Johnson 1Kattie JohnsonIntroduction to BusinessMarch 16, 2019Prolonging the Life Cycle of a ProductGeorge Burns was an American comedian whose career had survived through stages of working in vaudeville, radio, films, and television. His performance successfully spanned several decades by means of changing names, collaborating with a partner, and adapting to the latest media. Notably, if Burns could be considered a businessman and his profession a lifelong product, he achieved a life cycle that his peers had been unable to deliver. To recreate such an accomplishment in the modern day, a firm must employ extension strategies involving the four elements of marketing mix: product, price, place, and promotion.
If such innovative techniques are not employed, the business will face decreasing sales or even closure.Product and price are prerequisite of a businesss competitive level since they offer first-hand information for comparison with another supplier. For a product, classified as either good or service, to enter and survive in the market, firms must undertake stages of developing ideas, analyzing potential, testing practical application, and finally launching.
Not only should it deliver on its promises and create specific value it must also be recognizable by a trademark for a long-term commitment with customers. However, in case a brand is too substandard to keep, such as Nathan Birnbaum, marketeers often and reinvent the image. Businessmen can also employ different strategies of pricing such as premium pricing for high-quality product, economy pricing for mass consumption, price skimming to reduce charges gradually, and bundle pricing to sell
Johnson 2multiple products with lower rates. Price fosters balance between the products demand and companys profitability and is thus considered the second most important element.A products proliferation also includes distribution and promotion activities. Although manufacturing is located at one place point, customers are scattered, and hence goods have to be delivered to the stores where it can be easily accessed. Further, pathways to consumers can be found directly from producers if the quantity is sufficient. However, it often involves middlemen namely retailers, wholesalers, and agents to ensure large market coverage. As goods successfully arrive in stores, marketeers promote purchases by conveying informative and persuasive messages. Promotions focus on arousing buyers interest through multiple tools. Advertising, publicity, personal selling, or sales are processes by which business communicates and reaches its potential customers. .