Wednesday, May 1, 2013

In response to Tammy Chou's post

What type of media do you think is the most beneficial and effective? Do you think that one has a stronger strength than the other?

I believe that owned media is the most beneficial and effective type of media. With today's society, social media is a part of everyday life, and people make an effort to stay tuned into social media throughout their day. A lot of the content for owned media is based online, and the online market has been getting more and more popular as the years go by. Owned media can also include blogs. I believe that blogs can tell a lot about a person, or a company, and if a company were to have their own blog, they will be able to reach out to consumers on a deeper level. I firmly believe that social media is one of the strongest ways to market and sell a product with today's society

The Product Life Cycle

The Product Life Cycle is one of the most familiar concepts in marketing. It is a biological metaphor that traces the stages of a product's acceptance, from its introduction (birth) to its decline (death). This cycle has four main stages:

1. Introductory stage
2. Growth stage
3. Maturity stage
4. Decline stage

The Product Life Cycle can be used to analyze a brand, a product form, or a product category. The product life cycle for a product form is usually longer than a product life cycle for any one brand. The exception would be a brand that was first and last competitor in a product form market. In that situation, the brand and product form life cycles would be equal in length.

Can you think of a product that is in the decline stage? If so, why do you think the product is in this stage of the Product Life Cycle?