Product Life Cycle: VR Headset Vs TV
Product Life Cycle is the length of time start from when the product is introduced to the market until the market decline the product due to various reasons (Kopp, 2020).
According to Ahmadi (2019), The marketing managers create a marketing plan as their product move through the life cycle therefore they need to understand in what stage their products are to be able to forecast future sales and adjust their marketing strategies with the real market condition to prolong their product life cycle.
VR Headset — Introduction Stage
VR or Virtual Reality technology was invented to create realistic 3D images or environments that humans can discern as real and even allow them to interact with. (Lacoma, 2018). VR Headset was created as a device to accommodate interaction between the software includes the hardware itself with humans as consumers. Even though this technology has been around for several years the market is still as big as, let say, smartphones. In this introduction stage, the VR manufacturers need to do adequate R&D activities including promotional activities to generate customer awareness. (University of Minnesota Libraries Publishing, 2015)
If I were a marketing manager for this product, I would like to recommend the VR manufacturers to collaborate with Game Developer Companies such as Steam or Nintendo to work together and create VR-based games. For example, working together with Nintendo for the new Super Mario game that allows the player to explore the game world using a VR headset.
Another improvement strategy that can be suggested is to have distributed the VR headset to the local game centers so that people can try it. The manufacturers also can give promotional coupons for the prospective customers who are attracted to buy their products.
TV — Maturity Stage
Almost every household in this world has at least one TV. TVs have been part of the popular consumer electronic ecosystem for decades. This is because TV manufacturers have been able to innovate adapt to the new technology. Smart Function, 3D, Ultra HD, and so on were the proofs of their efforts to keep up with the latest technology (Kennedy, 2019).
Since the TV industry has been matured for so long, the TV industry mostly spent their resource on innovation to catch up with customers’ needs and the technology available. Conventional advertising methods such as TV commercials, sponsoring sports events, and promotional events at shopping malls are still effective for matured markets such as TV.
If I were a marketing manager of this product, I would like to recommend an improvement strategy in their marketing channels. TV manufacturers can improve on their digital marketing (Social Media Marketing, Improve their SEO, etc). For example, using Facebook Page or Twitter Page as their Customer Service channel where the customers can interact directly with the CS staff. Another strategy I could recommend is to expand the distribution into the online marketplace such as Amazon.com more than the usual vertical marketing system that consists of manufacturers, wholesalers, and retailers. In the future, the online marketplace will be the biggest shopping mall we can ever imagine. Therefore, TV manufacturers should be able to catch up with the trends.
References
Ahmadi, F. (2019). Marketing strategies in the product life cycle. UCT JOURNAL OF MANAGEMENT AND ACCOUNTING STUDIES, (02). https://doi.org/10.24200/jmas.vol7iss02pp32-36
Principles of marketing. (2015). University of Minnesota Libraries Publishing.
Kopp, C. M. (2020, May 11). Product life cycle. Investopedia. https://www.investopedia.com/terms/p/product-life-cycle.asp
Levitt, T (1965). Exploit The Product Life Cycle. Harvard Business Review.
Lacoma, T. (2018, March 25). Learn the basics of VR: Here’s everything you need to know about virtual reality. Digital Trends. https://www.digitaltrends.com/computing/what-is-vr-all-the-basics-of-virtual-reality/
Note:
This article is written based on University of The People Marketing Management (BUS 5112) written assignment by Fristy Tania in September 2021
