Product Life Cycle

The product life cycle is a concept that provides a way to trace stages of a products acceptance, from its birth to death. Applying this cycle to the Apple iPhone. Its introduction stage was in 2007 with the 1st generation. This is when people started first hearing about it. It is a full scale launch of a new product into the market stage. The first impression is always the most important, and considering since that date they have had 5 generations, I would say they did a good job. This phone introduced itself 128 MB memory, and since then it has grown progressively to hold 1GB. Throughout the different generations the iPhone went to the growth stage. This is when the sales are typically growing at an increasing rate, many competitors enter the market, large companies start to acquire small pioneering firms, and the profits are healthy. The maturity stage is next which is a period during which sales increase at a decreasing rate. In my opinion this is where the apple iPhone is right now in its product life cycle because everyone knows what they are all about, jumped on the band-wagon or not, and now there are lots and lots of other options in the market now and its not the only one of its kind. The decline stage is where there is a long-run drop in sales. This is where Apple would start to see other competitors increasing in sales and they would be decreasing. Prices are getting to be imperative for a company to survive. If they see after the maturity stage that sales are dropping they should seriously consider changes to their product whether it is cost, quality, looks, or capabilities.

Can you take the product life cycle and apply it to a different product or service?

In response to Will

Question: Do you think gender specific marketing is sexist? 

Gender specific marketing does exist. I agree with will when he says gender specific marketing is targeted to its potential customers. Every product on the market is not for everyone, so companies market their product to the consumers using it. As a marketer you want to market your product as specifically you can to your target market, in whatever way they feel would be most appealing to them. 

Bieber Backs a Debit Card for Teenagers, From Parents

Reading an article about Justin Bieber saying he has made videos with SpendSmart Payments Company, which offers a prepaid debit card for teenagers, the singer talks about his modest upbringing. Coming from a not wealthy background, he learned how to save the money he did have. The SpendSmart card has a number of features intended to teach teenagers financial literacy while enabling parents to monitor them. 

The company used Justin Bieber as a face for this card which is a great marketing tactic on their part. They want this to be used by teenagers to teach them about money, and what better way than to show that even JB has used something like this to get them interested in the product. 

What other companies have promoted products using a celebrity face to attract a specific target market?

In response to Mia

Do you think that this company will be successful if it continues to stay as a strictly online-based company?

By the sounds of this company, I dont think it will be successful. Even though the commercial was a well made clear clip, showing what their product truly was, I have not heard of many companies being successful with just that being their way of marketing the product. Word of mouth from customer to customer telling their experience first hand, but organizations can not rely on that solely. It is a positive thing that the commercial does appeal to a large demographic group and is not narrowed down to the typical athletic looking young adult. A negative aspect of this commercial is the motto. Being an athlete myself, I do not believe that, "Behind every great athlete is a private coach." I think this company needs a new inspirational motto, and more ways of marketing. They should put themselves in the consumers shoes and see in what ways would make their company more appealing to people who are looking for a personal coach or might be in that target market.

Infomercials

Infomercials are always trying to sell you more. They have a 30 second window to completely sell their product to you in a limited amount of time. Trying to keep their product appealing and adding even more products to go along with it. In class we watched an infomercial about a knife that can apparently cut smoothly through a loaf of bread as well as it slices a tin can. This is hard to believe but by showing footage of the knife doing that is what gets consumers to fall for it. Along with the footage, they add the "Wait, theres more" line, selling you related products making you feel like you are getting more for your money, making the product purchase worth it.

AsSeenOnTV.com is a site showing all the informercials and competing products that do relatively the same thing. This site shows you the ratings, prices, and original prices, making it look like you have received a deal on this purchase. 

What are other ways infomercials try to create an image of a good quality, affordable product that is so attractive to consumers?

In response to Will's post

Do you think the idea of spring break is marketed to students?

I think the idea of spring break is marketed to students more than adults because of their college, partying scene, which makes places like Miami, FL, Cancun, Mexico, places like that to attractive to students looking to spend their money and time in resorts during their spring break week. It is also more marketed to students in my opinion, because adults dont typically get "spring breaks" like college students do. 
Resorts and airlines use this time to their advantage by hiking the prices of flights, food, drink, and room stay. They try to make all inclusive packages look more attractive and affordable than they really are, making the students think they received a deal when they really have not. These organizations market their products in ways that seem so attractive to a college student looking to get out of the cold, to a place where they can lay in the sun, tan, drink, and hang out with friends, and they do it really well.

Revitalizing ailing brainds

Every company goes through stages where their products are becoming less popular and less attractive to consumers. Consultants have taught CEOs how to tweak products and target them to a different market where they would be more attractive. An article in the book called A life in the day of the Customer by Martin Lindstrom. He explains that the key to making product sales soar is to live with your customers. What he means by this is going out to research and evaluate the needs and wants of consumers and what they are looking for specifically. He says when he is hired by a company, he goes and lives with its target audience- eats, sleeps, and plays with them to take in all their preferences within different products. Up close and personal market research gives marketers a true and in depth look into how their customers live and helps companies give them exactly what they need. I think this is a good way companies can increase sales within products that have been out on the market for a while and need to be revitalized and fresh for them to become more attractive to consumers again.

Can you think of any products out on the market that have been out there for a while and have been renovated to become a more efficient, popular item to consumers?