International Journal of Business and Management Tomorrow

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Product Life Cycle and Brand Management Strategies

ALABAR, T. TIMOTHY, Department of Business Management, Benue State University

Abstract
In this stage of rapid change, organizations must relentlessly improve their product processes and systems if they hope to outperform their competitors. Knowing what the product goes through can be of immense assistance in determining the corresponding marketing mix, especially (in this paper) brand management strategies. Thus, the paper is set to understudy the product life cycle and its brand management strategies. The article has therefore shown that products undergo some stages of life existence, ranging from born, develop, age and die. A lot of factors were accounted for, and importance of the product life cycle highlighted. The paper further takes a look at the various views of scholars on the brand concept, as well as the value of branding to management. Finally, the study shows that as products move through their life cycle process, different brand management strategies are developed and applied as appropriate.

Introduction
In a normal course of a products life there are several factors which can and do affect the products fortune in the market such as changes in the customers needs, technological innovations, competition and other aspects of the marketing environment. Competition is strong and fierce in most markets, the availability of mass communication impact greatly on customers needs and preference, as well as the high rate of technological explosion tend to shorten certain brands life cycle. This calls for a firm to keep developing, new brand products, as well as modifying its current brands, to meet changing customer needs and competitors actions. When new products are developed or modified, such products should be able to make a comparison with competent brands more favorably. And when a brand has an advantage over other competing brands, such a ISSN: 2249-9962 February|2012 www.ijbmt.com Page | 1

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brand should be managed so as to increase the products perceived value to the customer, thereby increasing brand equity. Marketing executives are therefore expected to be aware of the product life cycle concept because it can be a valuable aid in developing brand management strategies that can sustain an organisation. The paper therefore set to examine issues relating to the product life cycle as well as brand management strategies as applied in each stage of the PLC. Such a discussion will help management of organizations that produce tangible products in meeting customers at their point of needs.

Meaning of product
The product is an important component of the marketing mix. It determines whether the organisation survives or dies. Busch and Houston (1985: 354) see a product as anything capable of satisfying a consumer want or need. It can take a variety of forms, including a physical object, a service, a place, an organisation, an idea or a personality. Nwokoye (1981:95) sees a product as a bundle of physical and psychological satisfactions that a buyer receives from a purchase. This includes not only the tangible object, but also such supportive elements as packaging convenience of purchase, post purchase services and others that buyers value. Schewe and Smith (1980:224) recognized the traditional expanded approaches to defining a product. Under the traditional approach, a product is seen as the entire bundle of utility that is offered by a marketer to the market place. This bundle contains a potential for satisfaction that comes in part from a tangible, objective feature of the product. Satisfaction is also derived from the intangible, subjective features of a product. This accounts for why some people may prefer to buy higher priced goods than their cheaper counterparts. Functionally, the products may serve the same purpose but this is not enough for an ego-conscious consumer. Products can also be viewed from the angle of the benefits they offer. For example, the best satellite TV service may not be the one with the highest number of channels but the one that may include a local channel that a consumer wants to watch. The expanded approach to product definition recognizes each brand as being separate. It sees Omo blue detergent as different from elephant blue detergent. Viewed from this perspective, the only difference among products is in their brand names. The true difference may exist only within consumers minds. It therefore follows that the psychological satisfaction of product is the only real basis for comparison and for marketing. An analysis of the above definition shows how wide the product concept is. It is more than just a physical good with its related features. It involves accessories, installations, instructions on use, the package, a warranty, a brand name and confidence that service will be available after the purchase if it is needed (McCarthy, 1981: 267). The other names to a product as put by Olakunori (1999: 164) include offering, offer, package, value, bundle, and commodity, among others. It should be noted that, the essential vehicle for the provision of consumer satisfaction in the market place is the product or service that the company offers. When an offer is tangible or has physical nature it is called a product. Products that are immaterial or intangible are called services. Those products which ultimate users buy for their final consumption are called consumer products, while those bought for resale or for producing other items intended for sale are industrial products.

The Product Life Cycle (PLC)

The product life cycle (PLC) is an important tool for analysis and planning of the marketing mix activity. According to Wells et al. (1995: 96) Theodore Levitt introduced the concept in an article in the Harvard Business Review in 1965. It is based on a metaphor that treats products as people and assumes they are born (introduced), develop (grow), age (mature), and die (decline). To Morden (1991: 240), the product life cycle represents recognition of the fact that most products will only have a finite market life be it short as in the case of fashion goods or long as in the case of certain types of industrial equipment. In contributing to the topic, Kotler (2000:303) sees the concept as implying the following: i. That the product has a limited life i.e. cannot or may not be able to go on in perpetuity except definite ways are found to reinvent the product so as to always establish its relevance or importance to society. ii. The product sale passes or undergoes different stages with each stage posing its own challenges and problems for the seller.

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Profits also rise and fall at different stages in the life of the product as a result of its sales overhead costs incurred in the sales and production of the product. iv. These products require different marketing, financial, manufacturing, purchasing and personal strategies or assistance at different stages from the marketing people so as to maximize the benefits or potential open to the product. The concept of the product life cycle thus suggests that any good or service move through identifiable stages, each of which is related to the passage of time and has different characteristics. Thus, the product life cycle has the following stages as demonstrated by Bearden et. al. (1998:253). (i) Introduction stage (ii) Growth stage (iii) Maturity stage (iv) Decline stage Graphically represented below:

The Product Life Cycle

Maturity Stage

Industry sales

Industry profits

Time

Source: W.O. Bearden, T.N. Ingram and R.W. Laforge, Marketing: Principles and Perspectives (Boston, USA: Irwin, McGraw Hill, 1998), p. 252. This cycle varies according to industry, product, technology and market. Also, two curves are shown in this figure, total industry sales revenue and total industry profit, which represent the sum of sales revenue and profit of all firms producing the product. The reasons for the changes in each curve and the marketing decisions are discussed in the product life cycle stages. 1. Introduction State: The introduction stage of the product life cycle occurs when a product is first introduced to its intended target market. At this stage, sales grow slowly, and profit is minimal. Buyers are unsure about the product and it is not stocked by all distributors. The product is adapted as customers provide feedback. Sales are only increased by introductory price offers and advertising support. If purchasers are satisfied with the product, its reputation will spread and it will enter the growth stage. 2. Growth Stage: This stage is marked by a rapid climb in the sales of the product especially the early adopters like the product and the middle class majority is beginning to start patronizing the product. New competitors enter the market with different product versions arising from the increasing number of potential customers. Since it may be vital to the success of a brand to obtain the widest possible distribution, negotiations with these key distribution players are essential. 3. Maturity stage: No product or market can grow forever; eventually all the significant uses will have been developed. The sales curve will flatten and the market or product will have reached maturity. Profits peak, and then begin to decline, reflecting intensified competition, especially on price. Demand is also fairly stable at this point in time with no sudden upsurges or downward dip in the sales of the product. At this stage also, emphasis is on reducing the costs of production in order to maximize returns; but a better way of satisfying consumers need will almost certainly be provided by another new product and the decline stage will be entered. 4. Decline Stage: This is the period when sales continue a strong downward drift and profits erode rapidly toward the zero point. The decline may be slow or rapid. Some of the factors that account for this stage are: Page | 3

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(ii) (iii)

Technological advances which can render the product line obsolete, an example, the gramophones as opposed to radios, record players as opposed to CD and DVC players, etc as well as its accompanying line of products. Increased domestic as well as international competition which throws open some new lines of products which the consumers were not aware of before. Another reason may be a shift in consumers tastes, which is common in the clothing industry.

Why Product Life Cycle is Useful

According to Osuagwu and Eniola (1998: 104), the product life cycle has three major reasons to management of organizations. These include: (a) (b) Forecasting sales: It helps to forecast sales at different stages of the product life cycle. It suggests different marketing strategies at different stages of the product life cycle. Precisely, the marketing programme should contain all appropriate mix in product quality, price, distribution, promotion, and mega-marketing strategies. (c) It shows the importance of planning for the totality of a new product or service from its introductory stage to the decline or disappearance of the product in the market. Since products and services have limited life cycle, it is important for marketing managers to plan the replacement of their expired brands. This leads us to brand management, which is concerned with profitably extending the life cycle of the brand.

What is a Brand?
The brand is a focal point for all the positive and negative impressions created by the buyer over time as he comes into contact with the brands products, distribution channel, personnel and communication. A company by concentrating all its marketing efforts on a single name helps the name acquire an aura of exclusivity (personality/image) (Shiffman and Kanuk, 1997: 117-118). For example, when you think of buying bread in Makurdi, what product name comes to mind? A brand as defined by Berkowitz et al. (1997: 329) is a name, phrase, design, symbols or combination of these to identify its products and distinguish them from those of competitors. While Kotler and Armstrong (2004: 255), see a brand as a name, term, sign, symbol or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. Just like we have individual names in the society that make us different from others, so is branding in the product circle. Cannon (2005: 289) was of the view that some brand names have become so powerful that they have taken shadow of other brands in the same product line. Example, Maggi is considered a brand name for all seasonings, Omo for all detergents etc. in Nigeria. Brand names given to products come in many different forms. There are brand names based on people (e.g. Mutshibishi, Honda, Chanchangi Airlines, etc), place (e.g. British Airway, Nigerian Airway, etc), animals or birds (e.g. Lion Brand of Cement, Flying Eagle, Football Club of Nigeria, etc) or other things or objects (e.g. Apple Computers, Peak Milk, etc). Using the above definitions as a foundation, Aaker (1997: 347-356), examined the six levels of meaning a strong brand may convey. (1) (2) Attributes: A brand brings to mind certain attributes. Example, Mercedes suggest expensive, well built, well-engineered, durable, high-prestige automobiles. Benefits: The prestigious feeling one has in purchasing a Mercedes will make the consumer have an emotional feeling which will make the consumer feel important and have a sense of belonging to a high class. A brand can be better positioned by associating its name with a desirable benefit. Values: The brand also says something about the producers values. Mercedes stands for high performance, safety and prestige. Culture: The brand may represent a certain culture. The Mercedes represents German culture: organized, efficient, high quality. Personality: The brand can project a certain personality. Mercedes may suggest a no-nonsense boss (person), a reigning lion (animal), or an austere palace (object). Users: The brand suggests the kind of consumer who buys or uses the product. February|2012 www.ijbmt.com Page | 4

(3) (4) (5) (6)

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International Journal of Business and Management Tomorrow He further asserts that, the most enduring meaning of a brand is its values, culture and personality.

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What Creates a Strong Brand

To create a strong brand and maximize brand royalty, marketing managers must do the following: provide superior delivery of desired benefits; understand brand meaning and market appropriate products in an appropriate manner; properly position brand; employ a full range of complementary brand elements and supporting marketing activities; embrace integrated marketing communications and communicate with a consistent voice; measure consumer perceptions of value and develop a pricing strategy accordingly; maintain innovation and relevance for the brand; Implement a brand equity management system to ensure that marketing actions properly reflect the brand equity concept.

The Value of Branding

Anyanwu (2000: 108) and Obeta (2004: VI), visualized the value of branding in these ways: 1. It conveys a promise of quality, consistency, competence and reliability. 2. They can serve as symbolic devices, allowing consumers to project their self-image. Certain brands are associated with being used by certain types of people and thus reflect different values or traits. 3. If consumers recognize a brand and have some knowledge about it, then they do not have to engage in a lot of additional thought or processing of information to make a purchase decision. 4. It helps firms in terms of product differentiation by giving them something different to advertise and promote. A companys image is often built around its brand name, which can pre-sell products to consumer and stimulate sales. 5. A brand can help organizations expand the product line. The quality associated with an established brand name will be attributed to new products that are marketed under that brand. Although, it should be noted that not all products can be branded, e.g. electric extension cords, bed frames, nails, etc.

Brand Management
One of the challenges in managing brands is the many changes that have occurred in the marketing environment in recent times. But it should be realized that, the marketing environment will continue to evolve and change, often in very significant ways, in the coming years. As noted by Capon et al. (2001: 215), brand management occurs or emerges in an organisation when it is ready to strategically differentiate its product on a basis, which is tangible or intangible, functional or symbolic. While the Oxford Dictionary of Business (2002: 66), sees it as the application of marketing techniques to a specific product, product line, or brand. It seeks to increase the products perceived value to the customer and thereby increase brand loyalty. To this end, an organisation should be willing to make three types of simultaneous and permanent investment decisions as noted by Cannon (2005: 293-294), and Obeta (2003: IV). (1) Investments in production, productivity and R&D i.e. the acquisition of a specific know how or a knack which cannot be imitated. For example, the advantage Coca-cola has over other soft drink companies is as a result of a unique competence it has acquired through research and development in delivering the expected value to the customers. (2) Investments in research and marketing studies which will enable them to detect, sense and to anticipate the changes in consumer tastes, lifestyles, etc. so as to be able to define any important innovations that will match these innovations. (3) Investments in listing allowances in the sales force, merchandising, trade marketing and naturally in communicating to consumers so as to promote the uniqueness of the brand and endow it with prominence perceived difference and esteem. These investments cited above will only be profitable for the organisation if the communication is fast and records a wide audience. We shall now take a look at the brand management strategies at each of the product life cycle stages.

Brand Management Strategies at the Introduction Stage

Most famous brands rich in meaning and values started out as ordinary names of new and better products than those of other competitors. At this stage, the clear priority is to get the brand established. After a while,

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competitors are expected to strike, even by themselves may at certain points be replaced by new and higher quality products while at the same time benefiting from existing name. To have a brand established, Czinkota et al. (1997: 261) identified three main activities: First is the building of distribution, which starts before the brand is formally launched. Emphasis should be placed on achieving the widest distribution through the major outlets, if distribution channels are used. Secondly, to build awareness so that customers know that the brand exists. Making sure that consumers do not overlook the brand and that they will think of purchasing or consuming it in those situations in which the brand can satisfy consumers needs and wants. Thirdly, to obtain trial. In mass consumer markets, door to door deliveries of samples or coupons should be used to achieve early trial of the new product. Commenting on the awareness point, Kotler (2000: 567) opined that, in creating the awareness for the brand, a company can apply a push or pull strategy, or better still, a combination of these. Applying the push strategy means using sales force and trade promotion to induce intermediaries to carry, promote, and sell the brand to end users. Such a strategy is appropriate where there is low brand loyalty in a category, brand choice is made in the store, the product is an impulse item and product benefits are well understood. A pull strategy involves the manufacturers using advertising and consumer promotion to induce consumers to ask intermediaries for the brand, thus inducing the intermediaries to order it. The strategy is appropriate when there is high brand loyalty and high involvement in the category, people perceive differences between brands, and people choose the brand before they go to the store. Companies in the same industry may differ in their emphasis on push or pull. For example, Lever Brothers relies more on push, while Nigerian Bottling Company (NBC) relies on pull. While Czinkota et al. (1997) and Kotler (2000) emphasized on distribution, awareness and trial, Bearden et al. (1998: 255-256) dwell massively on pricing. They stated that, a firm could employ either of the following pricing strategy: (i) (ii) 1. High pricing Low pricing. Using the high pricing strategy at this stage emphasizes a firm setting high introductory prices for new brands so as to remove the costs associated with development and introduction. As the brand move through its life cycle its pricing strategies can be modified to make it much more affordable to the mass market. 2. Low introductory price: Applying this strategy is intended to generate a faster brand penetration. However, they noted that, adopting this strategy will lead to a slow recovery cost of the brand development. But all the same, the strategy can create a brand larger market share and long-term profits. Once a product is in the introduction phase, or in decline, the marketer should have it at the back of his mind that, he is exposed to many life and death decisions.

Brand Management Strategies at the Growth Stage

The growth stage is marked by a rapid climb in sales. Recognizing this growing demand and the profit potential of the stage, competitors enter the market, often with imitative product brands. Noting the potential risks of imitating brands, at this stage, Keller (2003: 682-691) advanced three strategies for managing your brand at this point. (i) Expanding Brand Awareness (ii) Improving Brand Image (iii) Entering New Markets (1) Expanding Brand Awareness With a growing brand, often it is not the breadth of brand awareness that is a problem consumers can still recognize or recall the brand under certain circumstances. Rather the depth of brand awareness is the stumbling block consumers only tend to think of the brand in very narrow ways. Therefore building brand equity at this stage simply implies increasing the depth of brand awareness, making sure that consumers do not overlook the brand and that they will think of purchasing or consuming it in those situations in which the brand can satisfy consumers needs and wants. ISSN: 2249-9962 February|2012 www.ijbmt.com Page | 6

International Journal of Business and Management Tomorrow Keller further asserts that, expanding brand awareness involve two approaches, namely: (i) (ii) Identifying additional or new usage opportunities Identifying new and completely different ways to use the brand.

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Identifying additional or New Usage Opportunities In some cases, the brand may be seen as useful only in certain places and at certain times. To overcome this phenomenon, a marketing programme should be designed to include the following: Communications to consumers as to the appropriateness and advantages of using the brand more frequently in existing situations or in new situations. Reminders to consumers to actually use the brand as close as possible to those situations. That is, a reminding advertisement to reduce the cognitive dissonance that may be developed by a consumer. Identifying New and Completely Different Ways to Use the Brand The second approach for increasing frequency of use for a brand is to identify completely new and different usage situations. Example Arm and Hammer successfully expanded the uses of its baking Soda product. Originally used in cooking, baking, soda is now used as a deodorizers for refrigerators, in carpet cleaning, in toothpaste, and in antiperspirants. Other methods of managing brand at the growth stage as noted by Shocker et al. (1994: 125-127) include: (1) Where consumers perceptions of the brand differs from the reality of their usage, the firm should be able to provide the consumers with better information as to either: (i) when the product was first used or would need to be replaced; or (ii) The current level of product performance. For example, some motor cars batteries offer built-in gauges that show how much power they have left. Another way is when actual usage of a brand is less than the optimal or recommended usage; consumers must be persuaded of the merits of more regular usage. All these when put in place can help raise the value of a brand. 2. Improving Brand Image Although changes in brand awareness are probably the easiest means of creating new sources of brand equity, more fundamental changes are often necessary. Improving the strength, favorability and uniqueness of a brand include: (i) Repositioning the brand (ii) Changing brand elements Repositioning the brand requires establishing more compelling points of difference. This may simply require reminding consumers of the virtues of a brand that they have begun to take for granted. For example, when Volkswagen of Nigeria (VON) introduced the Beetle brand in Nigeria with the message it is a family car, it created a moderate demand. When the Beetle was repositioned with the slogan built for Nigerian roads, sales automatically shoot up. Sometimes, repositioning a brand may involve some combination or new products, new advertising, new promotions, new packaging and so forth. Changing brand elements is done either to convey new information or to signal that the brand has taken on new meaning. Although the brand name is typically the most important brand elements, it is often the most difficult to change. Nevertheless, names can be dropped or combined to reflect shifts in marketing strategy or to ease pronounce-ability and recall. Example, to convey a healthier image, and growth sustenance, these brands of banks, the Nigerian Industrial Development Bank (NIDB), National Economic Reconstruction Fund (NERFUND) and Nigerian Bank for Commerce and Industry (NCBI) merged to form an enviable brand known as Bank of Industry (BOI). This strategy created confidence for customers of these institutions. Other brand elements such as packaging, logos, character, etc could also be modified over time especially if they play an important image function that will keep the brand in top gear. However, changes in brand elements should be moderate and evolutionary in nature so as to preserve the most salient aspects of the brand elements.

3.

Entering New Markets

An effective positioning strategy requires a specification of the target market and the nature of competition to set the competitive frame of reference. The target market or markets for a brand typically do not constitute all possible segments that make up the entire market. In some cases, the firm may have other brands that target these remaining market segments. Take for example, Coca Cola in Nigeria produces Coke, duly meant to satisfy a particular market segment in the society. Its other brands like Sprite, Fanta Orange, Fanta Tonic, Fanta Pineapple, Fanta Lemon, etc are also produced to meet the demands of other segments that the grand brand ISSN: 2249-9962 February|2012 www.ijbmt.com Page | 7

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Coke could not meet. Another example of entering new markets is one captured by Mercedes Benz. When they introduced Mercedes 190 brand, popularly known as Baby Benz in Nigeria, the car was deliberately designed to meet the driving need of the womens folk for Benz, while other brands are targeted to the mens folk.

Brand Management Strategies at Maturity Stage

Most of the successful and up-to-date brands have actually been with us for ages; such brands like Gillette, Michelin, Sony, etc. These brands have managed to maintain a perennial appeal, which goes to prove that despite all the impacts of the life cycle process that some brands cant escape the effect of time. The survival of any brand over a long time is not by myth but essentially epitomized by work. For a brand is not a once and for all construction but rather need a constant and concerted effort to redesign the added value. For a brand to enjoy long life, such brand as pointed out by Cannon (2005: 293-294), Morden (1991: 243-244), Bearden et al. (1998: 255-258), Perrault and McCarthy (2002:285) and Berthon et al. (2003: 52) should be able to: 1. Offer an added value other than what all other competitors are offering. This is obviously linked to product differentiation in terms of product quality or its intangible elements (image/perception). Example, when you talk of motor car tyres in Nigeria, Michelin offers the solution. Thats why it has stayed at maturity stage for decades without feeling the impacts of time. 2. Offer incentives to consumers for purchasing the firms brand. These include lowering the brands price relative to competitors or using sales promotions such as coupons or rebates, to reduce the brands price. Although incentives can produce more sales from existing brand customers and take sales from competitors, their cost reduces a firms profit margins. 3. Product modification: Another secret to the longevity of most brands are continuous spate of modification done through quality improvement, that is increasing the functional performance of the product in terms of durability, reliability, taste, etc and introduction of new products. The modification and introduction of new products could be done through: (i) Brand Extension Strategy: This means using an established brand name to develop product modification or new products. Example, Peugeot 504, 504 SR, 504 GL. Such an extension could be by new packages, designs or sizes, flavor or models, or an entirely new product line based on the original brand name. (ii) Multi-Brand Strategy: Here, a firm can develop or place two or more brand in competition with each other, example, Fanta Tonic and Fanta Orange all of Coca-cola. The combined effort of the brands will increase the sales of its company. 4. Market Modification: This is another important strategy that a company may use to expand the market for its mature brand. This can be done using any of the following: (i) Winning competitors customers: 7Up is constantly tempting Cola Cola users to switch to its brands. (ii) Converting non-users: Non-users of your brand can be converted to using your brand. For example, many airlines in Nigeria are trying to convince people about the benefits associated with air travels as compared to road travel. Where a product reaches its maturity period, new grounds should be created to bring in new users. Apart from the four basic strategies mentioned above, a firm at its maturity stage can also apply pricing strategy, distribution and communication that could be used to strengthening the brand performance. The price of the brand should not be higher than those of competitors brand, so as to avoid brand-customers moving to alternative brands. For distribution, one should cultivate a good distribution network which is a mixture or blend with selective distribution process which is geared at obtaining enhanced image, status and price and mass distribution which is an attempt at being within the reach of consumers. Communication as firms introduce new and improved brands, launch campaigns to convert non-users, such should be communicated with them to persuade them use the product. Where there is a break in communication to intimate consumers of changes in brand and the like, consumers may not be prepared to use the brand.

Brand Management Strategies at Decline Stage

Kapferer (1992: 38) observed that brands decline when they are not respected. To him, this situation basically comes as a result of changes in consumer tastes and preferences, emergence of new competitors or new technology or any new development in the marketing environment that may badly affect the fortunes of a brand. In virtually every product category there are examples of once prominent and admired brands that have fallen on ISSN: 2249-9962 February|2012 www.ijbmt.com Page | 8

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hard times or in some cases even completely disappeared. However, when a brand loses its point value but shows an impressive comeback signal occasioned by a breathe of new life by its producer, such a brand comeback should be revolutional than being evolutionary-oriented. Being revolutionary reinforces the brand image and meaning to the consumers. As rightly put by Koehn (2001), old brands return some value because consumers often remember them from childhood. Although, Aaker (1991) outlines a number of strategic questions that can be raised when considering whether to invest in a fading brand. (a) Marketing Prospects Is the rate of decline orderly and predictable? Are there pockets of enduring demand? What are the reasons for the decline is it temporary? (b) Competitive Intensity Are customers brands loyal? Is there product differentiation? Are there price pressures? Are there dominant competitors with unique skills or assets? Are there many competitors unwilling to exit or contract gracefully? (c) Brand strength and organizational capabilities Is the brand strong? Does it enjoy high recognition and positive, meaningful associations? What is the market share position and trend? Does the business have some key sustainable competitive advantages with respect to key segments? Is there synergy with other businesses? Can the firm manage a milking strategy? What are the exit barriers? When reasonable answers are elicited in the face of these questions, a comeback strategy is worth pursuing. But in such instances where a brand cannot stage a comeback exercise, decisive management actions are necessary as noted by Berry (1988: 17) in returning or milking the brand. The first step is to reduce the number of its product types (e.g. package sizes or variations). Such actions reduce the costs of supporting the brand and allow the brand to put its best foot forward. When such is done, a brand may easily hit profit targets. Where a large customer base exists and marketing support eliminated that will serve as a means to milk or harvest brand profits from those portions. He however reasoned that where a small customer base exists such a brand should be immediately declared an orphan brand. An orphan brand according to him is a once popular brand with diminished equity that a parent company allows to decline by withdrawing marketing support. Perrault and McCarthy (2002: 287) however cautioned that withdrawing marketing support should be carefully implemented and must be market-oriented to cut losses. They further reasoned that it is possible milking a dying product for some time if competitors move out more quickly. Where there is still on-going demand and some customers are willing to pay attractive prices to get their old favorite. Second option for declining brands is to consolidate them into a stronger brand. Example, the general public eroding confidence in the banking industry in Nigeria calls for a consolidation strategy in the sub-sector to restore public confidence and revitalize fading brands in the industry. Such consolidation is a necessary option to create a stronger brand, cut costs, and focus marketing efforts. Finally, a more permanent solution may be to discontinue the product altogether. The market place is littered with brands that either failed to establish an adequate level of brand equity or found their sources of brand equity disappear because of changes in the marketing environment. Collaborating the views of Berry, Kotler (2000: 315) asserts that when a company decides to drop a brand, it faces further decisions. If the product has a strong distribution and residual goodwill, the company can probably sell it to another firm. However, if the company cant find any buyers, it must decide to liquidate the brand quickly or slowly. It must also decide on how much inventory and service to maintain for the past customers. -

Factors Militating Against Brand Management in the Product Life Cycle

Keller (2000: 147-149), identified seven deadly sins that can prevent a firm from achieving a strong brand management in the life of a product. These include: 1. Failure to fully understand the meaning of brand. Given that consumers own brands, it is important to understand what consumers think and feel about brands so as to implement marketing programme accordingly. Most at times, managers take marketing decisions based on a mistaken belief of what consumers know or what marketers would like them to know about a brand thereby ignoring the full range of associations both tangible and intangible that may characterize the brand. ISSN: 2249-9962 February|2012 www.ijbmt.com Page | 9

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3.

4.

5.

Failure to live up to the brand promise. A brand represents a promise and a commitment to the consumers, but most at times, such promises are broken, thereby making such brands unacceptable to the consumers. A common mistake in this context is setting brand expectations higher than what the value proposition can offer. By overpromising and not delivering, a firm is worse off in many ways than if it has not set expectations at all. Failure to adequately support the brand: To create and maintain a brand requires huge marketing investments. Too often brand managers want to get or build brand loyalty without a willingness to support such brand, or once brand loyalty is established, they expect the brand to remain strong without further commitment to improving on the brand. Failure to adequately control the brand: Brand equity must be understood by all employees of the organisation and actions must be taken to reflect a broader corporate perspective as well as a more specific product perspective. In most instances, decisions concerning brands are taken without recourse to a true understanding of the current and desired brand equity and without recognition of the impact of these decisions on other brands or brand related activities. Where such is the case, the management of such brand in its life cycle tends to be burdensome. Failure to be patient with the brand: A firm foundation for brand loyalty requires that consumers have the proper depth and breadth of awareness and strong favorable and unique associations in memory. Too often, managers do take shortcuts and bypass more basic branding concerns such as achieving the necessary level of brand awareness to concentrate on flashier aspects of brand building related to its image.

Conclusion
It should be realized that, most business organizations that are of age, such as Sony, Gillette, Coca cola, etc are those that have been able to offer to the public, the right product at the right time, to the right people at the right prices. In achieving these heights, a firm is exposed to a lot of environmental navigational flexibilities that create opportunities and destroy opportunities. In overcoming the threats and reaping the opportunities, a responsible firm must always develop and sustain brand that focused on the needs or requirements of the customers. Such firms should however realize that it is not alone in the industry and its competitors that feel the target market is worth exploiting will follow suit. It therefore follows that; the firm must manage its brands right from the introductory stage till the maturity or even declining stages. It will also be elicited that, the sequence of growth and decline in sales and earnings of a brand is a function of the product life cycle and its management strategies. A closer examination of how products and brands develop overtime is a crucial management function that earns a firm a distinctive competence over other firms that could not get a grip of its product life cycle stage.
ALABAR, T. TIMOTHY Department of Business Management Benue State University,Makurdi

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