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LG's new wallpaper TV represents a big milestone for the company. Innovation and technology improvements have been used to generate new competitive products over the years. Any commodity's product life cycle has several stages, and they differ in terms of market response and requirements as the product moves through the points. The new wallpaper TV is no different. LG has the opportunity to change how customers cognitively identify this product by imaginative repositioning of the wallpaper TV. As a result, the market mix and approaches change over the stages. For this reason, an understanding of the product cycle and the practical options available can help LG company to plan and execute a marketing mix that fully addresses each phase wholly. Therefore, LG requires appropriate strategies for marketing efforts and marketing mix to realize full potential.
In this stage, the marketing mix should also be in the planning stage. At this point, LG should take its time to research the various marketing methods available as well as planning the efforts that will be used once the product is launched. The market mix here focuses on the creation of awareness to potential clients by employing campaigns and targeted promotions (Lorette, 2017).
The entrance of LG wallpaper TV into the market marks the introduction stage. The marketing mix and efforts at this point require the establishment of a market and creation of demand. Efforts include proper branding, the establishment of quality levels, low pricing to increase penetration of high pricing to recover the development cost and also selective distribution to entice consumers (Lorette, 2017). Additionally, promotions targeted at early adopters and marketing communications can be utilized to create awareness and inform potential clients.
Once customers are aware of the wallpaper TV, sales are likely to increase and hence the growth stage is reached. Here, the marketing efforts are aimed at branding in a manner that sets aside the wallpaper TV from other products on the market. Clients are educated on the benefits of the products over other similar items. In other words, the brand preference is built at this stage. The market mix can, therefore, include maintenance of price, increasing distribution channels, maintaining product quality and support services and also broadening the clientele coverage mainly via promotions (Lorette, 2017).
This phase is characterized by product gaining an advantage over the competition. In this case, the marketing efforts and mix involve the development of customer loyalty through targeted promotions and incentives, lower prices due to competition, intensive distribution, enhancing features of the product and also placing more emphasis on product differentiation (Lorette, 2017).
The LG wallpaper TV enters into this step once the market is oversaturated. The marketing mix and efforts have to decline in this phase. The aim is to ensure customer retention through the reinforcement of the brand image so that loyal customers can still find the product appealing. Options include adding new features, reducing the cost and continue selling to a loyal niche or where applicable, the product can be discontinued and the inventory liquidated or sold to a firm that intends to continue developing and selling the product (Lorette, 2017).
Well planned and executed marketing efforts and mixes will ensure that the LG wallpaper television realizes its maximum potential.
Lorette, K. (2017). How Would the Marketing Mix Change at Different Stages of the Product Life Cycle? Retrieved from Chron: http://smallbusiness.chron.com/would-marketing-mix-change-different-stages-product-life-cycle-3283.html
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