Marketing 3.01 b -_product_life_cycles
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The document discusses the four stages of a product's life cycle: introduction, growth, maturity, and decline. During introduction, companies focus on increasing awareness and promotion to get customer attention. In the growth stage, sales increase as customers become aware and companies focus on satisfaction. During maturity, sales level off and competition increases as companies spend more on advertising and managing distribution channels and competitors. Finally, in decline, sales decline and companies must decide whether to change, discount, or discontinue the product.
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Presentasi product life cycle
The document discusses the product life cycle model, which describes the stages through which products typically pass from introduction to decline. It outlines the four main stages: introduction, growth, maturity, and decline. Each stage presents different challenges and opportunities for product marketing, pricing, distribution, and finances. The introduction stage focuses on promotion to raise awareness. Growth involves expanding market share. Maturity sees increasing competition and price wars. Decline requires cost control and withdrawing weak variations. The concept helps understand competition dynamics over a product's lifetime.
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Product life cycles have distinct stages - introduction, growth, maturity, and decline. Each stage requires different marketing strategies to address changing demand and competition.
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1. The document discusses various aspects of product planning and management, including product classification, product life cycles, and strategies for different stages of the life cycle.
2. It describes core and augmented product features, and different types of products including generic, expected, potential, consumer, and industrial products.
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The document summarizes the product life cycle stages of introduction, growth, maturity, and decline. It describes how the marketing mix of product, price, promotion, and place changes throughout each stage. During introduction, the product has limited availability and higher prices. Growth involves more widespread distribution and promotional activities to increase sales. Maturity is the most profitable stage where distribution is broad and promotions remind customers. In decline, prices are reduced to clear remaining stock before withdrawing the product. Extending the life cycle involves selling mature domestic products to new international markets to continue sales without additional research costs.
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The document discusses different lifecycles including the product lifecycle, innovation adoption lifecycle, and customer lifecycle.
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The document discusses concepts related to a company's product mix, including product lines, individual products, and strategies for managing a product mix over time. It defines key terms like product mix, product line, and individual product. It also outlines strategies companies use for individual products, product lines, and the overall product mix as products move through the introduction, growth, maturity, and decline stages of the product life cycle.
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The document discusses the product life cycle (PLC) concept in marketing management. It describes the PLC as having four main stages: introduction, growth, maturity, and decline. During each stage, the firm should employ different marketing strategies to build awareness, market share, and profits. Examples are given of products like TVs and discs that demonstrate the different PLC stages. The conclusion emphasizes how understanding and managing products across their lifecycles can improve profitability.
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The document discusses various topics related to products and services, including:
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3. It describes the product life cycle which consists of introduction, growth, maturity, and decline stages.
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The document discusses the product life cycle model, which describes the stages through which products typically pass from introduction to decline. It outlines the four main stages: introduction, growth, maturity, and decline. Each stage presents different challenges and opportunities for product marketing, pricing, distribution, and finances. The introduction stage focuses on promotion to raise awareness. Growth involves expanding market share. Maturity sees increasing competition and price wars. Decline requires cost control and withdrawing weak variations. The concept helps understand competition dynamics over a product's lifetime.
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The document discusses product development and the product life cycle. It describes 7 stages of new product development: idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, and test marketing. It then outlines the typical product life cycle stages of introduction, growth, maturity, and decline. Finally, it provides strategies for marketing products at each stage of the life cycle, such as improving quality and features in growth, market and product modifications in maturity, and investment decisions in decline.
Product life cycle & marketing strategy
Product life cycles have distinct stages - introduction, growth, maturity, and decline. Each stage requires different marketing strategies to address changing demand and competition.
During introduction, demand is low and profits are negative as costs are high. Marketing focuses on creating awareness through promotions. In growth, demand and profits rise as acceptance increases and prices stabilize. Mature products have slowing growth, so marketing emphasizes price reductions and feature changes. In decline, sales fall as new products satisfy customer needs, so marketing focuses on reducing expenses to extract remaining value.
The document discusses how product life cycles, demand, and optimal marketing strategies vary depending on the product, technology changes, and rate of customer adoption through innovators, early adopters,
Product trial and repeat purchase
The document discusses product trial and repeat purchase. It defines product trial as when a customer samples a new product for the first time. Businesses do product trials to get customers to try new products. The document then discusses how to attain repeat purchase through satisfying customers, meeting expectations, providing value for money, and creating brand loyalty. It emphasizes building a good brand image through advertising and word of mouth.
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Product life cycle definition, developing new idea, introduction stage, growth stage, majority stage, decline stage
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This document discusses extending product lifecycles. It defines the typical stages of a product lifecycle as introduction, growth, maturity, and decline. It then discusses several ways to extend product lifecycles, including repair/upgrading, sharing platforms, product-as-a-service models, circular supplies that use renewable/recyclable materials, and resource recovery through waste reduction and closed-loop systems. The document emphasizes the importance of considering circular economy principles and lifecycle extension during early product design.
What is Product Life Cycle Management?
The document discusses managing a product through its life cycle stages to maximize sales and profits. It notes that key business areas like development, financing, marketing, manufacturing, and information need focus. Stages include introduction, growth, maturity, and decline, with strategies adapted for each, and financing required through maturity. Manufacturing costs may fall as production increases and more efficient methods are adopted. Information is also crucial for success.
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The document discusses product development and new product development. It covers the key stages in developing new products including idea generation, screening, concept development, business analysis, prototyping, and commercialization. It then provides an example of KFC introducing a new product - chocolate brownies. The summary includes pricing the brownies at Rs. 99 after accounting for costs and margins, targeting customers interested in desserts, and using promotion and word-of-mouth to market the new product.
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The Product Life Cycle (PLC) model describes the typical stages of a product's revenues and profits over time. These stages are introduction, growth, maturity, and decline. Each stage is characterized by different sales volumes, costs, profits, and marketing objectives. The PLC helps companies plan for product support, redesign, development of new products, and manage cash flow over the lifetime of their offerings.
The marketing mix
This document provides an introduction to key marketing concepts including the 4Ps of marketing (Product, Price, Place, Promotion), the marketing mix, and the importance of understanding customer needs. It explains that marketing involves researching customer needs, designing products to meet those needs, setting prices, promoting products, and making products available where customers can access them. The goal of marketing is to satisfy customer needs and wants in a profitable way for the business.
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The document discusses the product life cycle (PLC), which describes the stages a product goes through from introduction to growth, maturity, and decline. It outlines the characteristics of each stage and how marketing strategies should be adapted, including adjustments to product, price, placement, and promotion. In the introduction stage, sales are low and marketing focuses on branding and selective distribution. In growth, sales rapidly increase through increased advertising and distribution. Maturity is the most profitable stage, though competition increases and modifications are made to differentiate the product. Finally, in decline, sales decrease and options include maintaining, reducing costs, or discontinuing the product.
Product And Product Lines 8
1. The document discusses various aspects of product planning and management, including product classification, product life cycles, and strategies for different stages of the life cycle.
2. It describes core and augmented product features, and different types of products including generic, expected, potential, consumer, and industrial products.
3. The document also covers product mix strategies, managing product lines, and discusses whether companies should focus more on designing long-lasting products that meet consistent human needs rather than frequent new launches.
Product life cycle
The product life cycle outlines the typical stages a product goes through from introduction to decline. It includes introduction, growth, maturity, and decline. During introduction, sales are low and costs are high to create awareness. Growth sees increasing sales and profits as the product gains acceptance. Maturity is the most profitable stage as sales peak. In decline, sales decrease as the product becomes outdated. Businesses can extend the cycle through advertising, price reductions, new features, exploring new markets, and packaging updates. The model helps marketers strategize but products don't always follow predictable cycles.
Product life cycle
The document summarizes the product life cycle stages of introduction, growth, maturity, and decline. It describes how the marketing mix of product, price, promotion, and place changes throughout each stage. During introduction, the product has limited availability and higher prices. Growth involves more widespread distribution and promotional activities to increase sales. Maturity is the most profitable stage where distribution is broad and promotions remind customers. In decline, prices are reduced to clear remaining stock before withdrawing the product. Extending the life cycle involves selling mature domestic products to new international markets to continue sales without additional research costs.
Product life cycle
The document summarizes the key steps in new product development strategies and processes, including idea generation and screening, concept development and testing, business analysis, beta testing, technical implementation, commercialization, and new product pricing. It then provides further explanation of each step. The document also discusses product life cycles, explaining that products pass through distinct stages of development, introduction, growth, maturity, and decline. Different marketing strategies are needed for each stage to address challenges, opportunities, and problems. Finally, it notes some special categories of product life cycles, including styles, fashions, and fads.
PRODUCT LIFE CYCLE IN MARKETING
The document discusses different lifecycles including the product lifecycle, innovation adoption lifecycle, and customer lifecycle.
The product lifecycle has four stages: introduction, growth, maturity, and decline. The innovation adoption lifecycle describes five categories of adopters: innovators, early adopters, early majority, late majority, and laggards.
The customer lifecycle also has four stages: new customers, existing customers who can be ideal, unhappy, or in silent attrition, exiting customers looking for alternatives, and exited customers who have left.
Pmd
The document discusses concepts related to a company's product mix, including product lines, individual products, and strategies for managing a product mix over time. It defines key terms like product mix, product line, and individual product. It also outlines strategies companies use for individual products, product lines, and the overall product mix as products move through the introduction, growth, maturity, and decline stages of the product life cycle.
Product Life Cycle
The document discusses the product life cycle (PLC) concept in marketing management. It describes the PLC as having four main stages: introduction, growth, maturity, and decline. During each stage, the firm should employ different marketing strategies to build awareness, market share, and profits. Examples are given of products like TVs and discs that demonstrate the different PLC stages. The conclusion emphasizes how understanding and managing products across their lifecycles can improve profitability.
ppt on Product positioning, product line, product line decisions
Product positioning, product line, product line decisions the various concepts of positioning strategies under product management.
Products & its components
The document discusses various topics related to products and services, including:
1. It defines what constitutes a product and different types of products such as consumer goods, industrial goods, durable goods, and nondurable goods.
2. It outlines the new product development process which involves idea generation, concept development and testing, marketing strategy development, and commercialization.
3. It describes the product life cycle which consists of introduction, growth, maturity, and decline stages.
4. Additional topics covered include product attributes, branding, packaging, and labeling.
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Here are two new sports/entertainment products with the specified elements:
[GOOD PRODUCT]
1. Augmented Reality Sports Trading Cards
- Types: Baseball, basketball, football cards
- Sizes: Standard trading card dimensions
- Packaging: Plastic sleeves inside cardboard packs
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- Brand: "StatScan"
- Warranty: N/A
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[SERVICE PRODUCT]
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Marketing obj. 4.02 Advertising Media
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Me: Hi there, welcome to our store! What brings you in today?
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Me: Great, I have just the laptop for you. Let me show you our XYZ brand ultrabook. At just 2 pounds, it's incredibly lightweight and portable for taking to all your classes. It also has a battery life of up to 10 hours on a single charge, so it will easily last you through a full day of classes, note-taking, and more without needing to plug it in. It also has a fast processor and
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- 1. 3.01-B Product Life Cycles
- 2. Intro โข What is a product that has been around for as long as you can remember? โข How has it changed over the years?
- 3. Product Life Cycle โข Product Life Cycle represents the stages that a product goes through during its life. โข There are 4 Stages of Life Cycle: โข 1. Introduction โข 2. Growth โข 3. Maturity โข 4. Decline
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- 5. Product Life Cycle โข What happens during Maturity Stage? โ The productโs sales level off. More money is spent on competition during this stage. โข Discussion: Have class to choose a mature product โข Discuss how company is managing: 1. Competition 2. Advertising 3. Distribution โ Is it only sold at 1 place 4. Other Strategies they have put in place
- 6. The life product cycle model Development Growth Maturity Decline Few: Growing adopters: Growing selectivity Saturation of Drop-off trial of trial of of purchase users in usage early product/service Repeat purchase adopters reliance Entry of May be many Fight to maintain Exit of some competitors share competitors
- 7. Product Life Cycle โข During the Decline Stage: โ Sales start to decline. A company must decide to alter the product, discount, or discontinue product.
- 9. Product Life Cycle โข Sources: โMarketing Essentials โMarketingteacher.com โGoogle