The product development life cycle demonstrates phases through which a product creates revenues or starts to be beneficial for the organization. The income generated is compared to sales alongside time, to produce a curve forming the basis of the product development life cycle. These phases are developmental phase, introduction phase, growth phase, maturity, and lastly the decline phase. It is at this stage that the product is substituted.
The product cycle establishes the most suitable time to change the brand or a particular product. For example, in our case, this time is the time that our PetSmart services will take to reach our clients, also because related costs and time are very crucial. At the preliminary phase, PetSmart will be focusing on the promotion of the various services in the market through both electronic and print adverts and through the utilization of distinguishing features on the adverts.
Our pricing mechanism will be aimed at attracting as many clients as possible since this is the initial stage. Our distribution mechanism will be to identify suitable client locations where we will be able to serve our clients. In our case, this will be in homes for the aging and for employed persons such that only the classified locations and clients are offered our services.
At our growth and development phase, PetSmart’s main aim will be to increase services with distinguishing features. These are services that differentiate us from our competitors The price for our services will be held at a fixed rate as demand is expected to increase. At this stage, it will be important to add the number of service providers; this can be done through distribution agents like secondary companies. To promote our services at this stage, Petsmart will have to consider marketing and serving the wide society.
In our maturity stage, we will have to modify our pet care services to enable the wider public to identify our services from similar services being offered by competitors. It will also be advisable to cut down the price of the services to compete effectively. Petsmart will also have to enhance its market coverage to ensure that both loyal and prospective clients can locate and find available services at any place. Petsmart will seek to guarantee service discrimination as it is apparent that there are many services and service providers in the market. This will be an important action to guarantee distinction
At the decline phase, it will be plain that our service output to the market will decline. It is at this phase that management has to contemplate the introduction of a different competitive service or addition of specialized features to existing services. Petsmart’s focus market will be the local market segment (Bradford, Duncan, &Tarcy, 2005).
Positioning and differentiating strategies
For us to analyze the positioning and differentiation strategies to be applied to Petsmart, it is important to comprehend the meaning of these strategies. A positioning strategy is defined as the process employed by marketers to craft a unique image in customer’s minds, within the company’s target market. A positioning strategy is implemented concerning product brand or service, or overall scale and type of company offering the product or service.
It hence entails the defining market in which the brand service or the product will compete. The positioning strategy aims at establishing potential buyers. In our case, it will involve identifying our service attributes and collecting important data that concerns our targeted clients.
Conversely, differentiation is defined as the process by which a company can distinguish its product or services from those offered by its competitors. As for Petsmart’s case, this will be done to promote either products or services and make them more attractive for the potential target market (Hartman, 2004).
References
Bradford, R, Duncan, P, &Tarcy, B. (2005). Simplified strategic planning. 7th ed. London: Mc-Graw-Hill.
Hartman, Laura. (2004). Perspectives in Business Ethics.8th ed. Delaware: Beauchamp publication.