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Custom Market Plan Essay

Laipac Technology, Inc. is the leader of real time GPS location and tracking technology. It provides valuable products useful to law enforcement, medical services, and the military with solutions to personal tracking devices from parolees to Alzheimer’s patients to those under house-arrest. Laipac is willing to introduce a new product called the LS411 to protect the lives of young children who are forgotten or left. This innovative product will alert a central monitoring station to alert authorities and parents of the emergency using GPS capabilities to zero in on the child’s or children’s location.

The life cycle of the LS411 will include four stages: market introduction stage, growth stage, maturity stage and saturation and decline stage. At the market introduce stage it is important to find the “pioneers” – people who will buy the new product and will show others that it is good and useful. At this stage marketing should be directed to informing people about the product, so at this stage it is effective to use advertising on the national TV. The next stage is growth stage. During this period the sales of LS411 will rapidly, so some early followers will be the main audience of this product. To support this stage the advertising should be continued and the product propaganda should be organised by the marketing department. The maturity stage is the period of time when most of the people will start to use the product – it is the main audience of the firm, it is time when the sales became stable and stop to grow so rapidly as at previous stages. For the marketing department it is time to think about sales days and discounts, the product became brand. Actually, now it is two possible ways of life cycle of the product. The first one is saturation and then decline stage. During this time the sales will decrease and the product will “die”. But it is another way to make product popular again – to improve the product: to innovate it or to make a new design, it is no matter how product would change but it is important that it would come to the first life cycle stage.

Custom Market Plan Essay

Code: Sample20

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