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Marketing Mix Product Life Cycle Publicity Essay Paper
Target Market Marketing Mix Product Life Cycle Publicity 1. Search about one company you like and explain its target market. 2. Which marketing mix variable is the most flexible? Why? 3. What is the product life cycle? How does a product's life cycle stage affect its marketing strategy? 4. How do publicity and advertising differ? How are they related?
Step 1/2
1)
One company I like is Apple Inc. Apple’s target market is primarily made up of tech-savvy individuals who prioritize quality, design and innovation in their electronic devices Apple products are known for premium pricing, so their target market includes individuals with more disposable income. Apple also targets professional and educational institutions in its line of business products and services.
EXPLANATION
2)
The most flexible marketing mix variable is price. The price can be easily adjusted based on changes in market demand, production costs, competition, and other factors. Businesses can use different pricing strategies, such as penetration pricing, skimming pricing, and dynamic pricing to attract different target markets and achieve specific marketing goals Marketing Mix Product Life Cycle Publicity Essay Paper
Step 2/2
3)
The product life cycle refers to the stages that a product goes through from market entry to eventual demise. The four phases of the product life cycle are introduction, growth, maturity, and decline. The stage of a product’s life cycle affects its marketing strategy. In the introduction phase, businesses focus on building product awareness and promoting the product’s unique features and benefits to quickly attract their customers. Businesses in the maturity stage often use promotional activities and pricing strategies in order to maintain their market share and retain customers. Finally, businesses in the decline phase may choose to phase out the product or revamp it with new features to appeal to new target markets.
EXPLANATION
4)
Publicity is a form of publicity that does not involve payment and is through media coverage, press releases, and social media. This is different from advertising, which is a paid message aimed at persuading consumers through various media channels. Promotion is considered earned media, while advertising is a form of paid media. However, both methods are interrelated as they can enhance brand recognition, shape consumer attitudes, and generate interest in a product or service.
Final answer
In conclusion, understanding target market, marketing mix flexibility, product lifecycle, differences and similarities between promotions and ads is critical to company's marketing success as demonstrated by Nike's focus on athletes, fitness enthusiasts, value style and quality in athletic apparel You can adjust your promotional efforts to changing market conditions. Understanding the stages of the product life cycle is critical to adjusting the marketing mix to meet the needs of each stage. Finally, promotion and advertising, while different in terms of cost and message, can be used together to increase brand awareness and reach a wider audience Marketing Mix Product Life Cycle Publicity Essay Paper
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