New Product Development and the Product Life Cycle – Lumia 532 Dual SIM
This paper analyzes the new smart phone, Lumia 532 Dual SIM, development and its product life cycle. This new smart phone from the Nokia Company before hitting its journey through the four product life cycle stages has to be developed first. The huge part of the company’s manufacturing process is the development of the new product to suit the various divergent market demands and preference.
The rapid advancement in new technologies, the constant change in customer attributes and needs, and the gradual rise in competition calls for Nokia Company to adopt New Product Development (NPD), to be a critical necessity and an inevitable business practice.
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Product life cycle stages
The introduction becomes the most challenging stage of the product life cycle to a business as it is expensive to launch a new product into the market. The market size for the new product is still small resulting to lower sales but it is expected to increase gradually. There is also high cost of product advertisement, consumer testing, and research and development due to the competitiveness of the telecommunication sector.
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This stage experiences strong sales growth accompanied with high profits as a result of benefits associated with economies of scale in production, as well as greater profit margins.
At this stage the product has an established grounding on which the manufacturer therefore maintain the market share they have built up. Investing in marketing at this stage becomes very critical as this stage is marked with great competition edge (Wells & Adler, 2000). The search for a competitive advantage is inevitable as consideration is taken into the products modifications or improvements within the production process.
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Finally, the market share of the product shrinks. The shrinking could be due to market saturation; all customers have purchased the product, or may the consumers tend to switch to different kinds of products.
Marketing tactics and strategies
The research by Ball & Mississippi State University, (2013) showed that the use of prominent and renowned personalities in linking them with the product gives the particular a great platform of influence as the inherent social followers and fans of the personality are likely to give the product a try.
The organization of promotional platforms and invitation of influential people to be part of the event participants, like corporate function, dinner or hosting an online event becomes crucial to the marketing intern as this is meant to drive attendance, impress clients and motivate workforce.
An approach to product branding
The approach towards branding the new product that I would use is the;
This calls for the marketer to seek partner with another firm. Following Swan & Zou’s (2012) work, the firm to partner with should have an established brand and thus it is hoped that such partnership would be more powerful than a single brand.
Ways to convey the advantages of the company’s products
Use of a website
Nowadays marketing entails use of the website platform in order to reach a worldwide arena. Conveying the advantages of the company’s products through website becomes cheap and convenient (Burton, Parker & Lawley, 2012).
Use of print media
According to Spoelstra (2014), making advertisements over local print media is another convenient platform of conveying a product information to the general public and thus widen the market share through information reach to various people.Order Unique Answer Now