Marketing Strategies, Product Life Cycle, Stages of Growth - Term Paper Example

Market strategy Introduction The success of any business organization is determined on how the organization is efficient in managing its organization environment both internal and external Khosrowpour (2001). Indeed, for any business organization to maintain its sustainable competitive advantage it must reorganize its organizational culture such that it is value based organization. The value for the customer is paramount and it entails having the customers always in mind in decision making as they justify and maintain the survival of business firms/corporate. Organizational marketing strategy in this case is of great importance as it helps the organization to maintain its loyal customers and therefore, competitive advantages maintenance over other competitors. (Khosrowpour, 2001). Marketing strategy underpins the marketing plan goals and objective as Ottman (2011) argues and therefore, facilitating the organization achieves its successful performance. In fact, Ottman (2011) further highlighted defined marketing strategy as a process that allows organization to put more emphasis on its resources on the optimum opportunities with the goals of increasing sales and achieving sustainable competitive advantage. As such, marketing strategy includes both basic and the long term activities in the field of marketing that the organization engages in (Ranchhod & Gurau, 2007). Those activities entail formulation, evaluation and selection of marketing oriented strategies hence contributing to the goals of the company and its marketing. Marketing strategies varies between companies and business organizations as well as nations (Ranchhod & Gurau, 2007). With the extremely dynamic local and global markets business organizations marketing strategies are equally dynamic and more complex as well as more interactive. In this regard, marketing strategy is concerned with scanning of both internal and external environment of the organization. As such, internal environmental factors of an organization include marketing mix as well as marketing mix modeling. Additionally, it also includes performance analysis and marketing constraints. On the other hand, external environment factors includes customer analysis competitor analysis target markets analysis, and more so evaluation of the technological economic, cultural or political/legal factors likely to affect success. This paper aims at exploring and analyzing different market strategies that companies and business adopt so as achieve and maintain sustainable competitive advantage at different situations. Product life cycle As one of the aspects of the marketing strategy product lifecycle entails the period of time over which the product is developed, availed/brought into the market and eventually removed from the market as demand drops gradually to zero. Indeed many scholars such as Stark (2011) have constantly described product life cycle as the life span that the product undergoes in the market. In fact the life span of the product life cycle can be analyzed into stages which include introductory stage, growth stage, shakeout stage, maturity stage and lastly the decline stages (stark, 2007). There is no set time period for every stage or for the entire life span and in that case the length of each stage may vary sometimes going for weeks months or even years. Varying market strategies are needed to handle the different situations that emerge in every stage. Introductory stage Probably this is the most important stage in the product lifecycle as most products that fail do so in the introductory stage (Niemann et al, 2008). In this stage business organization introduces their products in the, market for the first time. Indeed, this is the stage when the product is initially promoted. During this stage public awareness is very important to the success of the product. As a matter of fact if people don’t know about the product they won’t and they can never go out and buy it unless they are made aware of the product. As such, marketing strategies becomes very important and in this particular stage two marketing strategies can take place and they includes penetration and skimming strategy. In case of penetration strategy prices are set very high initially and then gradually reduced/lowered over time (Sudarsan et al, 2005). In case the market is devoid of many competitors then penetration strategy becomes very effective. While this strategy entails a lot of risk, the returns/profits are high. For instance if customers/consumers don’t want to pay high prices, the organization may lose out a lot. On the other hand, skimming strategy as a pricing strategy entails setting the prices of the product very low at the beginning and then increases it gradually. This strategy is very effective and efficient when the market is invaded by many competitors (Sudarsan et al, 2005). Most importantly profit is not a concern in under this strategy but instead what is important is the product to be known and profit making is worried about later after the consumer is made aware. As such marketing strategies as intense advertisement, promotion is done in an effort of making the products gain grounds and awareness in the market (Sudarsan, et al, 2005) Growth stage Products which are lucky enough to go through the introductory stage enter this stage where they start to grow (Wanga , 2004). As such, unlike in the introductory stage the company spends very large amount of resources in advertisement where the company may do it electronically such as the use or TV and radio commercials the traditional print media such as magazines and newspapers. Also the loyal customers may help the organization in advertisement through preaching the quality of products to the other consumers/customers. Market positioning is equally very important which can be done through adoption of very attractive colors, appealing logos and slogans as well as intense corporate social responsibility activities (Wanga et al, 2004). During this period the profit increases and more market is achieved. At the same time, product line increases hence facilitating to many a wide target market. Consequently in all this market strategies leads increase in sales hence stabilizing the company’s share in the market. Shake-out stage This period occurs after the business organization has experienced a period of rapid growth in demand followed by overexpansion by manufactures (Wanga, et al, 2004). Categorically, in this period there is overall drop in growth rate and it is highly marked by price cut at the same time there are changes in the industrial competitive advantage structure. In this regards therefore the organization must rationalize its product differentiation in an effort to remove the weaker market products/services/brands so as to protect the brand reputation and equally promote the marketing position (Holden & Burton, 2010). So as to be more effective the organization should review its products pricing so as to promote pricing and promote channel relationship. Additionally, the organization should invest more on advertisements and promotion cost such as discount so as to attract more customers/consumers (Holden & Burton 2010) Maturity stage During this stage, sales growth starts to slow down and at the same time the products have reached the products have reached wide spread acceptance in the market (Ziesak, 2009). Similarly during this stage the sales will peak and the company would always strive to prolong this phase so as to avoid decline. In this regard the company will therefore embark on innovation and features in order to maintain competitive advantage which at this stage becomes intense, very established, advanced and fierce as well (Ziesak, 2009). Competitors’ product will cut deeply into the company’s market position and market share. In spite of all this however, sales continues to accelerate at the early parts of the maturity phase. Progressively the sales will peak and later decline. As such demand of the product progressively decreases due the intense competition and market saturation as well as new technologies and consumer’s tastes (Ziesak, 2009). To improve the situation, the company undertakes strategies which include improving the specific features so as resell the products, lowering price in order to fight competition as well an intensifying distribution and promotion efforts. Additionally the company will undertake differentiation efforts, in an effort to win other customers as well as discovery of new target market. Compared to other stages maturity stage last longer than. (Ziesak, 2009) Decline stage After maturity stage the product is invaded by decrease in demand and therefore low or negative growth rates in sales consequently leading to the decline stage profitability falls eventually to a point where it is no longer profitable to produce hence stopping of production as argued by Blythe (2009). The market share of the company reduces and other company progressively starts to dominate the market (Young, 2011). In this case it becomes difficult for the company to maintain its level of sales. Worse even, consumer demographics which include values, beliefs and tastes may changes due to introduction of other products which fits their needs adequately. New technologies dominate the market which may make the product become ultimately obsolete. Indeed the sale volumes decline as competition becomes severe and the popularity of the products falls. Additionally, as further highlighted by Blythe (2009) the stage is marked by fall prices and profitability, a counter optimum cost structure; profit increasingly becomes a challenge of production/distribution efficiency rather than increased sales. Product terminations not the end of business and therefore the business embark the process of revolutionalisation so as to counteract the competitive market. It therefore adopts new technology and analysis the consumer so as to find produce the products that are more appealing to their needs. For instance in the mobile telephony the pioneers companies such as Motorola had adopt new products (Blythe, 2009) Many theories have been put across to support either pioneer or follower market entry with different scholars supporting either. As such, pioneer strategy means the first entry in the market, the first company in the new market and in most cases they are said to earn kings share of the market . In the actual sense pioneer companies are said to face many challenges and also are known to face the challenge of uncertainty risk thus making them to face failure than their consecutive competitors. On the other hand, followers are said to be the late entry in the market either the first late entry or the second late entry (Esomar, 2008). Unlike the pioneers the followers are known mostly said to have less market share unless they are aggressive enough such that they use every pioneer’s weakness and therefore achieve high competitive advantage over them. Different entrepreneurs chose either pioneer or follower depending on the advantage which are connected to each. Generally pioneers strategy usually is in an upper hand than the followers in terms of market share (Esomar, 2008). Advantages of the first movers (pioneers) The high competitive advantage the pioneer gain in the market is based on the several advantages such as the first choice of market strategy of marketing segments and positions. As such, the first movers in the market have the opportunity and the chance to develop a product offering which appeals to the needs of large segment of the customers (Fornahl et al, 2010). Also they have the opportunity to promote the attribute that favor their brand. Indeed, they can do this through advertisement and promotions such as discount. If the pioneer is able to capture a large number of markets segment the product his or her brand becomes the standard of reference hence making it difficult for the follower with me-too product to convince the consumers that their brand is superior compared to the older brands. At the same time, the pioneers may have tied its offering to the choice criteria of the largest group of customers thus making it difficult for the followers to differentiate their offerings in a way that they are attractive to the mass markets segment (Fornahl et al, 2010). In fact following this the followers (late market movers) may have to target the unexploited peripheral market segments or niche instead. Mobile telephony pioneers had a chance of exploiting large market segment as much as they wanted. At the same time, as argued by Fornahl et al (2010). pioneers usually define the rules of the game in any particular business. As the innovators, pioneers usually introduce the product in the market and act as the direction for the followers and as a measure of standards. As such the pioneers actions and decisions such as products quality, the marketing mix (pricing, promotion appeal and so on), distribution, post sales services as well as warranties usually set the threshold that subsequent competitors must meet or beat (Fornahl et al, 2010). The pioneers can set those standard high such that it becomes extremely difficult for the late market movers to enter into the business as it raises the cost of entry hence preempts some potential competitors. (Fornahl et al, 2010). Additionally the pioneers are always on an upper hand in marketing strategy such as distribution advantage (Zimmerman & Blythe, 2013). Indeed the pioneers have the most options and alternatives of designing a distribution channel to bring the new product to the market. In this case, if the pioneers have diligent and expertise marketing consultant who is able to exploit the alternatives adequately, the company ends up with a network of the best distributors and consequently this cam exclude later market entrant. In this regards distributors are always reluctant to take on the second or the third brand. Most particularly this happens when the product is technically complex and distributors must carry large inventories of the products and spare parts or invest in specialized training service. Further as argued by Zimmerman & Blythe (2013) it’s more difficult to slow the entry of the later competitor by preempting distribution alternatives. Moreover, pioneers fully enjoy the economies of scale and experience (Zimmerman & Blythe, 2013). Being the first mover in the market, means that the pioneers can amass volumes and experience thereby lowering per unit costs faster rate than the late entrants. Indeed, this advantage becomes more beneficial when the product is technically complicated and at the same time entailing high developmental costs or when the life cycle is likely to be short, with scales increasing rapidly during introduction and early growth period. As such, the pioneers can take advantage of these cost advantages so as to protect its market share from the late market entries for instance the company can lower the price as a strategy to discourage followers from entering the market as it raises the volume necessary from them to break even (Zimmerman & Blythe, 2013). In such a case the pioneers can also strives invest its savings and other resources in additional marketing strategies such as expanding its penetration of the markets through intense advertisement, large sales force or even progressive products differentiation. At the same time, pioneers enjoy the advantage of the early adopters (loyal earlier customers) fearing high switching cost (Robinson & Chiang, 2002). Mostly, customers who are who are early to adopt a pioneers products may be reluctant to change supplies when competitive products appear. Indeed, this is evident in industrial products where the gross cost of switching suppliers can be higher. It would be extremely costly to train the employees of the functioning of certain products other than the ones they are used to as explained by Robinson & Chiang (2002). Compatible equipments and spare parts for instance might require high investments in training the employees on how to efficiently operate them. However though switching cost can work against pioneers and instead favor the followers.This usually happens when the pioneers adopts a new technology that require change or the product. In such a case, if the pioneers experience trouble in orienting the customers with the news products customers will prefer switching on to other producers instead of incurring the high switching cost as further pointed by Robinson & Chiang (2002). In this regard the followers can take advantage of the weakness to outdo the pioneers in markets share (Robinson & Chiang, 2002). To neutralize the high uncertainty risk the pioneers also enjoys the possibility of positive network effect as argued by Min & et al (2006). In this, the value of some market products and services to and individual customers’ increases as greater number of customers accelerates as greater number of consumers/customers/clients adopts the product and the user network grows larger. Many scholars and economists highlight that such products exhibit positive network effect (Min & et al, 2006). Mobile telephony products such as wireless phones for instance are likely to benefit from network externalities or positive network effects. If the pioneer in such a market product or service category can gain and maintain a substantial customer base before competing technologies from followers appear on the market, the net work effect generated by the customer base will enhance the benefit of the pioneers offering further makes it more tricky for the late market entries to match its supposed value (Min & et al, 2006). According to Vibha (2002). pioneer equally enjoys the advantage of preempting scarce resources and suppliers. In this regard, pioneers may be able take advantage of the suppliers who are always eager for business to sell their law materials or component parts hence negotiating favorable deals with them. As such, the pioneers are able to accumulate large amount of law materials from the suppliers. Most times the suppliers are naïve of the potential their law material and usually they sell it at low prices. Pioneer who may large number of resources, therefore, have the potential to preempt all the resources such that the late entrant find those resources and components in short supply hence hindering high rate expansion unless they pay too much for the resources. This implies that pioneers companies are able to maintain their competitive advantage as well as market share (Vibha, 2002). The wait and see approach (late market entry) has its own advantages that if well utilized can facilitate the outdoing of pioneers in market share. In spite of the pioneer’s efforts to maintain the competitive advantage, aggressive followers can take advantage of their shortcoming and mistakes hence gaining the competitive advantage instead (Min & et al, 2006). For instance the pioneers have the ability to take advantage of the pioneer’s product shortcoming. Due to the uncertainty of the best strategy to operates well as the lack of enough resources the pioneers find themselves failing to appeal to the needs of the customers through the product quality. Pioneer products may be having technical limitation or design flaws. Indeed the followers polish the mistakes and overcome the shortcomings as well as product enhancements. For instance the mobile telephony follower operated on pioneer’s mistakes such as big sizes and weight of pioneer’s products which were not appealing to the needs of the customers/consumers. They developed quit small light and efficient mobile gadgets that were more appealing to the needs of the clients (Min & et al, 2006). Equally, follower has the ability and capacity of taking advantage or the pioneers marketing mistakes by developing efficient marketing strategies. As such, the pioneers may have made several mistakes in the market entries thus opening opportunities for other late market entries (Vibha, 2002). The mistakes may be done in the advertisements where the pioneers spend little resources which are manifested in inadequate advertisement. Also mistakes can be manifested in ineffective promotional appeals to communicate the product benefit as well as fail to attain adequate distribution to the destined target markets (Vibha, 2002). Therefore, the followers take advantage of those mistakes by overcoming them by spending so much in marketing programs. Indeed, marketing mistakes in the practical sense leaves the pioneers vulnerable to challenges by later market movers even in product categories with substantial positive network. (Vibha, 2002) At the same time, followers have the ability to take advantage of pioneers positioning mistakes. Marketing positioning is the effort by the business organization to to attempt to create a distinct impression in the customers mind. Indeed, Robinson & Chiang (2002). defined it as efforts to manipulate consumer’s perception of the product/brand or even a service relative to the perception of the competitor’s brands. Its objective is to occupy a clear, unique and profitable position in the consumers/clients/customers (target market) mind. The aim market positioning is to protect the competitive advantage of the organization in the market place otherwise the organization will not effectively achieve its goals (Vibha, 2002). Positioning statement and product differentiation are some of the strategies the organization can use so as to achieve its marketing position. In this regards marketing can misjudge the preferences and purchase criteria of the target market or even try to satisfy two or more segments at once then, it becomes vulnerable to aggressive followers who may introduce in the market a more accurately positioned products. Additionally, by tailoring its business offer to each distinct market segment the follower can effectively encircle the pioneers . At the same time, unlike the pioneers the followers usually have the advantage of using the latest technology in its production process. Mostly the pioneers unlike the followers used less outdated technology which is full of ineffectiveness relative to advanced technology. This comes about as industries are characterized by rapid technological advancement therefore, exposing the follower to superior technologies. In this regards therefore the followers produce products based on better and more advanced technology therefore gaining advantage over the pioneers. On the other hand, the pioneers may have difficulty reacting quickly to such advances especially when it is heavily committed to an earlier technology (Miltenburg, 2005). In this regard the followers easily over take the larger market share initially adopted by the pioneers. Coupled with the advantage to operate under superior technology, the followers also have an advantage over the pioneer’s limited resources. This usually surfaces when the disadvantage of limited resources or fails to utilize sufficient resources to the new entry and as such the followers may quickly outspend the pioneer hence outdoing them in the market share (Miltenburg, 2005). New economy markets New market economy have been experienced across the whole world revolutionalizing the market such that it becomes complex than before (Teece, 2003). In fact, the market has changed from the indigenous central planned economy to free market due to globalization- liberalization of market where market forces sets the product prices other than a central planning organization. This has been facilitated by evolution of new technologies new resources and new methods of production as argued by Teece (2003). For instance, there have been the wide spread internet application in many business organization as well as extending to the marketing strategies. In companies internet is changing the treads of operations to other methods of operations (DeLone & McLean, 2004) . For instance, some companies are using internet to make direct association with their customers for the first time through emailing, internet sales, and advertisement of the products through the internet. Equally, relationship between the trading partners leading to emerging of new companies and business models in the industries ranging from chemical to road haulage to bring together buyers and sellers in super-efficient new electronic market place. Indeed, the internet is facilitating business organizations and companies to lower costs dramatically across the supply and demand chain, take the customers service into a different league, enter new markets, create additional revenue streams and finally redefine their business relationships. In fact, no organization can ignore the fundamental role internet plays in the new markets strategies (Teece, 2003). Over the years customer service business organizations and companies have been seen to increase as its importance is incredible (Pang, 2009). The market has been flooded with quality product due to globalization and as such the only way left to capture a customer and retain him/her is through customer service especially through call centers. Indeed for the customer the quality of customer service determines whether to by or and particularly whether to remain a customer (Barlow 2010). In the resent years customer services have tremendously changed a great deal for instance the pricing strategy, and more fashionable initiatives typically related to sales, marketing, advertisement, technology and more so the web. Above all the crucial important factors includes the human element which entails how people are communicated with. A more customer relationship is of great importance to the healthy functioning of the organization and it requires commitment, credibility (keep promises), culture (customer service ethos), feedback and progressive improvement. Indeed, no one can afford to let the quality of their customer service deteriorate as it is critical competitive differentiators as argued by (Pang, 2009). While the customer service is under pressure to do more with less, the internet has neutralized it for it has improved its efficiency. Internet access facilitates easier communications such as emailing and web chat channels (Barlow 2010). Competitive advantage is very important in an organization and it determines successful performance of any organization (Collins & Clark, 2003). As such, organizational structure plays a vital role in the competitive advantage as it determines the execution of competitive strategies (Collins & Clark, 2003). In this regard, there are levels of organizational structure which includes administrative top management, executive or middle level of management as well as supervisory or lower level of management. The three organization parts functions differently so as to achieve successful performance of the organization for instance the level top level determines the objectives, policies and plans of the organization, carry out most of the administrative function of the organization as well as mobilizing resources. Middle level management on the other hand who includes the branch managers, purchase managers etc gives recommendation to the to the top level of management and as well take part in execution of the policies made by the executive level of management. Lower level management finally functions in directing the workers and equally they develop morale in workers. Also they maintain the link between the workers and the other levels of management. They also convey necessary information from the workers to the other levels of management and vice versa. This functions ensures smooth and efficient functioning of the organizations and hence achievement of sustainable success. The division of functions facilitates division of roles and duties such as marketing management. As such, marketing management focuses on application and execution of marketing techniques and management of companies marketing resources and activities (Rummler & Brache, 2012). Marketing management analysis the market components includes target markets, customer demographics as well as the execution of marketing strategies and its measurement. Equally they analyses the competitors thus laying basis for important decision making such as market positioning. As such, the competitive advantage is easily achieved and therefore sustainable success (Rummler & Brache, 2012). In order to achieve the constant competitive advantage, an organizations needs to measure its marketing plan through marketing metrics and marketing audit. The results achieved acts as the basis of decision making and action by the organization in an effort to improve the efficiency and effectiveness of marketing hence high performance of the organization. For instance, marketing metrics enables marketing professionals to justify budgets based on returns and to drive organization growth and innovation (Patterson & Pauwels, 2008). Counting and reporting are examples of popular metrics used in analysis. Equally marketing metrics measure the aggregated efficiency and effectiveness of the marketing organization. Indeed, marketing metrics allows organization to make better decisions on market spending and increase the results as well as discovering how to effectively allocate and support the budget and communicate organizational success (Patterson & Pauwels, 2008). On the other hand, marketing audit provides the opportunity to review and appraise an organizational whole marketing activities hence enabling it to assess the past and present performance as well as provide the basis for evaluating possible future actions. Marketing audit includes both external audit and internal audit and in this regard external audit entails auditing external environment and includes economic environment, competitive environment and lastly market environment. On the other hand, internal audit is putting the business under microscope under scrutiny (Wilson, 2005). Such factors as sales, market share profit margins, costs, marketing information research and lastly effectiveness of marketing mix are put under scrutiny hence providing results that facilitate or act as a basis of better performance of the organization. Conclusion Marketing strategies are meant to underpin the market planning aspects so as to achieve the competitive advantage in the market place. In the above analysis it is apparent that there are many market strategies that an organization can adopt at any given situation in the market place. Especially in the different life product life cycles the organization needs to be cautious in the adoption of strategies so as not to jeopardize the market share of the organization. For instance, in decline stage the organization should not dwell so much on the trying to defend the product but should strive to keep up with the market changes through increasing the product line using superior technology. At the same time depending on the resources, organizations should deliberate on the best market entry strategy either pioneers or followers. For instance, I would recommend entrepreneurs without enough resources to venture into the market should avoid pioneers strategy completely but instead adopt the wait and see approach. By this thy will be able to concentrate the mistakes the pioneers makes as well as target periphery market segment. Finally organizations need to measure the market planning regularly so as to facilitate prudent decision making in the future. References Barlow J., (2010). Branded Customer Service: The New Competitive Edge. Blythe J. (2009). Key Concepts in Marketing. Sage Collins C. & Clark K., (2003). 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