Assignment
Read through the below post and provide any on of the following:
Ask a probing question, substantiated with additional background information, evidence or research.
• Share an insight from having read your colleagues' postings, synthesizing the information to provide new perspectives.
• Offer and support an alternative perspective using readings from the classroom or from your own research.
• Validate an idea with your own experience and additional research.
• Make a suggestion based on additional evidence drawn from readings or after synthesizing multiple postings.
Post:
Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
In the modern scientific and computerized world, there are many products getting introduced in different line of items. The products from different industries whether it could be in technology, food, beauty or entertainment, many products are taking their birth and also a rise. The products could be the efficient ones. But initially, no efficiency is known and it is very hard for the releasers or the manufacturers to get the product into the market and make the customers getting used to the very new product. Everybody face their own challenges in the basic level introduction of the brand new and never known products into the market. Everybody has some resistance in getting a new type of product and replacing their older used-to products with the latest products the newer ones got some reputation in the market. However, the manufacturers and the marketing companies have their own strategies while releasing and marketing the product. It is mandatory for them to concentrate of the important phase called marketing and promotion of the product.
To get the product into the market and maintain its growth and increase its sales, there are different Product Life Cycle Strategies. These strategies have their own worth and importance in releasing the product and rise its growth in the market. Since initial attraction of customers is very hard and quite challenging, these strategies took a rise and helping most marketers with a huge success. Below are the different stages of Product Life Cycle Strategies.
Stage 1 - introduction:
Introduction stage is the very first stage of the Product marketing. This is the stage that comes first once the product is developed and is out from the development stage. At this stage, the product is first time available in the market for purchase. But it is not easy for the seller to sell the product since this is the first stage that comes once the product is launched and no one has any idea how's the product going to be. The sales are going to be quite slow in this stage as the customers or the consumers are unaware of the product, its quality and the efficiency. The goal of this stage is to create product awareness and also give sample product trials to customers. If the customers like the product sample, there are very good chances that the customers are going to purchase the product. Following this strategy of making customers aware and trial of the product is a basic business strategy in the introduction phase of a new product.
Stage 2 - Growth:
Once the developed product is launched and given for trials, if the customers liked the product, they adopt to the quality of the product and its features quickly giving good reviews and referring to different other individuals. These individuals who heard positive sides of the product likely purchase the product increasing the sales giving a quick rise to the growth.
Stage 3 - Maturity:
This is the stage that comes once the product is already established in the market. This stage comes at some point of time where there is huge competition in the market. The sales of the product falls by number with no consistency in the margins. This is the long lasting stage for any product in the market as there will be a huge competition for the successful products in the market. To overcome this situation, the manufacturer follows a strategy of making some positive changes in the quality, features, price, quantity or packaging to attract the customers to buy their product. This strategy helps the manufacturer to sustain through this tough stage.
Stage 4 - Decline:
Decline stage comes to most products due to the advancements in the market and the evolution of world. A product that is age-old and outdated will probably be declined in the modern world as there are many newer and high featured products. To sustain this stage, either the company needs to concentrate on updating the product or reduce the costs kept on the product. This strategy helps the company to put most efforts on other successful products and give a better standing in the industry.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.