Marketing Planning Essay Example | Topics and Well Written Essays - 1500 words - 2

Marketing Planning - Essay Example At this point, it is essential to note that customer satisfaction and sustained marketing of a product could still alter the life of a product in the market by extending its relevance. When marketing planning is considered in terms of the product life cycle aspect, there are two things that come into play and these are theories as well as practices regarding the marketing phenomenon and the characteristics of how viable the product may be regarded to be (Drummond & Ensor, 2001, pp.112-118). The whole argument is based on the fact that products generically do show a number of elements that are both abstract and concrete which do define the claims that a user has over the product, expectations on use, and the degree at which he or she is satisfied. This paper takes a look at marketing planning through the model of product life cycle. The organization in practice is Samsung. Analysis In marketing planning, product life cycle consist of five major phases. ... roducing a new product into the market because the product life cycle directly affects the sales volumes or performance (Hata, et al., 2000, pp.34-39). Samsung does take its product marketing planning through the above phases and when a product reaches the decline phase, it is re-engineered through R&D to extend its life cycle (Westkamper, 2000, pp.501–522). Figure 1: Product Life Cycle Product development phase This starts with the company finding and developing a new idea about a product. At this stage different aspects of information regarding a product are translated and incorporated into a single or unified product that is considered new. The product is taken through various changes that demand more time and money at this development phase and this must be done before exposing the product to ultimate consumers through pilot projects (Rose & Ishii, 1999, pp.41-51). When a product does successfully go through the test market, it is introduced into the actual marketplace and this does initiate the introduction stage for the product where marketing activities pick up intensively. This product development phase exhibits zero sales as well as negative revenues are experienced, marking a period of absolute spending without any form of monetary returns. In the case of Samsung, the product development process is very intense with a lot of consumer consultation in order to incorporate all or most of the specifications needed by the customer where possible (Olhager, 2003, pp.319-329). Introduction phase Introduction of the product into the market is done after the development phase. At this point, Samsung’s electronic products normally will exhibit low sales volumes because the customers are not well aware of the product’s existence in the market while some are not