The paper "Product Lifecycle and Marketing Mix, Integrated Marketing Communications" is a great example of a marketing assignment. The aim of this essay is to bring out the importance of the marketing mix in every stage of the product lifecycle. The new sports drink product is Gatorade. It is in the development stage where it is in the process of being manufactured and not yet ready to be sold. The Gatorade brand manufacturer intends to develop a market for the product and build product awareness and will impact on the marketing mix in various ways.
The product goes through introductory, growth, maturity, and decline stages and so are the changes in the marketing mix. Analysis Product development is basically a planning phase of the marketing mix where the company is researching on marketing methods and planning instead of implementing marketing strategies (Kolish & Peeler 2008). In the introductory stage, Quality level and product branding are recognized while obtaining and protecting intellectual property rights such as trademarks and patents. In the growth phase, the Gatorade seeks to increase market share and build on brand preference.
There is an addition of support services and other features while maintaining product quality. In the maturity phase, the firm experiences a diminishing level of sales while similar emerge from the competition (Weinstein, 2004). The decline stage is where sales keep declining with Gatorade taking several options such as maintaining the product and perhaps revitalizing by finding new uses or adding new features. Discussion In product development, special promotions and marketing campaigns are the key marketing mix at this stage so as to bring product awareness to potential customers.
In order to build market share quickly, pricing remains low penetration pricing (Kotler, 1991). The firm can also opt for high skim pricing for quick recovery of developmental costs in the introductory phase. Selective distribution is implemented until the product is accepted by the consumers. Promotion targets the wider audience and especially the sports fraternity aged 15-35 years. The principal objective of the maturity stage is to maximize profit and defend the market share. In order to differentiate the product from the competition, product features are enhanced (Weinstein, 2004).