Organizations need to have a clear roadmap of the product or service they propose to introduce in

the market. Products or services introduced have to meet the unmet desires and demands of customers
by all means. Thus, it is crucial during strategic planning and marketing to formulate a product strategy
that offers the direction of the company’s activities and meets customers’ attributes. Also, business
needs to have a plan and vision on the potentiality of their products to understand where in the product
life cycle, their products can receive challenges, grow, or even decline. Product strategies act as the
foundation of the product life cycle and path to future product and company development. Therefore,
the article will cover a product strategy that will address the growth, maturity, and decline stages of the
product life cycle, media methods, measures of marketing activities, and elements of product and
promotion.
Product life cycle
A product life cycle offers a path map for products or services introduced. It describes the four
essential stages that products or services must meet in their development in the market. Basically, the
four stages are introduction, growth, maturity, and decline. The four stages each indicate the period a
product has to undergo in the market. The introduction stage, which is the first, the key objective is to
inform the target audience and push the product into the market. In the growth, stage products are
commonly associated with high sales and profits, while in maturity Stage Company’s main focus is on
maintain market shares and sustain its growth. In the decliner stage, products shrink, and the markets
become more saturated with new products that pose competition. The four stages play a significant role
in Walmart's corporate products and services development. However, the focus will be on in
cooperating product strategy on growth, maturity, and decline stages.
Growth stage
The growth stage is associated with increased sales volume, profits, and market shares. Thus
Walmart corporates need to seek strategies that fully maximize this opportunity. The key focus should
be on improving product quality, enter new market segments, and shifting marketing messages from
product awareness to product preference. In addition, Walmart corporate should spend more on
promotional activities to maximize potentials during this stage.
Maturity stage
At the maturity stage, sales are usually in their peak season. Thus companies need to modify
marketing strategies to prolong the life span of their products or services. At this stage, the product
becomes more competitive as the market gets more saturated and new products introduced.
Companies can either opt to modify their product or market to remain competitive.
 Decline stage
When the product receives a lot of competition, its sales and profits may gradually decline, which
may be a result of customers shifting their preference, technological advancement, or availability of
more suitable product alternatives in the market. Therefore, the company needs to start saving more by
reduces promotional expenses and distribution outlets. The company also needs to focus on less
expensive markets to capture some profits.
Media methods
Technological advancements have greatly impacted media methods of product development,
growth, and promotion. Precisely, media strategies have been categories into two main methods; print
and non-print methods.
The print method involves the traditional advertisement modes, where the business used printed
media to deliver product or service information to its customers. Customers can get information either
through periodical advertisements, direct mail advertisements, or point of sales advertisements. The
method effectively works in remote areas where internet access is challenged.
On the other hand, non- print method entails transmitting product or service information
electronically or digitally. In electronic media, information can be passed through cell phones, radios,
television, among others, while for digital, advertisements id done online. That, companies use websites
and social media platforms such as Twitter and Facebook for advertising their products.
Measures of marketing activities
It is important to a follow up of product performance and customers’ response to a new product.
Thus any relevant data regarding the new product or service need to be obtained and analyzed to
measure the marketing activities of that particular product. Besides, it is a simple way for companies to
keep track of daily operations and performance of the product. However, the data collected need to be
categories based on marketing goals, performance indicators. Moreover, the company needs to have a
plan on how to gather the performance information and those who will be held responsible for
collecting, analyzing, reporting, and interpreting the data.
Elements of product and promotion
Elements of product and promotion help businesses in selecting the best strategies to promote their
products and services. All elements are equally important, though it will cover advertising execution,
direct marketing, and public relations strategies.
Advertising execution
 Businesses use advertisement execution strategy to communicate new products or services to their
customers by offering an impersonal presentation of the new product prices, merits, and availability to
the customers. However, there are three distinct features; impersonality paid-form an identified
sponsor. In which impersonality offers communication without the necessary face to face contact of the
advertiser and customer, the paid form requires sponsors to pay for the advert by covering
communication cost, and identified sponsor involves individuals offering the advertisement.
Direct marketing
Direct marketing is focused on satisfying customers. The company opts to directly sell their products
to the customer via face to face interactions. Its main features are better response, two-way
communication, convincing power, and personal interaction.
Public relation
Public relations is based on ensuring that the company builds a mutual relationship with the public.
Businesses achieve this by evaluating public attitudes and selecting business policies and practices that
are in favor of public interests.
Conclusion
In introducing new products or services, businesses have to strategies on the most appropriate
approaches and methods to communicate with the customers. The formulated strategies need to have a
business plan for the product life cycle in order for the product to remain competitive and have a long
span in the market. Walmart corporate is well not for its success in sustaining all its products and
services in retail stores, groceries, and malls. It has attained great achievements through its promotional
and product strategies.