The Life Cycle of Products free essay sample

In today’s market place, segmentation is a crucial strategy for nearly all successful companies around the world. A good example is Canon Corporation who makes a line of compact digital cameras. Now Canon sales for digital cameras have rapidly increased every year since they first introduce this line of camera. Canon’s whose continued growth must be attributed to larger profits margins and continued funding of research and development. Research and development is one of many keys to continued growth in a market place. As more people continue trying and purchasing these updated products, chances increase for repeat customers to continue coming back to Cannon for their photography needs. Canons photography segmentation market is divided into two major groups: demographic segmentation and psychographic segmentation. Today’s families and individuals, who are using photography to capture memories and important moments in their lives, are grouped under demographic segmentation. As for the psychographic segmentations it will include all professionals as well as skilled amateur photographers who enjoy the art of taking pictures. We will write a custom essay sample on The Life Cycle of Products or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As Canon’s product reaches the growth stage, they tend to have increased competition, and higher sales volume than opposed to the introductory stage. If I was to advise Canon it would be to focus on customer satisfaction and continued product improvement rather than profit margins. As Canon enters the growth stage, its competition with Sony and Samsung digital camera continues to divide the marketplace into the more features for your buck segment. Today, Canon has continued to enhance its current product line with advanced focus and wireless transfer capability. (DP Review, 2013) These developments of advanced technologies will allow them to venture into new areas of the marketplace while also attracting a new younger consumer base. Recently there has been a lot of discussion over these three brands and who will come out on top of the compact digital camera market. Hewlett-Packard (HP) newest tablet was designed for the businessman and government officials in mind. During the Introductory stage of the HP tablet computer, the sales were very low because of the Apple I-Pad competition. During this stage, the HP tablet had a few competitors such as Apple’s I-Pad platform, Amazon Kindle Fire, and Samsung Note 2 tablet. However, it turned out that Microsoft didnt manage to beat Apple to the punch and release a breathtaking tablet at the Annual Consumers electronics show. What HP unveiled was something like a portable phone yet as powerful and fast as a desk top PC. The HP tablet was basically, a color e-reader that runs on Amazon Kindle software, with few other details besides a low end price point of $500 dollars. As we enter the introductory stage of this tablet, there is going to be many ups and downs for HP. The Hewlett-Packard tablet computers were a demonstration of a great idea for those who are very busy and who dont have a whole lot of time to load up a laptop. This great idea should be promoted in places such as electronic shops listing all of the features on it, and demonstrated that it can do a lot more than any other tablets on the market. (hp, 2013) Therefore offering the product at lower prices than the competition will be a perfect marketing strategy to increase revenues and concentrate on offering replacement warranty in case of product malfunction. The infamous manual can opener has two major advantages over any other can opener on the market. First, theyre small, portable and easy to store in any drawer. Next, they dont require electricity to operate, so no cords and wall plugs to ever worry about. As for the downfall to manual can openers; they are harder to clean and more difficult to use. If you had strength issue, then it would not be your first choice. While more and more people are buying electric can openers, I would lower the price, and strength the material it is made from to improve its durability. There will always be a need for them as long as we have canned food on the shelves because they are small, cheap, and easy to store. Currently they do have small battery operated model that are easier for people with health problems to use, but what I like is my Pamper Chief model. (Pamper Chef, 2013) It was designed to cut the side of the can versus the top of the can allowing you to put the lid back on the can. During the decline stage of marketing sales drop dramatically so there are two things marketers can do. Either get rid of the product all together or harvest the product and keep it in the market just dont advertise it as often. The manual can opener should stay in the market so that if there is a customer that has a special request for the product it can still be found in the market. That way you are still meeting the customers’ needs and wants without having to spend extra money on advertisement. In the way of Pamper Chef, the cutting of the side of the can allows you to place the lid back on top of the can. This new market place caters to high end kitchen gadgets. So in conclusion I have learned in doing this assignment that if you use marketing principles for products such as the ones I have listed above, then you will be able to look at the growth, introduction, and the decline stages of each one. You will also know more about your revenue in these stages and what to expect when you market them. Next you must figure out where to market them and to whom you should focus on. Lastly you should determine how much to market each product so that the customer is always satisfied when looking for the products they want.