Product life cycle
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The document discusses the product life cycle and strategies for extending a product's life cycle. It begins by asking students to name products from Virgin and gives them 3 minutes to do so. It then provides information on the stages of the product life cycle: development, introduction, growth, maturity, saturation, decline, and withdrawal. The document notes that extension strategies can be used during maturity or early decline to prolong a product's life cycle, such as redesigning, adding new features, or changing packaging/advertising to appeal to new market segments. Students are assigned tasks to illustrate the product life cycle, identify example products in each stage, and determine extension strategies as a group for a selected product.
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| Product life cycle |
Product life cycle is basically similar to the human life cycle Birth, Growth, Maturity, Death. Product lifecycle also has same stages in it. Please read my Presentation.
Product life cycle
The document discusses the product life cycle (PLC), which describes the stages a product goes through from introduction to decline. It identifies the key stages as introduction, growth, maturity, and decline. Each stage is characterized by different factors such as sales patterns, pricing, competition, and marketing activities. Understanding the PLC provides guidance to marketers on adapting appropriate strategies for each phase of a product's lifecycle.
Ppt of plc
The document discusses the product life cycle (PLC) which consists of four distinct stages: (1) Introduction, (2) Growth, (3) Maturity, and (4) Decline. It explains the characteristics of each stage and how understanding the PLC can help formulate effective marketing strategies. Specifically, the PLC concept can help companies pre-plan product launches, prolong the profitable stage, make investment decisions, choose appropriate entry strategies, and determine the right time to exit. However, the PLC has limitations as the life cycle of a brand cannot be projected independently and stages cannot be predicted exactly.
Product Life Cycle
The document discusses the stages of a product's life cycle: development, introduction, growth, maturity, saturation, and decline. It explains the key characteristics and marketing challenges of each stage. For example, in development costs are incurred creating prototypes, introduction involves promotional strategies to create awareness, and maturity is when sales plateau providing a stable income. The document also covers strategies to extend product life cycles like new target markets or components when facing saturation or decline.
New product development and product life-cycle strategies
This document outlines the new product development process and product lifecycle. It discusses how companies generate new product ideas, the major steps in development including idea generation, screening, testing, and commercialization. It then describes the stages a product goes through - introduction, growth, maturity, and decline. Finally, it explains how marketing strategies must change during each stage of the lifecycle.
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 discusses product life cycles and how they can be used for strategic marketing planning. It describes the typical stages a product goes through - development, introduction, growth, maturity, decline, and withdrawal. During each stage, different marketing strategies are most effective, such as high promotion during introduction, market share growth during maturity, and cost reduction during decline. Understanding a product's life cycle helps companies plan when to support, redesign, or withdraw a product.
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Companies must anticipate and drive change to survive in today's rapidly changing world. Those that don't will lose market share. The document presents a framework with three boxes to help companies strategically approach innovation and the future. Box 1 represents competing for the present by driving the core business while also testing future assumptions to fail fast. Box 2 involves selectively forgetting the past and exploring new adjacent ideas that aren't yet part of the business plan. Box 3 represents an unconstrained view focused on more risky, experimental, and innovative new space that requires change and learning.
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| Product life cycle |
Product life cycle is basically similar to the human life cycle Birth, Growth, Maturity, Death. Product lifecycle also has same stages in it. Please read my Presentation.
Product life cycle
The document discusses the product life cycle (PLC), which describes the stages a product goes through from introduction to decline. It identifies the key stages as introduction, growth, maturity, and decline. Each stage is characterized by different factors such as sales patterns, pricing, competition, and marketing activities. Understanding the PLC provides guidance to marketers on adapting appropriate strategies for each phase of a product's lifecycle.
Ppt of plc
The document discusses the product life cycle (PLC) which consists of four distinct stages: (1) Introduction, (2) Growth, (3) Maturity, and (4) Decline. It explains the characteristics of each stage and how understanding the PLC can help formulate effective marketing strategies. Specifically, the PLC concept can help companies pre-plan product launches, prolong the profitable stage, make investment decisions, choose appropriate entry strategies, and determine the right time to exit. However, the PLC has limitations as the life cycle of a brand cannot be projected independently and stages cannot be predicted exactly.
Product Life Cycle
The document discusses the stages of a product's life cycle: development, introduction, growth, maturity, saturation, and decline. It explains the key characteristics and marketing challenges of each stage. For example, in development costs are incurred creating prototypes, introduction involves promotional strategies to create awareness, and maturity is when sales plateau providing a stable income. The document also covers strategies to extend product life cycles like new target markets or components when facing saturation or decline.
New product development and product life-cycle strategies
This document outlines the new product development process and product lifecycle. It discusses how companies generate new product ideas, the major steps in development including idea generation, screening, testing, and commercialization. It then describes the stages a product goes through - introduction, growth, maturity, and decline. Finally, it explains how marketing strategies must change during each stage of the lifecycle.
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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.
Product life cycle
The document discusses product life cycles and how they can be used for strategic marketing planning. It describes the typical stages a product goes through - development, introduction, growth, maturity, decline, and withdrawal. During each stage, different marketing strategies are most effective, such as high promotion during introduction, market share growth during maturity, and cost reduction during decline. Understanding a product's life cycle helps companies plan when to support, redesign, or withdraw a product.
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Companies must anticipate and drive change to survive in today's rapidly changing world. Those that don't will lose market share. The document presents a framework with three boxes to help companies strategically approach innovation and the future. Box 1 represents competing for the present by driving the core business while also testing future assumptions to fail fast. Box 2 involves selectively forgetting the past and exploring new adjacent ideas that aren't yet part of the business plan. Box 3 represents an unconstrained view focused on more risky, experimental, and innovative new space that requires change and learning.
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The document discusses the product life cycle (PLC) and its five stages: introduction, growth, maturity, decline, and decision point. It provides examples of products that align with each stage and notes that the PLC describes how consumer demand changes over time as products are introduced, become popular, and eventually decline. However, the PLC is an oversimplification, as the length of each stage varies significantly between products and marketers can influence what stage a product is in through pricing and other decisions.
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The document discusses the product life cycle concept which outlines the different phases a product goes through. It describes the stages as research and development, introduction, growth, maturity, and decline or rejuvenation/termination. The concept is used to forecast sales behavior, assist with marketing strategy formulation, and analyze deviations from projections. The stages involve complex research initially that absorbs significant resources before sales are achieved in the introduction phase through promotional activities. Growth sees increased distribution, promotions, and product improvements for the longest and most profitable phase.
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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.
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The document discusses the product life cycle, which describes the typical stages through which a product passes from introduction to decline. It identifies five stages: introduction, growth, maturity, saturation, and decline. Each stage is characterized by different features related to sales, profits, competition, and market awareness/acceptance of the product. The goal of product life cycle management is to maximize value and profitability at each stage. The document also discusses ways to potentially extend the life cycle through strategies like advertising, exploring new markets, price reductions, and adding new product features.
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This document discusses the product life cycle and how products progress through different stages from introduction to decline. It explains that the product life cycle has four main stages: introduction, growth, maturity, and decline. During each stage, companies should focus on different marketing mix elements like product, price, placement, promotion, and sales strategies. The stages are used to understand how to best market and manage products over their lifetime in the market.
Product life cycle
Product life cycle with Marketing Strategies;PLC includes four stages namely Introduction,Growth,Maturity & Decline stage.
Product life cycle
The document summarizes the stages of a product's life cycle: introduction, growth, maturity, saturation, and decline. It notes that during the introduction stage, sales are slow but marketing costs are high, leading to little or no profit. In the growth stage, sales and profits increase as the company tries to maximize market share. During maturity and saturation, sales peak and then decline while profits also start declining. Finally, in the decline stage both sales and profits decrease. The document also lists strategies companies use at each stage, such as pricing and advertising approaches, as well as factors that can affect a product's life cycle.
Product Life Cycle
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.
Product life cycle
The document discusses the product life cycle (PLC) and strategies companies use at each stage. It notes that products pass through distinct stages of introduction, growth, maturity, and decline. During introduction, strategies focus on creating awareness and trial with high promotion at a premium price. Growth focuses on market share gains through distribution expansion, promotions, and price reductions. Maturity aims to maximize profits through diversification while defending market share. Decline entails cost cutting and milking remaining brand value. Strategies may also include market, product, or marketing program modifications to change a brand's course.
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Product life cycle
The product life cycle has four stages: introduction, growth, maturity, and decline. In the introduction stage, the product first enters the market and focus is on promoting awareness and getting customers to try it. In the growth stage, the product is accepted by consumers and distribution expands. The maturity stage is when sales begin to slow as repeat purchases decrease and attracting new buyers is challenging. Finally, in the decline stage, sales and profits drop off as demand wanes and the product is eventually removed from the market. Companies can manage the life cycle through product modification, market modification, or repositioning strategies.
Product life cycle: notes & exercise
- The group chose the Sony Walkman as their product in the maturity stage of its life cycle.
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- They also proposed adding Bluetooth connectivity and memory storage to give it new functionality to transition to a new market segment.
- The group argued these changes would make the Walkman relevant to new users while retaining loyal customers.
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The document discusses product life cycles and product portfolios. It explains that managing a company's product portfolio is important for cash flow. It then provides details on the stages of the product life cycle: development, introduction, growth, maturity, saturation, decline, and withdrawal. Finally, it introduces the Boston Matrix method for analyzing a product portfolio based on market growth rate and market share classifications.
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The document discusses the product life cycle (PLC) and its five stages: introduction, growth, maturity, decline, and decision point. It provides examples of products that align with each stage and notes that the PLC describes how consumer demand changes over time as products are introduced, become popular, and eventually decline. However, the PLC is an oversimplification, as the length of each stage varies significantly between products and marketers can influence what stage a product is in through pricing and other decisions.
Product Life Cycle
The document discusses the product life cycle concept which outlines the different phases a product goes through. It describes the stages as research and development, introduction, growth, maturity, and decline or rejuvenation/termination. The concept is used to forecast sales behavior, assist with marketing strategy formulation, and analyze deviations from projections. The stages involve complex research initially that absorbs significant resources before sales are achieved in the introduction phase through promotional activities. Growth sees increased distribution, promotions, and product improvements for the longest and most profitable phase.
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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.
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the ppt contains detailed stages of product life cycle with their specific strategy requirements and examples in Indian context, limitations, uses and significance along with special cases of PLC
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Slides Adrienne Tan recently used in his discussion w/ mentees of The Product Mentor.
The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People.
Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community.
Commercialize new product
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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.
Ansoff
The Ansoff matrix suggests that a business' growth strategies depend on whether they market new or existing products in new or existing markets. The four strategies are:
1) Market penetration, which focuses on selling existing products to existing markets through competitive pricing, advertising, and sales promotion.
2) Market development, which involves selling existing products into new markets through geographical or distribution channel expansion.
3) Product development, which introduces new products into existing markets and requires developing new competencies.
4) Diversification, which markets new products in new markets and carries the most risk since the business has little experience in those areas.
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The Ansoff Matrix Strategic planning
The document discusses Ansoff's Matrix, a strategic management tool used to direct corporate growth. It presents the matrix as a guide for companies to determine the direction of product growth and market expansion. The matrix includes four growth strategies: market penetration, product development, market development, and diversification. It also provides examples of each strategy. The document provides background information on a courier service company founded in 2018 that delivers packages and receives transportation. It includes questions for an interview with the company regarding expanding advertising, understanding client needs, sales force objectives, and potential effects of government reforms.
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The document discusses the product life cycle, which describes the typical stages through which a product passes from introduction to decline. It identifies five stages: introduction, growth, maturity, saturation, and decline. Each stage is characterized by different features related to sales, profits, competition, and market awareness/acceptance of the product. The goal of product life cycle management is to maximize value and profitability at each stage. The document also discusses ways to potentially extend the life cycle through strategies like advertising, exploring new markets, price reductions, and adding new product features.
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This document discusses the product life cycle and how products progress through different stages from introduction to decline. It explains that the product life cycle has four main stages: introduction, growth, maturity, and decline. During each stage, companies should focus on different marketing mix elements like product, price, placement, promotion, and sales strategies. The stages are used to understand how to best market and manage products over their lifetime in the market.
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The document summarizes the stages of a product's life cycle: introduction, growth, maturity, saturation, and decline. It notes that during the introduction stage, sales are slow but marketing costs are high, leading to little or no profit. In the growth stage, sales and profits increase as the company tries to maximize market share. During maturity and saturation, sales peak and then decline while profits also start declining. Finally, in the decline stage both sales and profits decrease. The document also lists strategies companies use at each stage, such as pricing and advertising approaches, as well as factors that can affect a product's life cycle.
Product Life Cycle
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.
Product life cycle
The document discusses the product life cycle (PLC) and strategies companies use at each stage. It notes that products pass through distinct stages of introduction, growth, maturity, and decline. During introduction, strategies focus on creating awareness and trial with high promotion at a premium price. Growth focuses on market share gains through distribution expansion, promotions, and price reductions. Maturity aims to maximize profits through diversification while defending market share. Decline entails cost cutting and milking remaining brand value. Strategies may also include market, product, or marketing program modifications to change a brand's course.
2 mintzerbg's 5 p's
Mintzberg identifies 5 definitions of strategy: plan, ploy, pattern, position, and perspective. A plan is developing long-term objectives and goals. A ploy is a tactic to gain advantage over competitors. A pattern emerges from past organizational behavior and consistently flourishing performance. Position is making a unique mark in the marketplace. Perspective is an organization's shared way of perceiving the world, like an individual's personality.
Product life cycle
The product life cycle has four stages: introduction, growth, maturity, and decline. In the introduction stage, the product first enters the market and focus is on promoting awareness and getting customers to try it. In the growth stage, the product is accepted by consumers and distribution expands. The maturity stage is when sales begin to slow as repeat purchases decrease and attracting new buyers is challenging. Finally, in the decline stage, sales and profits drop off as demand wanes and the product is eventually removed from the market. Companies can manage the life cycle through product modification, market modification, or repositioning strategies.
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Basic things about Product Management Department of Pharmaceutical Sales and Branding.
Problemsolving linkedin
This document outlines an agenda for a product management meeting, including:
- The challenges of balancing short-term opportunities with long-term strategy and revenue targets.
- An overview of stakeholders and their roles in product roadmapping.
- Tools like SWOT analysis and the BCG matrix that will be used to analyze the product portfolio and inform strategic decisions.
- A timeline that outlines objectives for the product manager's first 90 days on the job, focusing on understanding the market, taking ownership, and establishing product leadership.
International product life cycle
The document summarizes the international product life cycle theory, which describes how industries and companies evolve their marketing strategies over time and across borders. It outlines the four primary elements of the theory - demand, manufacturing, competition/marketing strategies, and the innovating company's strategy - and how they change through a product's introduction, growth, maturity, and decline stages in different markets. The introduction stage involves building awareness and a niche market with high costs, risk, and promotion expenses. Growth sees rising sales and profits as production scales up, allowing more promotion. Maturity is the most competitive as companies focus on market share while considering innovations. Eventually decline begins as the market becomes saturated or consumers switch to newer products.
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The document discusses concepts related to supply and demand, including:
1) The price elasticity of supply for most goods is between zero and -1, implying they are relatively responsive to changes in price.
2) Scarcity in an economy means individuals must make choices since not all wants can be satisfied, as there are no free goods.
3) An increase in UK incomes leads to an increase in demand for holidays abroad, showing holidays abroad are a normal good while holidays in the UK are an inferior good.
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The document discusses price elasticity of demand (PED), which measures the responsiveness of demand for a good or service to a change in price. It provides examples of calculating PED and determining whether a product is elastic or inelastic based on the value of PED. An inelastic PED between 0 and -1 means demand is not very responsive to price changes, while an elastic PED between -1 and infinity means demand is highly responsive. The document also demonstrates how companies can use PED to determine whether a price increase or decrease would increase total revenue by calculating the impact on sales volume and multiplying it by the new price.
Ped presentation
This document provides an overview of price elasticity of demand concepts for economics. It defines elasticity and price elasticity of demand. It categorizes goods as price elastic, inelastic, perfectly inelastic, and perfectly elastic based on how responsive demand is to price changes. Examples are given for each category and formulas are provided for calculating price elasticity of demand. Graphs of demand curves are shown to illustrate the concepts. The learning objectives are to develop knowledge of supply and demand factors, introduce elasticity, and undertake basic calculations.
Demand and supply[1]
This document discusses demand and supply curves and market equilibrium. It contains questions about how different factors could shift demand or supply curves and impact equilibrium price and quantity. These factors include changes in tastes, prices, income, advertising, government policies, harvests, substitute goods, and the labor supply in a market. The document examines how equilibrium would be impacted by these various economic changes through diagrams and graphs depicting demand, supply and equilibrium price and quantity.
Economic systems and fruit
The document outlines the key topics and structure of an economics lesson, including identifying different economic systems, understanding the advantages and disadvantages of market, planned, and mixed economies, and analyzing reasons for and challenges of international trade. The lesson will assess benefits of market and mixed economies, determine pros and cons of international business, and analyze difficulties of entering foreign markets. It also provides explanatory information on various economic models and international trade issues.
SWOT
The document discusses SWOT analysis, which stands for strengths, weaknesses, opportunities, and threats. It is a method used to analyze a business and its environment. The SWOT analysis identifies internal strengths and weaknesses of a business, as well as external opportunities and threats. Students taking an IGCSE in Business Studies are required to perform a SWOT analysis of themselves by identifying their own individual strengths, weaknesses, opportunities, and threats. They are also asked to consider what issues could present opportunities or threats to businesses in general.
Swot
This document discusses SWOT analysis, which is a tool used to evaluate the strengths, weaknesses, opportunities, and threats involved in a business project or in the business environment. It examines internal strengths and weaknesses as well as external opportunities and threats. The SWOT analysis framework is presented along with examples of different types of strengths, weaknesses, opportunities, and threats that may be relevant to businesses. The document encourages the reader to conduct their own SWOT analysis to assess these factors for strategic planning purposes.
What is marketing (an introduction) Remember we have a test on Thursday
Marketing involves identifying customer needs through research, anticipating future needs, and satisfying those needs profitably. There are four main types of markets: industrial markets for business goods; consumer markets for household goods and services; commodity markets for raw materials; and financial markets for money services. Consumer markets can be further divided into fast-moving consumer goods, consumer durables, soft goods, and services. The size of a market is measured by the number of potential customers and the value or volume of goods purchased, while a company's market share indicates what percentage of total sales it captures within a market.
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Training
This document discusses training in business. It explains that training can be on-the-job or off-the-job. On-the-job training involves learning new skills while performing a job, such as working alongside experienced staff. Off-the-job training takes place away from the normal workplace, like at a training company or college. In-house training is organized by the employer at the normal workplace. The benefits of training for employees include increased earnings and more interesting work, while benefits for employers are improved productivity and reduced costs. Training is viewed as an investment that benefits businesses in the future.
Market research
Market research involves collecting, analyzing, and understanding data related to markets and customer behavior. It is used primarily by manufacturing, service, and retail companies to guide decisions around new products, marketing, and sales. Most large businesses conduct both internal and external market research, spending 1-2% of revenue on average. There are different types of market research including primary data collection, secondary data analysis, qualitative research like focus groups, and quantitative research using surveys. Proper sampling techniques and question design are important to obtain accurate and unbiased insights.
PED presentation copy
This document discusses price elasticity of demand (PED). PED measures how responsive quantity demanded is to a change in price. It defines goods as elastic, inelastic, or perfectly elastic/inelastic. Elastic goods have a PED greater than 1, meaning quantity demanded responds more than proportionally to price changes. Inelastic goods have a PED less than 1, so quantity demanded is less responsive to price. Perfectly elastic/inelastic goods have a PED of infinity/zero, where quantity demanded is completely responsive/unresponsive to price changes. The document provides examples of demand curves for different types of goods to illustrate how their quantities respond to price.
Operations management1
The document discusses key concepts related to efficiency in business. It begins by explaining that efficiency, productivity, and competitiveness are linked, as better productivity leads to increased efficiency and competitiveness. It then defines efficiency as making the best use of resources to maximize outputs and minimize costs. Improving efficiency can reduce costs and improve competitiveness. The document also differentiates between production and productivity, and provides an example to demonstrate how to calculate productivity. It explains that productivity can be improved through training, investment, and better management. Finally, it outlines other methods businesses can use to cut costs besides improving productivity.
Pricing Strategies
The marketing mix is a fundamental aspect of marketing that includes the 4Ps: product, price, place, and promotion. It is used by businesses to decide how to market products based on customer needs. Price is an important element that impacts revenue and market share. Common pricing strategies include cost plus, penetration pricing, price skimming, competitive pricing, promotional pricing, and loss leaders. The appropriate strategy depends on factors like market entry, increasing sales, and covering costs.
Price Elasticity of Demand
This document discusses elasticity, which measures how responsive quantity demanded is to changes in price. It defines price elasticity of demand and explains that demand is elastic when a percentage change in quantity demanded is greater than the percentage change in price, and inelastic when the opposite is true. Elastic goods have substitutes and inelastic goods are often necessities. The document provides examples of calculating price elasticity using demand curves and formulas. It illustrates different types of elasticity including perfectly elastic, inelastic, unitary, and inbetween cases.
Recruitment, training and human resources for blog
The human resources department is responsible for many tasks beyond just recruitment and selection. These include ensuring employees are properly trained, complying with health and safety laws, handling redundancies and dismissals, managing communication between management and employees, developing compensation and benefit policies, and carrying out the full recruitment process from job analysis to selecting candidates. The recruitment process involves analyzing jobs, writing job descriptions and person specifications, advertising positions internally or externally, screening applicants, interviewing candidates, and ultimately filling vacancies.
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This document discusses promotion and the promotional mix. It defines promotion as communication to customers about a product to persuade them to buy it. A business needs to promote to make customers aware of its products, increase awareness and market share, and encourage customers to choose its products over competitors. The document outlines different promotional methods including advertising, sales promotions, public relations, and personal selling that make up the promotional mix. It notes that small businesses should consider their target market and utilize an effective mix of above and below the line promotion strategies to gain sales.
Place
This document discusses distribution and channels of distribution as part of the marketing mix. It identifies four main channels: 1) direct from producer to consumer, 2) from producer to retailer to consumer, 3) from producer to wholesaler to retailer to consumer, and 4) from producer to agent to seller to consumer. The document provides examples of different businesses that may utilize each channel and factors that influence a business's choice of distribution approach, such as the nature of the product, market, and company capabilities. Learners are asked to analyze distribution channels for three products and consider how well each channel fits with the rest of the marketing mix.
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Product life cycle
- 2. Individually how many products of Virgin can you name ? (Students who attended yesterday should do best) You have 3 minutes!!!!
- 4. Product Life Cycle – shows the stages that products go through from development to withdrawal from the market It refers to their full life span as such. Are Sega Megadrives still around?
- 5. £ £
- 6. › Each product may have a different life › › › › › cycle PLC determines revenue earned Contributes to strategic marketing planning May help the firm to identify when a product needs support, redesign, reinvigorating, withdrawal, etc. May help in new product development planning May help in forecasting and managing cash flow
- 7. › Development › Introduction/Launch › Growth › Maturity › Saturation › Decline › Withdrawal
- 8. › May come from any of the following – › Market research – identifies gaps in the › › › › › market Monitoring competitors Planned research and development (R&D) Luck or intuition – stumble across ideas? Creative thinking – inventions, hunches? Futures thinking – what will people be using/wanting/needing 5,10,20 years from now
- 9. › New ideas/possible inventions › Market analysis – is it wanted? Can it be produced at a profit? Who is it likely to be aimed at? › Product Development and refinement › Test Marketing – possibly local/regional › Analysis of test marketing results and amendment of product/production process › Preparations for launch – publicity, marketing campaign
- 10. › Advertising and promotion campaigns › Target campaign at specific audience? › Monitor initial sales › Maximise publicity › High cost/low sales › Length of time – type of product
- 11. › Increased consumer awareness › Sales rise › Revenues increase › Costs - fixed costs/variable costs, profits may be made › Monitor market – competitors reaction?
- 12. › › › › › › › › Sales reach peak Cost of supporting the product declines Ratio of revenue to cost high Sales growth likely to be low Market share may be high Competition likely to be greater Price elasticity of demand? Monitor market – changes/amendments/new strategies?
- 13. New entrants likely to mean market is ‘flooded’ Necessity to develop new strategies becomes more pressing: › Searching out new markets: Linking to changing fashions Seeking new or exploiting market segments Linking to joint ventures – media/music, etc. Developing new uses › Focus on adapting the product Re-packaging or format Improving the standard or quality › Developing the product range
- 14. › › › › › › Product outlives/outgrows its usefulness/value Fashions change Technology changes Sales decline Cost of supporting starts to rise too far Decision to withdraw may be dependent on availability of new products and whether fashions/trends will come around again?
- 15. £
- 19. Can be defined as - a medium to long-term plan for lengthening a products life cycle. It is likely to be implemented during the Maturity or early Decline. Extension Strategies include: › Redesigning the Product – New and Improved! › Adding an extra feature – Now with…(colour, quality, texture…) › Changing the packaging and advertising to appeal to a NEW Market Segment. › Providing a Unique Selling Point (USP) – Cross shaped MP3 player.
- 20. Individually you are required to: Produce a Product Life Cycle, illustrating at which point an Extension Strategy may be applied to a product. Remember to include the four stages! Identify a product (not already discussed) at each individual stage of the Product Life Cycle. Most points for most original, creative.
- 21. In GROUPS you are required to: (on A3 paper provided) Determine appropriate Extension Strategies to lengthen the Products Life Cycle for a product you identify as a group. Include appropriate design features that will appeal to the Target Market i.e. design, colour, durability, shape. As a group, justify why you have chosen these Extension Strategies? It is important not to forget who your Target Market is!!! Explain the results of your to the remainder class through a short presentation.