SCHOOL OF TECHNOLOGY

ASSIGNMENTS FOR BACHELOR OF SCIENCE IN APPLIED COMPUTING

BBIT: 03104 /BAC 3205: MARKETING MANAGEMENT

GROUP H
MEMBERS:
1.Gabriel Gitonga 21/08375
2. Joseph waweru 21/06641
3. Collins Ndururi 2200546
4. Kiprono Derrick 21/06943
5. Mwobobia Vivian Mukiri 21/07047
6. Fambrum kimanthi 23/04242
7. Kenneth Njenga 21/07301
8. Peris Ogamba 23/06655
9. Aaron Kayere 23/06581
10. Shalom Githaiga 23/04346
11. Caleb Karani 21/04682
12. Wycliffe kibeth 19/06111
ASSIGNMENT TWO ( 10 MARKS)
ABC Company wants to develop new software in the market and launch a new
product on the market. As a marketing manager you are asked to explain to
management
a) Product development process

1. Generation of Ideas
Market research is also needed to identify gaps in current solutions and
customer needs. Study trends in the behavior of the market, competitors,
employees and customers. Assemble unique features that can give the
program an edge over competitors.
2. Testing of Ideas
Seek gaps that might be able to address issues for customers or generate
demand in the market. Analyze the concepts' success, profitability, and
alignment with the goals of the business. Perform a SWOT evaluation.
Remember to choose the most appealing option before continuing.
3. Developing and Testing Concepts
Create a thorough product concept that includes the characteristics, target
market, and special selling aspects.
Make a software wireframe or prototype.
To gather opinions from possible users, hold focus groups and surveys.

4. Analysis of Business
Calculate the expenses, return on investment (ROI), pricing strategy, and
possible revenue.
Evaluate any hazards and difficulties.
Make the decision to move forward with full-scale development.
5. Development of Products (Software Development)
Create the product by having the software development team write the
code and build the product itself. To get information and make changes,
apply agile technique. Alpha testing should be done to verify the product
internally.
6. Examining the market
Publish a beta that real users can try.
Collect user feedback and enhance the app before final launch.
 Test some marketing strategies and see which works best.
7. Product Launch and Commercialization
Design a plan for marketing and launching, such as partnerships,
promotions, and advertising.
Deploy the software across the relevant platforms including the web,
mobile, app stores, etc.
Create teams for customer service and sales.
8. Evaluation and Improvement Following Launch
Watch for technical issues, sales, and customer reviews.
Serve hotfixes and updates based on the users experience.
Plan for future functionality or improvements.

b) The product lifecycle concept and the possible marketing strategies the
company should adopt at every stage (Use a diagram)

Stages

There are four stages of a product’s life cycle, as follows:

1. Market Introduction and Development

This stage of the product life cycle includes formulating marketing strategies,
typically by spending money on advertisements and marketing so that clients can
learn about the product and its advantages.

Sales tend to be low at this stage as demand is stimulated. The journey through
this phase can take a while, depending on the complexity of your product, the
degree of innovation, how well you meet customer requirements and the
competitive environment. The new product developed to fit the requirements
increases the chance of success. But so many products fail at this life stage that
stage two is never reached. This is why many companies would much rather follow
an innovative pioneer by modifying an existing product and releasing their own.

2. Market Growth

If a product successfully navigates through the market introduction it is ready to

enter the growth stage of the life cycle. This should see growing demand promote
an increase in production and the product becoming more widely available.

The steady growth of the market introduction and development stage now turns
into a sharp upturn as the product takes off. At this point competitors may enter
the market with their own versions of your product – either direct copies or with
some improvements. Branding becomes important to maintain your position in
the marketplace as the consumer is given a choice to go elsewhere. Product
pricing and availability in the marketplace become important factors to continue
driving sales in the face of increasing competition. At this point the life cycle
moves to stage three; market maturity.

3. Market Maturity

At this point a product is established in the marketplace and so the cost of

producing and marketing the existing product will decline. As the product life
cycle reaches this mature stage there are the beginnings of market saturation.
Many consumers will now have bought the product and competitors will be
established, meaning that branding, price and product differentiation becomes
even more important to maintain a market share. Retailers will not seek to
promote your product as they may have done in stage one, but will instead
become stockists and order takers.

4. Market Decline

Eventually, as competition continues to rise, with other companies seeking to

emulate your success with additional product features or lower prices, so the life
cycle will go into decline. Decline can also be caused by new innovations that
supersede your existing product, such as horse-drawn carriages going out of
fashion as the automobile took over.
Many companies will begin to move onto different ventures as market saturation
means there is no longer any profit to be gained. Of course, some companies will
survive the decline and may continue to offer the product but production is likely
to be on a smaller scale and prices and profit margins may become depressed.
Consumers may also turn away from a product in favour of a new alternative,
although this can be reversed in some instances with styles and fashions coming
back into play to revive interest in an older product.

Product Life Cycle Marketing Strategies

Development Stage Marketing Strategies

You don’t need to wait until your product fully launches to begin to build
customer interest. You can place your product with selected voices in your
industry to start to build a ‘buzz’ around your upcoming product or promote a
limited release to create an air of exclusivity and build anticipation for the full
market release. An early, limited release can create positive feedback that can be
used to build awareness and excitement around your product.

Introduction Stage Marketing Strategies

With the full launch of your product you can begin to promote it in earnest. This
could include reaching out to industry experts or influencers within your target
market who can review and promote your product, using their endorsement to
create credibility and reach a wider audience. This stage is all about educating the
marketplace about the key selling points and benefits of your product.

Growth Stage Marketing Strategies

At this point the focus shifts to establishing a brand presence to create customer
loyalty over any competitors. Marketing strategies at this point can include social
media advertising and promotion, search engine optimisation (SEO), content
marketing and partnerships with industry experts or influencers. Companies will
also seek new distribution channels, add additional features and develop support
services. Exploring new markets and e-commerce platforms as well as partnering
with retailers could also boost your customer base at this point.

Maturity Stage Marketing Strategies

As your product reaches maturity, you may feel that you can rest on your laurels
and reap the rewards of having an established product in the marketplace.
However, work is still required in order to position yourself as a leader in your
field and differentiate yourself from your competitors. As with the introduction
stage, you could seek to educate the marketplace, except this time it will be from
a position of authority, letting your customers know about the benefits of your
product. This can be achieved via blog posts and industry insights. In addition, you
will want to continue improving your product, offering more features for
example, and informing your customer base of the improvements and their
associated benefits. This will help protect your product or business as you reach
the saturation stage…

Saturation Stage Marketing Strategies

Once the market becomes saturated you will need to lean into your brand and
how it differentiates you from the competition. You can tailor your marketing
efforts to appeal to specific customer segments in your market, highlighting their
preferences and needs. As well as directly targeting parts of your market, you
need to strengthen your relationship with your existing customer base. A more
personalised customer interaction, new product features, special product bundles
with similar items, exclusive packaging options, product personalisation, and
customer loyalty programmes are just some of the techniques that are used
according to product and industry. This is when the competition will be at its
highest and there may not be many available tweaks to your product, so excellent
customer service is vital in order to maintain a good position in the marketplace.
To stay at the forefront, your customers need to know your product (and
business) is the best – and you need to back it up with your product, service, and
delivery. Good customer testimonials are a good addition for your marketing plan
at this time.

Decline Stage Marketing Strategies

Companies don’t want to see their product go into decline, but sometimes it can’t
be avoided. When the entire market goes into decline – as was the case with
video cassettes – it might be impossible (or at least inadvisable) to fight against
the tide. However, a decline doesn’t always mean a total collapse and strategies
such as improved advertising campaigns, reduced prices, new product features,
improved branding, or even new market penetration can allow you to flourish
while other, lesser products fall aside as the market balances out. The key is in
emphasising the superiority of your product and professionalism, using many of
the same strategies from the saturation stage. Of course, if a product goes or is
going obsolete, then it is best to plan for a timely exit from the market or a pivot
to new products.