessary face

to face contact of the advertiser and customer, the paid form requires sponsors to pay for the
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advert by covering communication cost, and identified sponsor involves individuals offering the

advertisement (Vasile et al., 2018).

Direct Marketing

Direct marketing is focused on satisfying customers. The company opts to directly sell their

products to the customer via face to face interactions. Its main features are better response, two-

way communication, convincing power, and personal interaction (Vasile et al., 2018).

Public Relation

Public relations are based on ensuring that the company builds a mutual relationship with the

public. Businesses achieve this by evaluating public attitudes and selecting business policies and

practices that are in favor of public interests (Vasile et al., 2018)

Conclusion

In introducing new products or services, businesses have to strategies on the most appropriate

approaches and methods to communicate with the customers. The formulated strategies need to

have a business plan for the product life cycle in order for the product to remain competitive and

have a long span in the market. Walmart corporate is well not for its success in sustaining all its

products and services in retail stores, groceries, and malls. It has attained great achievements

through its promotional and product strategies.

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References

Katsikeas, C. S., Morgan, N. A., Leonidou, L. C., & Hult, G. T. M. (2016). Assessing

performance outcomes in marketing. Journal of Marketing, 80(2), 1-20.

Krivorotova, N. F., Marakhovskaya, G. S., Popova, Z. A., & Ryabov, V. N. (2019). Using

Modern Information Technologies in Product Promotion..

Stark, J. (2016). Product lifecycle management. In Product Lifecycle Management (Volume

2) (pp. 1-35). Springer, Cham.

Vasile, T. C., Popescu, L., Dăniasă, C. I., Iancu, A., & Popescu, V. (2018). Business Marketing,

Sales and Promotion-Field Receptive to Expert Systems Technology. In Advanced Engineering

Forum (Vol. 27, pp. 280-289). Trans Tech Publications.