For this assignment, choose from any two categories products that are at different product life cycle stages. Identify the product life cycle stages for your selected products and provide explanations for why you believe they are at these stages. Then, provide answers to these two questions:

• Examine the product life cycles for your chosen two products relative to how it affects the company's marketing strategies
• How would your suggestion be different for the two companies' brand managers about making decisions on price, advertising, and distribution channels?

Submit a 2-3 pages paper, (excluding the title page and reference pages) double-spaced in Times New Roman font which is no greater than 12 points in size. Be sure to cite any sources in APA Format.

Papers will be assessed usingthisrubric.https://my.uopeople.edu/pluginfile.php/1275912/mod_workshop/instructauthors/5112WA4-v2Rubric.pdf?time=1570075257795

this is the answer:

Product Life Cycle Stages

Christian A. Isuekevbo

Department of Business Administration, University of the People

BUS 5112: Written assignment Unit 4

Dr. Soha Ragab.

July 13, 2021

Product Life Cycle Stages

Product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into 4 stages- Introduction, growth, maturity and decline. (encyclopeadia.com).

Two products at different life cycle stages are valuetek interactive display board and the Samsung smart television. Valuetek is one of the major display screen suppliers/manufacturers in China. The interactive display screen is one of its products. This product is in the introductory stage in its product life cycle in my country as it is just being introduced into the market. The objectives of its distributor involves educating potential customers about its value and benefits, creating awareness, and getting potential customers to try the product. Its target market are educational institutions, corporate organizations, governmental organizations and smart industries. It provides smart solutions to these organization's/institutions. Paul Fifield (2008)

The Samsung smart television is a product of Samsung Electronics Company, headquartered in the yeongtong district of Suwon in South Korea. This is a global company and has retail outlets all over my country. This product is in its matured stage of its life cycle.It's been in the market for over 10years and because of its brand name there are many repeat customers and new customers. It is available for purchase in all Samsung retail outlets all over the country. The Samsung smart TV is an electronic appliance desired in every home and offices.

Pricing.

Valuetek interactive display board is a product designed for schools and corporate organizations. It has a defined target market as it provides smart solutions to corporate organizations. This product is being distributed to customers with adequate training on how to use the product. This is necessary to help get the best value for the product. The distributors are few and much money is spent on marketing and training for schools and organizations to keep them abreast of the benefits of the product. The profit margin for this product is low as much money is spent on advertising and training. It has low sales and high cost per customer as the pricing is determined by cost + large margin.

Samsung is a strong brand and the smart television is available in every Samsung offices/shops all over the country. The price of the smart television is relatively higher compared to other competitors. It has lower cost per customer with high profit margin.

Place.

The valuetek interactive display board is only available on demand with the major distributor of the product in the country. It cannot be found in retail shops as the product is not common in the market.

Samsung smart television is available in every Samsung retail outlets all over the country and can be purchased without any form of training required. The distribution is intensive as additional retail shops are being opened.

Promotion.

Valuetek interactive display board is being advertised to its specific target markets online and also reaching out to its market audience by getting trained personnel's to train prospective users on how to maximize the use of the product. The target is to build product awareness and promote trial.They have few distributors of this product in the country.

The Samsung smart television is available in every Samsung retail outlets all over the country. This product has a strong brand that differentiates it from its competitors and its benefits to its targeted segment is clearly defined. This product is advertised online and in various media.

Recommended Improvements to marketing strategy.

1.Valuetek interactive display board - Since this is a new product that is innovative with few or no competitors in the market, I would recommend a skimming price strategy - Charging a relatively high price for a short term. Also, the distribution should be limited to schools and corporate organizations for now until it is fully accepted.(encyclopeadia.com)

2.Samsung smart television - I will recommend that the product features be enhanced to make it more appealing to consumers. Hence a better and more improved version of this product should be available to customers. The price should be lowered a little to encourage more buyers due to increased competition.

References

Principles of marketing.(2015). University of Minnesota Libraries Publishing.https://doi.org/10.24926/8668.1901(Original work published 2010) pgs 188 - 209

Paul Fifield (2008) marketing strategy master class. Implementing marketing strategy. Pgs 36- 45

Migrator. (2019, May 31).Product life cycle.NIBusinessInfo.CO.UK.https://www.nibusinessinfo.co.uk/content/product-life-cycle

https://www.valuetek.cn/pages/interactive-solutions.html

https://www.samsung.com/africa_en/tvs/smart-tv/highlights/

*** please give scoes from 1 - 10 to all below and the reason y u gave the scores:

Aspect 1: Topic & Introduction

Aspect 2: Content.

Aspect 3: Organization

Aspect 5: Synthesis & Conclusion