Promotion and the Product Life Cycle - Promotion and the...

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Promotion and the Product Life Cycle 1 Promotion and the Product Life Cycle Delicia Mumphery MKT/571 April 3, 2017 Professor Tim Malone
Promotion and the Product Life Cycle 2 Promotion and the Product Life Cycle In the lifecycle of a new product, there are four steps which are introduction, growth,  maturity and decline. For each product life cycle, there are four P’s product, price, place, and  promotion. The first stage which is introduction stage involves product trial, altering perspective  customers, and securing distribution  (Kotler & Keller, 2016). The target customers will be attracted at the initial stage of the marketing strategy. Having affordable pricing will help customers to be to make purchases and build demand and profit for later stages. The products will be distributed at local and international Samsung retailer store and online. Samsung primary goal will be to work on promotional, gain news coverage, and build a social media campaign. Advertising needs to be planned and put into effect to show the values of the new product choices and help emphasize life values that affect product choices such as communication, family, fun, relationship, dependability, and resourcefulness (Sondergaard, 2005). Stages of the product life cycle The Growth Stage The growth stage is critical to Samsung because this is how they will explore different ways to attract new and current customers to the new product. It will cover Samsung’s new and improved technology such as its Galaxy products. The pricing for these products will not change, but based on the competition and the demand there could be a slight increase or decrease. For the

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