By Jess Lee
A company’s
product life cycle (PLC) has a significant impact on decisions making when it
comes to media planning as managers will make different marketing decisions at each
stage in a product's life, for instance, from the beginning with the need to
generate awareness for a new product, then ending with the ability to maintain
that awareness.

New Product Entry Points
When a new
product is introduced, the challenge will be the effort to generate awareness
for that product. At this very early stage of market introduction, the use of
traditional print and broadcast media is a proven way to create awareness and
ultimately demand.
Establishing the Preference
As soon as a
product has public awareness, marketers begin creating product preferences
among target customers. Establishing that preference over other available
offerings requires telling the product's story through selected media channels.
For instance, mass media can be considered including social media as it allows
more information to be shared virally.
Competing in a Crowd
Often, this
occurs during a product's mid-life stage where marketers begin to rely on
word-of-mouth (WOM) generated through satisfied customers as well as the third-party
endorsements such as celebrity endorsements.
Maintaining the Awareness
Once a product is established e.g. Secret Recipe, AirAsia
etc., the advertiser's challenge is to maintain that public awareness. At this
stage, mass media platform becomes important in maintaining a general level of
awareness for a product where it also raises awareness among new market
entrants.
Starting Over
A product or service will eventually reach a point of
diminishing returns; media use declines when this happens, provided the marketers
are able to introduce a brand extension or a completely new product. Of course,
the life cycle starts all over again.
In other words, at every
stage in a product's or service’s life cycle, marketers will critically consider
the choices related to generating public awareness, customer preference, demand,
and ultimately the purchase decisions.
3 comments:
In these burning competitions & tough business evenironment it is necessary to have right media planning strategies for promotions & advertisements. global media planning can help your business to gain more profit through getting more customers.
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