Product strategy is a system of achievable objectives and goals that a business aligns together to benefit the cooperation and its customers, bringing out the desired outcomes. A market leader strategy is meant to develop new innovative products to grow a bigger market. This paper discusses the product life cycle in BSN Corporation and its promotion strategy.
A market leader strategy is generally the introduction of a product to the market where BSN will be aiming to grow a broader market. Through developing innovative products in sports gear, the corporation will attract more customers and, at the same time, have a longer product life cycle, thus standing apart from its competitors such as Addidas. BSN should keep its costs down due to the economies of scale; maintain a consistent price with the value that the customers see the product (Scilly, n.d.).
Product Life Cycle
The cycle of a product is a procedure an item goes through when being introduced to the marketplace until the time it declines from the marketplace. The first phase of the merchandise phase is the introduction; once BSN has developed its sports gear, it has to release them to the market to the customers. At this stage, the products are at their high –stake, whereby they may not necessarily sell at the maximum (Sraders, n.d.). During this stage, the BSN Corporation will market and promote its products to customers and see the reaction of the customers; the firm will spend more without the guarantee the item will refund back through sales.
The second stage is growth; customers are now increasingly buying the product as products are becoming more popular; thus, sales are increasing. Competitors tend to notice a new product on the market. Due to the high competition, BSN Company will invest heavily in marketing and promoting the merchandise to beat out opponents. As the item grows, the market expands too, generating revenue, thus the need to improve on its features and functions (Sraders, n.d.).
The third stage is maturity; BSN sports products tend to slow; sales ought to start dropping as pricing tends to get competitive; thus, the margin is shrinking. Marketing at this stage is meant to scare competitors away; thus, BSN might develop altered or new products to reach new markets. At this stage, the corporation has to be innovative to meet the developing technologies; this stage may last longer depending on the product.
Media Methods to Highlight the Product
A newspaper would be suitable to highlight the product through the ad that runs in international and weekly news publications. It can bring in customers in a large number, especially by requesting that the ads run in the section of sports and using color in the ad to catch the eye of the readers. Television ads would significantly improve marketing sales as the ads would be featuring on commercial breaks. When news is being aired or when a telenovela takes a commercial break at this time, most people are watching, thus drawing their attention on the BSN sports product.
Measuring Marketing Activities
Returns on investment will measure the sales revenue an operation will be bringing on each coin spent. It helps regulate the value of the entire marketing operations as it evaluates the quality of information the promotions generate (Kucheriavy, 2018). Cost per win is another metric as it measures the expenses of each sale as it compares the campaigns to each other. The last metric would be incremental sales as BSN will measure the impact of marketing exertions towards the sales figures, thus analyze the campaigns in generating sales and the marketing efforts.
Elements of the Product and Promotion List
Media strategy would help move the BSN products as through the creation of a kind media strategy, the targeted audience engages with the website, thus taking the desired action. Proper media strategies help in increasing and growing brand awareness, grow revenue by increasing sales and increase mentions in the press, through this the products quickly moves and thus expanding the marketing niche
Advertising executions can be an artistic appeal that communicates to the customer passing through an important message (Zabanga marketing, 2020). How the ad is executed is essential, a testimonial would be better as a customer speaks of his experience with the BSN sports products over the past few years of using them. Executions are meant to lure customers into buying more products to others' experience.
Public relations strategy would help, especially when the products are in motion as it is free. Effective public relations should communicate to customers to improve the corporation's image, increase interest in a product, defend BSN products that have been tarnished from negative media, and generate more revenue through the greater awareness of the products the company offers (Berry & Wilson,2020).
Berry, T., & Wilson, D. (2020, February 17). Public relations marketing. Business Know-How. https://www.businessknowhow.com/marketing/prmarketing.htm#:~
Kucheriavy, A. (2018). Marketing effectiveness - How to measure your marketing success. Intechnic. https://www.intechnic.com/blog/marketing-effectiveness-how-to-measure-your-marketing-success/
Scilly, M. (n.d.). List of product strategies. https://smallbusiness.chron.com/list-product-strategies-18636.html
Sraders, A. (n.d.). What Is the Product Life Cycle? Stages and Examples. TheStreet. https://www.thestreet.com/markets/commodities/product-life-cycle/
Zabanga marketing. (2020, April 24). Advertising execution - Marketing communications - Zabanga marketing. Zabanga Marketing. https://www.zabanga.us/marketing-communications/advertising-execution.html
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