Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
Topic:
Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
Initial post:
A 350 word for initial post must be posted to the discussion forum.
Secondary Post:
Please write a response to the below answer
Answer:
Every organization is trying to make profit in order to satisfy their backers, who maybe investors or shareholders. To this end, every organization develops a product or service that it wishes to sell to the mass market. Every product or service, regardless of the industry, belong to, has 4 stages in its’ life cycle: introduction, growth, maturity and finally decline. Risk also dissipates as the product goes through the various stages. Let us briefly discuss the unique characteristics of each stage:
Introduction: This stage is considered the first stage in product’s life cycle that is initiated when a new product or service is developed. Risk in this stage is the highest as the organization is introducing a product first time to the market. During this stage, organizations are heavily invested in creating awareness about their product’s launch. Organization can document customer behavior and response and thus tweak the launch of its products while they can to maximize its awareness in the market. Organizations also partake in excessive amounts of market research before introducing the products.
Growth: This is the second stage in a product’s life cycle and is generally considered the stage when the consumer is aware about the products’ existence and this is reflected in the increase in sales compared to the previous stage. The incumbent competition also notices your presence and changes their strategy accordingly to thwart the product’s growth of market share. Organizations try to outsmart competitive though clever marketing and trying to gain the customer’s attention.
Maturity: The third and penultimate stage of a product’s life cycle is maturity which can be marked from the day the product starts to see a slow but steady decline in sales, indicating that the product has reached its maturity. This impacts the profit margin earned as the price of the product needs to be reduced in order to sustain daily sales figures. These offers might be marketed in grocery stores in the form of coupons for example.
Discussion 2:
Topic:
Discuss how the marketing mix will vary in relationship to the offering of a service and of a product.
Initial post:
A 350 word for initial post must be posted to the discussion forum.
Secondary Post:
Please write a response to the below answer
