Introduction
Being a marketing manager of Apple Inc. for I Phone, it seems imperative for me to examine the life cycle of products and propose some good strategies to gain the competitive advantage and long-term sustainability.
Theme & Goals
The theme of the presentation is the product lifecycle and its importance for market management. The PLC, as its main considerations, can compel the marketing manager to navigate the prices, conduct the market research and predict profitability.
Product Life Cycle and its importance
The product life cycle is a process which indicates the flow of products from product development to removal from the market. This is an effective concept to evaluate or examine the life of the product. This concept is quite important for marketing managers to get the product in the limelight with sustainability.
Role of pricing strategy in marketing & Strategy Selection
The role of pricing strategy in marketing is essential. For Instance, being a marketing manager of Apple Inc, I can set the price of I Phone, which can direct the sales and the customer response.
Apple Inc & I Phone
Apple Inc is a prominent American technology company, dealing with the immense range of high-quality technology products. The company depicts a sustainable brand image and loyalty.
Project Life Cycle Stages
Introduction
I would like to set a rapid skimming pricing strategy to generate revenue through immense sales in the different markets. Due to high brand image and response from the customers, brand loyalty makes the introduction stage interesting for the company. The introduction of iPhone 12 seems fast, as customers are desperate to have this new version of the phone and enjoy the new features
Growth
I propose the low price for iPhone 12 in this stage to earn more profit. In this stage, penetration pricing strategy can provide the opportunity to low and middle-income people to enjoy this luxury brand. In growth stage, the intention of the company is to sustain growth for the long run. Due to competitors such as Samsung, LG and Sony, and their competitive traits, the marketing strategy for iPhone 12 is the improvements in features, designing, and styling.
Maturity
In the maturity stage, my considerations regarding the iPhone 12 are the product modifications, new segments with the sustained prices.The new substitutes of iPhone 12 and imitation from competitors emerge. Knowing the strengths of my product and market, I will keep the same price at this stage to let the product in a loop. For example, custom firmware, and VoIP app are modifications in iPhone 11 after several years of launch with the same price.
Decline
Due to the massive decline in the sales of the product, I have two options regarding the product. First, is dropping the product and secondly is continuous with the improvements. There can be a penetration pricing strategy instead of skimming. Theer can be a penetration pricing strategy instead of skimming. Due to the decline in sales and fewer attractions, the competitive advantage can be lost. Penetrating the pricing with the improvements until the new launch is effective. For example, the company, in the decline stage of iPhone 11, improved in form of I Phone 11s, incusing the speed, charging and display up gradations at low prices.
Examples of possible implications
The product life cycle is important for the marketing manager to make the different strategies in the different stages. This is all about depicting the improvisations to make the product profitable and sustainable. Forexample, Google Nexus One was considered the iPhone killer initially but the marketing management did not alter the marketing strategies m depending on the PLC insights. The features were not upgraded in growth and maturity stages, which resulted in big failure.
Conclusion
In end, this is to conclude that the iPhone 12’s success is based on the marketing strategies, especially pricing in the different stages. The perception of the customers’ changes over time due to several options and needs, and to sustain the product, this is good for the marketing manager to use the insights and increase the life cycle. The study emphasized product lifecycle and its relations with marketing manager and success of the products along with the four prominent stages in the context of Apple iPhone 12.
References
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