Product Lifecycle Analysis of Tecno Mobile

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Companies employ essential marketing mix strategies during different stages of product lifecycle. At the core of the techniques is to ensure that the products gain significant market share, become profitable and create demand. However, to attain success, business owners and marketers ought to develop a keen understanding the introduction, growth, maturity and decline of products to determine the most effective strategies to use at every stage. Due to the importance of tactics in the success or failure of products in different stages, this paper explores Tecno Mobile to identify strategies and plans for its marketing mix in various lifecycle phases of Tecno smartphones and tablets. Without a doubt, gaining knowledge of product lifecycle enables marketing managers of the phone manufacturer to implement marketing mix strategies to address every phase successfully.

            Key words: marketing mix, product lifecycle, smartphones, tablets.

Product Lifecycle

Marketing Mix

Introduction

Growth

Maturity

Decline

Product

1. To establish the quality level and branding for the products to attract consumers and to differentiate them from competing products.  

2. To obtain intellectual property protection including trademarks and patents.

1. The organization maintains or improves the quality of the products to ensure growth and fight competition.

2. The firm adds features to the existing devices to attract prospective buyers and retain current consumers.

1. The phone manufacturer modifies the products not only to gain a competitive edge in the market but also to differentiate them from competition.

2. The firm may add new devices lines to ensure continued profitability.

1. Tecno mobile can modify or phase off unprofitable products.

2. The firm may also decide to cut expenses related to the production, distribution and promotion of the product to avoid making losses (Badi, 2014). 

Place (Distribution)

1. The firm should apply a selective distribution approach which entails choosing essential distributors that would help it to achieve its goals. 

2. To select distributors that may help the company to improve brand awareness (Yeboah, Owusu, Boakye & Owusu-Mensah, 2013).

1. The firm adds more distribution channels to meet the potential growing demand for the product.

2. The company seeks to reach more markets (number of customers and regions) to ensure profitability.

1. To offer wholesalers and retailers incentives, for instance, giving them more margins, to encourage them to distribute and sell the products.

2. To add more channels of distribution to cope with stiff competition that may emerge.

1. To apply selective distribution strategy to reach profitable markets only.

2. To reduce the number of channels to reduce costs related to distribution.

Price

1. The firm can employ a penetration pricing strategy whereby it sets low prices for the products to aim gain a sizeable market share.

2. Alternatively, Tecno Mobile can set high prices for the products to maximize profits margins.

1. The organization lowers the prices of its devices to attract new customers and to fight emerging competition.

2. To employ a competitive pricing approach to cope with competition and attract more consumers to buy the products.

1. The firm can reduce the price of tablets and smartphones to boost demand and maintain its market share (McDonald & Wilson, 2011).

2. To set a competitive price to respond to stiff competition from business rivals.

1. To lower the price further to fight competition from companies that offer the competing products, for example, Samsung.

2. To reduce prices for discontinued products to sell any remaining inventory.

Promotion

1. The company ought to invest in aggressive sales promotion to build product awareness among customers (Ruskin-Brown, 2006).

2. To focus on active promotion activities that seek to educate potential consumers about the benefits and usage of its products.

1. To increase promotion to establish brand equity. Brand equity enables the business to attain customer loyalty and improve margins.

2.  The firm focuses on engaging in product promotion to increase brand preference among consumers.

1. To emphasize promotion that seeks to differentiate the company’s products from those offered by competitors.

2. The firm accentuates direct selling and sales promotion to enhance brand loyalty and capture business rivals’ market share.

1. The company emphasizes improving brand image and investing in brand publicity and public relations. The strategies enable the organization to continue with business in the face of stiff competition.

2.  To reduce promotion budget on products to cut costs, for instance, advertizing.

References

Badi, K. S. (2014). The Dimensions of Marketing Mix. Journal of Management and Organizational Studies,  2 (1), 136-141.

McDonald, M., & Wilson, H. (2011). Marketing plans: How to prepare them, how to use them (7th ed.). Hoboken, NJ: Wiley.

Ruskin-Brown, I. (2006). Mastering Marketing (2nd ed.). London, GBR: Thorogood Publishing.

Yeboah, A., Owusu, A., Boakye, S., & Owusu-Mensah, S. (2013). Effective Distribution Management, A Pre-Requisite For Retail Operations: A Case Of Poku Trading. European Journal of Business and Innovation Research, 1 (3), 28-42.

October 30, 2023
Category:

Business

Subcategory:

Corporations Marketing

Subject area:

Company Marketing Strategy

Number of pages

3

Number of words

754

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