The paper “ Marks Company - Product Life Cycle, New Markets Entry, Pioneering Strategy, Niche Penetration Growth Strategies, and Marketing Strategies” is a spectacular variant of case study on marketing. Marks Company operates in the production and supply of clothing and home products. The company currently leads in the provision of women-wear and lingerie in the United Kingdom with continuous growth geared towards menswear, kids wear and more. With increased popularity with urban wear, the company aims at introducing clothing that familiarized with hip hop artists. There has been increased growth and development in urban wear which is associated with celebrity and whose target population is the youth between the ages of 18 to 40 years (Chae, 2012).
The company offers a variety of clothing for different age groups and is tremendously comfortable to wear. Marks clothes differentiate from their competitors due to the fact that they are made of long-lasting apparel have lovely prints and designs and are comfortable to wear. The company puts most of the emphasis on product quality and respect for the customer by implementing stock sizing systems and giving fair value for the prices.
The Marks Company has the broader goal of internationally commercializing is products to reach more people and widen its customer base. 2.0 Product life cycleMarks Company realizes the importance of a product life cycle in strategic marketing as this assists the company to look into the future. The company product life cycle is defined by five major stages namely; introduction, growth, shake out or competitive turbulence, mature and decline. The graph below gives a pictorial view of the PLC stages; The company has no set time period for the product life cycle and it has different length variations for each stage. The introduction stage is a critical stage of Marks Company's product life cycle.
Here, the company is involved in creating an initial promotion for its products. Normally, the company is involved in creating public awareness to educate people about their products. According to Chae (2012), due to increased competition in the clothing industry, the company adopts the skimming strategy in its introductory stage. Here, the company sets prices of its products at a lower price at the beginning and gradually increases with time.
Additionally, this strategy assists in making their urban clothing known. The growth stage is the second stage after successfully undergone the introductory stage. Here, the company product start is growth and much promotion is focused on advertising. The company enhances its competitive edge through the creation of a brand image. The company at this stage defines its strategic market objective as to increase growth through increased sales thus increasing its competitive position (Chae, 2012). During this stage, Marks Company focuses on gaining the clothing industry market share as well as brand preference. At Marks maturity stage, brand awareness is so strong that the sale of the clothing continues to grow but a more declining rate compared to the past two stages.
At this stage, there are numerous competitors with the same products and thus the company defends its market share through extending its product life cycle as opposed to making profits. Here, the company is involved in encouraging its retailers in their shops to give more shelf space to the product compared to that of its competitors.
Additionally, the company modifies its clothing so as to compete in this industry while at the same time differentiates its products from competitors.