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Product Life Cycle - Introduction, Growth, Maturity, Decline. Visit www.buddingmarkets.com for more information.

Product Life Cycle - Introduction, Growth, Maturity, Decline. Visit www.buddingmarkets.com for more information.

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Product Life Cycle Presentation Transcript

  • 1. PRODUCT LIFE CYCLE Prof. Sameer Mathur, Ph.D.
  • 2. Agenda Product Life Cycle Product Development Marketing Strategies iPod Timeline
  • 3. Sameer Mathur BuddingMarkets.com Indian Institute of Management, Lucknow Marketing Professor 2013 – Marketing Professor 2009 – 2013 Ph.D. and M.S. (Marketing) 2003 – 2009
  • 4. A new product progresses through a sequence of stages from introduction to growth, maturity, and decline... …impacting the marketing strategy and the marketing mix
  • 5. The Product Life Cycle
  • 6. Summary: Stages in NPD New-product strategy development Idea Generation Screening and Evaluation Business Analysis Development Market Testing Commercial-ization
  • 7. Product Development Profits are negative Sales are Zero Investment Costs are high
  • 8. Marketing Strategies: Introduction Stage Sales Costs Profits Marketing Objectives Product Price Low sales High cost per customer Negative Create product awareness and trial Offer a basic product Use cost-plus basis Distribution Build selective distribution Advertising Build awareness among innovators, early adopters
  • 9. Toyota Hybrid: Introductory Stage Product
  • 10. Marketing Strategies: Growth Stage Rapidly rising sales Average cost per customer Rising profits Maximize market share Offer product extensions, service, warranty Penetration Pricing Build intensive distribution Build awareness in the mass market Sales Costs Profits Marketing Objectives Product Price Distribution Advertising
  • 11. A Product at the Growth Stage
  • 12. Marketing Strategies: Maturity Stage Peak sales Low cost per customer High profits Maximize profit while defending market share Diversify brand and models Price to match or best competitors Build more intensive distribution Stress brand differences and benefits Sales Costs Profits Marketing Objectives Product Price Distribution Advertising
  • 13. A Product at the Mature Stage
  • 14. Marketing Strategies: Decline Stage Declining sales Low cost per customer Declining profits Reduce expenditure and milk the brand Phase out weak items Cut price Go selective: phase out unprofitable outlets Reduce to level needed to retain hard-core loyal customers Sales Costs Profits Marketing Objectives Product Price Distribution Advertising
  • 15. Alternate Product Life Cycles
  • 16. Apple Inc. – 2008 Revenues 28% 27% 7% 10% 6% 17% 5% iPod Portables Desktops Other Music Related Products and Services Software, Service, and Other Net Sales iPhone and Related Products and Services http://www.marketlineinfo.com/library/DisplayContent.aspx?R=5B0A0C20-9BB6-4284-A575-AC0F2261F45C&N=4294839864
  • 17. iPod Touch (Sept 2007) iPod Nano (Sept 2005) Product Life Cycle of iPods iPod Classic (Oct 2001) iPod Shuffle (Jan 2005) http://www.apple.com/ca/ipod/compare-ipod-models/
  • 18. Timeline of iPod Classic http://en.wikipedia.org/wiki/IPod_Classic http://www.apple.com/ipodclassic/
  • 19. Timeline of iPod Classic http://en.wikipedia.org/wiki/IPod_Classic
  • 20. What Stage of the PLC is the iPod Classic? • Product development • Introduction • Growth • Maturity • Decline
  • 21. Timeline of iPod Touch http://en.wikipedia.org/wiki/IPod_Touch http://www.apple.com/ipodtouch/
  • 22. Marketing Mix – iPod Touch • Product: “A great pocket computer”. Music, movies, games, apps at fingertips. • Price: 8GB : $249; 32GB: $319; 64GB: $429 • Promotion: Advertisement on TV, billboards, magazines. Focus on numerous applications. • Place: Online, Apple Store, Future Shop, Best Buy, Costco. http://www.apple.com/ca/ipod/compare-ipod-models/
  • 23. Which Stage of the PLC is the iPod Touch? • Product development • Introduction • Growth • Maturity • Decline
  • 24. Summary Product Life Cycle Product Development Marketing Strategies iPod Timeline
  • 25. Read this book “This book is the bible of Marketing” Prof. Sameer Mathur
  • 26. Over 1 Million views from more than 100 countries Prof. Sameer Mathur Top 1% most viewed Over 250 presentations on Marketing www.BuddingMarkets.com