Marketing Management Product Life Cycle

Question: Discuss about theMarketing Managementfor Product Life Cycle. Answer: Introduction When a new product is, develop by the company, the products passes through the set of stages which are known as the products life cycle, the marketing concept of product life cycle applies to both brand and category of different products. Cheese and butter are the main dairy products that are prescribed to be consumed in the Australian market, the products have promoted the improvement and the development of the dairy industry in the region because they are widely consumed by the consumers. Introduction Stage Cheese and butter are the prescribed products which are highly demanded in the market before the producing companies offer these products to the consumer, the products pass through the development stages which involves market test and prototype. This particular stage, the consumers level is low and the company profit reads negative figures, this is because of the huge cost incurred. In this essential stage, the companies need develop heavy promotional approach in order to make their products familiar with the market (Fraenkel, Haftor, and Pashkevich, 2016). Growth Stage When cheese and butter are produced and are passed through the introductory stage, the same products are also passed through the growth stage. In this particular stage, the companies sales are observed increase and the competition between the products as well as other producing companies also increase. Maturity Stage This is an important stage of the product cycle life, at this stage, the brand awareness of the products is viewed to be strong, and thus the sales volume of the same products continues to grow compared to the past stages. In this particular stage, cheese and butter are perceived to be competing, companies producing these products also compete to produce the same products in the market. In this stage, the companies producing the products intend to defend their market share as the marketing strategy rather than making profits (Stark, 2016). Decline Stage Decline is the last stage of product life cycle, the consumption of the prescribed products is seen to reduce. In this stage, the purchasing power of the buyers is observed to be reducing because of the new innovated products in the market. In order to maintain its market share companies are encouraged to Maintain the product, by regenerating it by adding new features and finding new uses, reduce costs and continue to offer it, possibly to a loyal niche segment (Wilson, and Gilligan, 2012). Interpreting Matrix Portfolio The portfolio matrix is explained to be the chart that is used to defined products in term of the both the growth and market share in their respective market share. The information provided in experiment 4 and 5 provides an essential framework for determining the market share of the products prescribed in the Australian dairy industry. According to the data provides the dairy producers are viewed to have a slight difference of the market share depending on the type of the products they produce. The market shares of these companies are observed to change based on the annual sales that represent the consumption of the dairy products produced. The producer DP A is observed to have difference market share depending on the category of the products produces, in the period of 2008-09 and 2009-10 the market share of products represents an increase in the market share of the all the products. Factors to consider in Multifactor Portfolio Matrix Multifactor Portfolio Matrix is a management marketing tool that used by the companies managers to develop the organizational strategy that is based primarily on the market attractiveness as well as their business strengths. In analyzing the multifactor portfolio matrix, different factors are considered. Market attractiveness is an essential factor that needs to be observed while analyzing the multifactor portfolio matrix (Wilson, and Gilligan, 2012). Dairy companies need to embrace on the marketing management strategies such as the product demand variability, micro-environmental factors, market size as well as the market growth rate. The business unit and strength should also be considered since they imply on the production strategies of the companies in the market. The consideration of these two main factors should be embraced because they influence the operations of the organization in the market. How do the Major Supermarket Pricing Strategies affect the Attractiveness of the Dairy Industry Supermarkets have played a key role in the development of the Australian dairy industry. According to the information provided, many supermarkets involves themselves in complex pricing strategies, this to ensure that they maintain their profitability making. High prices from the supermarket affect purchasing power of the products, high prices influence the perception of the consumers in the market (Best, 2012). The main step that the dairy producer needs to follow comprises increasing their production in order to meet the market demand of the products produces. Reference Best, R., 2012.Market-based management. Pearson Higher Ed. Fraenkel, S., Haftor, D.M. and Pashkevich, N., 2016. Salesforce management factors for successful new product launch.Journal of Business Research. Heizer, J., Render, B. and Munson, C., 2016.Principles of operations management: sustainability and supply chain management. Pearson Higher Ed. Sale, R.S., Mesak, H.I. and Inman, R.A., 2016. A dynamic marketing-operations interface model of new product updates.European Journal of Operational Research. Stark, J., 2016. Product lifecycle management. InProduct Lifecycle Management (Volume 2)(pp. 1-35). Springer International Publishing. Wilson, R.M. and Gilligan, C., 2012.Strategic marketing management. Routledge.