Produc life cycle is the succession of strategies used by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages
- Introduction
- Growth
- Maturity
- Decline
Before get in the market, it needs to developed. During the development and then the introduction of a product, marketing costs are the highest because no one knows about the product yet. A certain budget of how much is to be spent on promotion needs to be determined as well. If they want have the consumers base they need to try to impress the consumers that their products are good, are attract not only the consumer in that country but also to foreign. Now marketers need to make sure that people know the product is better than its competitors, so they have to create new advertisements for this cause, but they don't necessarily need to create an entire new promotional strategy. As soon as you have a customer base, it can only build, and you need to work on this build, you don't necessarily need to lower prices by doing so though. When the product enters the maturity stage of its life cycle, marketing experts need to work on keeping their new customers with them, that is create a customer loyalty. They can do so by giving long-time customers special rewards, bonuses or discounts. They could also offer special sales for consumers who just switched to the product when buying one of the competing products before.
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