What marketing strategies are appropriate at each stage of the product life cycle?
This document discusses the product life cycle and appropriate marketing strategies at each stage. It identifies the main stages as introduction, growth, maturity, and decline. During the introduction stage, strategies focus on informing consumers, inducing trial, and securing retail distribution. In the growth stage, strategies aim to sustain rapid market share growth through improving the product, entering new markets, and increasing distribution. For the maturity stage, the document discusses ways to modify the market, product, or marketing to change the course for the brand. Finally, for the decline stage the strategies presented are to rejuvenate the product, be flexible on price and rebranding, reduce manufacturing costs, or divest the product to another firm.
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What marketing strategies are appropriate at each stage of the product life cycle?
- 1. Competitive dynamics What marketing strategies are appropriate at each stage of the product life cycle
- 2. PRODUCT LIFE CYCLE Products have a limited life Sales pass through distinct stages Products require different marketing strategies at different stages Profits rise and fall at different stages
- 3. Stages of Product Life Cycle
- 7. INTRODUCTION STAGE Inform potential consumers Induce Product trial Secure Distribution in Retail Outlets
- 8. For long term market leadership Vision of a mass market Persistence and Relentless Innovation Financial commitment and asset leverage
- 9. To sustain rapid market share growth
- 10. Improve product quality, add new features Enter new market segments Increase the distribution coverage Lower price to attract next layer of price-sensitive buyers
- 11. MATURITY STAGE
- 12. Ways to change the course for a brand
- 13. Market Modification Product Modification Marketing Product Modification
- 14. DECLINE STAGE Strategies to adopt
- 15. Re-stage or Rejuvenate by adding value to the matured product Price flexibility and Re- branding Or…
- 16. Reduce the product’s manufacturing cost to maintain sales- Harvesting method Sell the product to another firm - Divesting method
- 17. Created by Dipanshu Sehjal, IIIT Allahabad During a Marketing internship under Prof. Sameer Mathur, IIM Lucknow (See www.IIMInternship.com)