Marketing Assignment 2 BENG Essay Example | Topics and Well Written Essays - 1000 words

Marketing Assignment 2 BENG - Essay Example does it offer sufficient growth rate to warrant investment, and how strong the company vis-Ã  -vis its competitors in the industry i.e. how much market share it command in the industry. Estelami2 stated that BCG matrix can also be employed under product elimination decisions (55-56). Thus using this model, the company can plot all of the its businesses or products in the matrix and identify the best strategies for businesses (product) in various categories. Thus, the model gives clear guidance to a company as to how it should go about its investment decisions. The concept of product life cycle is based on the concept of human life cycle. According to Kotler & Keller (2007)3 products passes through various stages of their lives. At each stage the position of the product in the market is different and thus it have to respond accordingly. To help that marketers can use various strategies suggested for the various stages. Drive Thru – This is in the growth stage marked by recent surge in the number of drive thrus that are witnessed. There life cycle will stretched, given the busy life styles; people would love to have them. Cart and Kiosks - It have been the earliest form of coffee shops, though earlier mostly managed by unorganized nondescript market players. Then the sophisticated organized players taked it up and have introducing a lot of innovative features in to it. So I would say the organized players resuscitated this product form. Currently the product will in maturity stage given the kind of competition we see. Growth stage - Marked by the entry of competition, the stage witness a segmented approach to marketing and separate marketing mix to various segments. The firm may go for skimming by lowering the price; the product will have new features and improved versions; the advertising would shift from product awareness to preference building. Maturity Stage – This stage witness heavy price discounts and trade promotion.