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1 MARKETING: STRONG BRAND BENIFITES SAHAR ABU HALEMEH Business administration, University of the people Marketing management: developing a global brand strategy Dr. Joy Akahome December 5,2023

2 The product life cycle encompasses four distinct phases: introduction, growth, maturity, and decline ( Koop, 2020). These stages serve as crucial benchmarks for management and marketing professionals, guiding them on when to adapt their marketing strategies to sustain customer engagement and maintain high product demand. The marketing approach for a product depends on various factors, including the product's style, type, and target market. Marketing strategies evolve based on the specific stage in the product life cycle, whether it is in its early phases or has reached maturity. To illustrate these distinctions, a comparative analysis of two products in different life cycle stages is perceptive. Analyzing self-driving cars during the introductory phase and gas-powered cars in the mature phase in the technology sector underscores the evolving nature of marketing strategies throughout different stages of a product's life cycle. Self-driving cars fixed in the introductory phase due to the ongoing process of their introduction to the public market, despite having been in the public awareness for some time. The introductory phase fixed by the need to garner substantial support from companies and persuade the public that these autonomous vehicles are both safe and worthy of investment. In contrast, gas-powered vehicles have reached the maturity phase, as they fixed and accepted in the market. There is no need to introduce them to the public or convince consumers of their value. While they have not yet entered the declining phase, as they continue to fixed and purchased regularly, it is noteworthy that as of 2021, nearly 90 percent of light vehicle sales, encompassing cars and light trucks, consisted of gasoline internal combustion engines (ices) ( Carlier, 2021). Divergence in marketing approaches becomes apparent during the initial stages of the product life cycle. It necessitates a readiness to "anticipate higher marketing expenses compared to other stages, potentially seeking financial support from investors" ( GoCardless, 2021). This phase also marks the companies' first opportunity to "gauge consumer reactions to the product, assessing preferences and predicting its potential success" ( Sraders, 2021). In the case of self-driving cars, there is a prevailing wariness among people about the product's impact on society, coupled with concerns about its quality. The reason not all

3 cars embrace self-driving technology lies in the ongoing debate about its safety, contributing to a lack of consensuses among consumers. The inherent skepticism among consumers significantly contributes to the elevated costs and challenges associated with the introductory phase. Conversely, mature products such as gas-powered cars have already attained their zenith, facing competition from emerging market entrants like electric vehicles and hybrid cars. "During this phase, pricing becomes fiercely competitive, resulting in reduced profit margins as prices decline under external factors like heightened competition and diminished demand" (Sraders, 2021). Enhancements in marketing tactics vary depending on the specific stage of the product life cycle. During the introductory phase, the marketing emphasis is on generating demand for the product by persuading consumers to make purchases and simultaneously convincing investors to invest in the product. In advising marketing managers in the self-driving car industry, I would recommend a concentrated focus on addressing consumers' primary concern: safety. Despite widespread awareness of self-driving cars, skepticism persists about their safety. therefore, directing marketing efforts toward assuring safety can alleviate these concerns. Targeting investors is crucial, seeking support or securing partnerships with major manufacturers like Toyota, Honda, or Ford. Associating a trusted brand with the product can enhance consumer confidence and willingness to embrace the idea. During the maturity stage of a product, the marketing efforts are directed toward defending against competitors, companies frequently create new or modified products to target diverse market segments. (Sraders, 2021). As a marketing manager, I would prioritize differentiation from competitors. This could include designing uniquely styled cars to appeal to consumers with specific aesthetic preferences or venturing into innovative product types such as hybrid vehicles. Exploring enhancements in various aspects, like interior designs and smart features such as Apple CarPlay, would also be a strategic approach. Additionally, considering the introduction of deals or incentives to entice customers away from newer designs is essential. Following GoCardless' advice, marketing promotions during this stage should

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