Marketing is part and parcel of any business, for it gives it a platform to showcase their product to the potential customers. Companies and business invest a fortune in advertising campaigns to make their products known to customers (Kerin et. al, 2016). Marketing should be done strategically such that it catches the eye of the customer or rather make it “attractive”. Information is crucial, and it is an asset to many businesses. Passing information to the customers on the existence of a product is critical, and it should be done in sites which are accessible to many customers at a time. The paper shall discuss how marketing efforts and marketing mix of Automated Cars will change with each phase in the product lifecycle and the packaging they would use to add value to the product.
Marketing efforts and marketing mix
Marketing strategies change with the change in the product life cycle. It is imperative that the marketing department realizes that each cycle has its unique marketing strategies. Just like the Diffusion Innovation model, the product life cycle goes through the same stages during its existence in the market (Kerin et. al, 2016). The four phases that are used to describe the product life cycle include the introduction phase, growth phase, maturity phase and the decline phase. During the earlier stages of the cycle, the costs of marketing and promoting the product are higher that the revenue it generates, but if the marketing strategy is effective, the product increasingly becomes profitable as it goes through the subsequent phases. As the product progresses from one phase to another, the elements of the marketing mix used in promoting the product change.
Introduction Phase
During this phase, the marketing activities focus heavily on promotion and advertising in the efforts of raising awareness of the new product and seek sales among the early adopters. Automated cars are not popular in the United States, and thus a dedicated team should be selected to run promotional activities and advertising to attract customers who are adventurous. The youth and young parents are key targets as they like new experiences (Kerin et. al, 2016). Thus, getting them to know about the cars online through social media pages such as Facebook, Instagram, Twitter, and LinkedIn will attract them in large numbers to experiment in these cars. The company will then lower the prices of the cars to allow widespread adoption or have premium prices so that the development costs can be recouped quickly.
Growth Phase
During this stage, the promotional activities would focus on expanding the product market to the new segments. Automated Cars’ will expand their market segments by reaching out to older populations as new catchments and later expand the lines of productions. Expanding their lines of production could include establishing another factory for example in New York or Manhattan. It might also expand the product family, for instance, producing family cars, comfortable, minibuses among others so as to reach out to the market demands.
Maturity Phase
At this stage, the company is reaping the rewards for the time and the finances used in developing the product. Production of automated cars will not be an easy task for the company given the considerable amount of resources that would be required to produce them (Kerin et. al, 2016). The company will celebrate its efforts when they start realizing good profits. However, they might have to refresh their product continuously and incorporating innovative features to curb competition and also increase its market share. The marketing activities and the expenditure will be much lower at this phase, focusing mainly on the enhanced features of the cars.
Decline phase
Once the products begin to decline in market value and demand, marketing support could be withdrawn, and the product sales could run entirely on the reputation that it has in the market. Other brands of cars may have developed beating the company (Kerin et. al, 2016). Since innovations are inevitable, the company may have to merge with others that are coming up or dissolve, or develop a new product altogether.
How the Packaging Will Add Value to a Product or Service
A package is a bridge service between the products and the supply chain environment. The appearance of a product should be attractive and appeal to the customer. Primary consumer packaging is an extension of the company to the customer and therefore an important strategic tool for the marketers and the brand developers. It has been established that packaging of the product has a significant effect on its sales (Kerin et. al, 2016). Products that have quality and attractive packaging is appealing and attractive. Incorporating faces of various icons to the packaging is paramount. To boost sales, Automated Cars’ may incorporate its packaging with the face of a famous Icon for instance Oprah Winfrey or Miley Cyrus preparing themselves for an event as the car drives itself.
Good packaging is a gateway to getting to sell slow moving merchandise. Cars are not fast moving goods and therefore, giving it a good packaging is a sure way of getting customers to buy them. Packaging too saves marketers the energy of having to describe the brand to the customers (Kerin et. al, 2016). A good packaging of will automatically upsells the customer without having to ask for the brand. They clear away the doubt when they associate the quality of the package and the brand itself.
Having a good packaging for the cars will save a lot of money in advertising because the family of cars produced may be run through the same advert no matter the number and the type. A good packing too gives a high perceived value for the product that one sells. The efforts that are used in business and the marketing efforts can be solved if the packaging of the product describes it elegantly (Kerin et. al, 2016). It also combines the product and the service without the customer having to pay for them singly. Attaching a manual of the instruction of the products adds more value to the product as an extra service for the customer.
In conclusion, marketing is not an easy venture, but knowing your target group that would help in lighting the fire of your product is a paramount consideration in any business venture. The identity of the young generation by Automated Cars’ Inc. is an asset given that the young generation is adventurous to products that make their lives easier. They are also easily adaptive to new products. The packaging of an item should be given a careful thought for it singles out a given brand from others. It gives a product a market advantage since customers will tend to associate the packaging and the value it has.
References
Kerin, R. A., Hartley, S. H., & W. R. (2016). Markerting. University of Phoerix: Markslirg.
