“Marketing is a societal process by which individuals & groups obtain what they need & want through creating, offering, & freely exchanging products & services of value with others. ” (Kotler, 2002) The marketing concept basically came up in the middle of 1950s & converted the previous product based concepts into a customer centred one. It is the pursuit of the right products for the customers. Marketing is not just about selling a product, it’s an art, comprising of many ideas & theories combined together to achieve success through advertising.
It is the planning, conceptualizing & executing the pricing, promotion & distribution of anything be it goods, ideas etc. The chief affair in this marketing or business is the consumer. If the customer is happy, it means repeat sales which in turn increase the demand & thus the profit related a product. Consumer feedback is an important element in a successful business. If a product satisfies the needs & wants of a consumer, he or she is destined to buy it again & even referring it to others.
Hence, the most vital need is to design your product according to the public demand & keep on improving
Every individual has his or her own likes & dislikes, thus it is important to divide the market into segments & cater to them accordingly, hence, identifying the market segments helps the advertiser to design the product promotion plans with respect to the individual group tastes. This is in benefit with the company as well enabling it to position the consumers’ choice & work towards satisfying them. It increases sale percentage & creates a feeling of satiety in the consumers mind. Keeping a customer by motivating him or her to repeat a purchase is a far better & easier option than catch the fancy of new customers.
Nowadays, use of credit card; ever since the early 1990s, has further increased the sales market of products. Consumers use the easy payment criteria to buy their preferred goods. Therefore it’s important to choose a credit card that offers the most benefits & least mark-up. The American credit card amount outstanding at the end of year 2006 were marked to be around $9,659/- Most of the time the consumers themselves are unaware of their wants, so we can say it is not always easy to understand their needs for the marketer.
Often the customers ask for a solution instead of a product for example, a woman may ask for a good cleaning solution, this is where your product comes in. If the woman tries it & claims is as a good one & the right solution, then she is most likely to ask for it, instead of a cleaning solution next time PRODUCT LIFE CYCLE: Every product has a life cycle like any living being. It starts with the evolution, grows over time, matures & then finally declines. This shows that all products have a limited existence, the profits rise & fall eventually.
The marketing, advertising, manufacturing * purchasing of each product is completely different from the other. The product life cycle or PLC may be divided into 4 phases: 1. INTRODUCTION: It is the slowest phase in which the product is introduced in the market, & searches for its positioning among the consumers. The profit income is almost non-existent at this point, but the promotional outflow is at its maximum height. Introducing a product in market is quite risky, the marketer should be well aware of the needs & wants of consumers & the best target market for his product.
This is the time to fight competition to a great extent, since there are previously successful goods already tried & tested by the users. It is not easy to break the mould. 2. GROWTH: As the product develops a space for itself in the market, this is the time for its elevation. A rapid increase in sale & of course, profits. The product is settling in the mind of consumers, motivating them to use it. This stage is achieved if the product is considered good enough by the users. It is the time to come up with new promotions & increasing the quality of the product. The price is slightly lowered to attract more customers.
3. MATURITY: Now comes the point, when the sales are to some extent slowing down. Being the longest phase, it is the most challenging to cope with. This happens due to some other dominating products in the industry. If your product survives through the maturity phase, it can stay longer in the market. This is the last stage before the product completely suffers a decline. Many steps are taken to keep the product on top of the market like advertising more, further lowering the price & even conjoining it with a previously matured but stable company. Improving the product features may catch the buyers’ attention anew.
This is a step that most successful products are always opting for. 4. DECLINE: The last stage of a product sales is due to many technical problems, it often occurs when the consumer alter their preferences. It might be slow for a well known & common product or sink down to zero quickly. Mostly companies withdraw from the market as the sales gradually decease. The product availability is condensed. It may be possible for the company to re launch the product with an improved marketing technique & a new look. This at times is successful, if the product catches the consumers’ eye. After that the product life cycle is repeated once again.
Conclusion Marketing, sales and services are always customer focused. All customers need quality product and service according to their needs. Whatever marketing technique a company will employ, they can never succeed unless they will not meet ever changing customer’s requirements. Quality of product and service will bring more customers, attract new one and retain existing customers. If quality declines then businesses will loose existing and new customers. Company can improve their products by re launching and re-inventing their existing products or making new products according to customer’s need.Hence marketing concept and techniques and product life cycle are interdependent.
KOTLER, PHILIP; Marketing Management (eleventh edition) Pretince hall, Inc. 2002 Pg: 8, 328. LIEBER, RON; Before You Shop, Be Credit-Card Smart: November 18, 2007 filife. com Dow Jones and IAC/InterActiveCorp. SMALL BUSINESS: Keep customers by keeping them happy Jamie Herzlich, Newsday (Combined editions) Long Island, N. Y. : Oct 22, 2007. pg. D. 4 <http://proquest. umi. com/pqdweb? did=1369648221&sid=2&Fmt=3&clientId=17855&RQT=309&VN>