The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product's marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products. Show
Product introduction strategiesMarketing strategies used in the introduction stages include:
During the introduction stage, you should aim to:
You could also try to limit the product or service to a specific type of consumer - being selective can boost demand. Read more about the introduction stage of a product life cycle. Product growth strategiesMarketing strategies used in the growth stage mainly aim to increase profits. Some of the common strategies to try are:
The growth stage is when you should see rapidly rising sales, profits and your market share. Your strategies should seek to maximise these opportunities. Product maturity strategiesWhen your sales peak, your product will enter the maturity stage. This often means that your market will be saturated and you may find that you need to change your marketing tactics to prolong the life cycle of your product. Common strategies that can help during this stage fall under one of two categories:
Read more about the growth and maturity stage of a product life cycle. Product decline strategiesDuring the end stages of your product, you will see declining sales and profits. This can be caused by changes in consumer preferences, technological advances and alternatives on the market. At this stage, you will have to decide what strategies to take. If you want to save money, you can:
Another option is for your business to discontinue the product from your offering. You may choose to:
Many businesses find that the best strategy is to modify their product in the maturity stage to avoid entering the decline stage. Find out more about product life cycle - decline stage. In which of the following stages of product life cycle a company reduces sales promotion to take advantage of heavy consumer demand?
Answer (Detailed Solution Below)Option 2 : Growth Free Teaching Aptitude Mock Test 10 Questions 20 Marks 12 Mins Product Life Cycle:
For any product, it’s PLC will go to the decline stage, where the product’s sales and profits fall very quickly, and most competitors leave the market. Sales Promotion Strategy: Reduce to a minimal level. Thus, option 2 is the correct answer. Last updated on Nov 25, 2022 University Grants Commission (Minimum Standards and Procedures for Award of Ph.D. Degree) Regulations, 2022 notified. As, per the new regulations, candidates with a 4 years Undergraduate degree with a minimum CGPA of 7.5 can enroll for PhD admissions. The UGC NET Final Result for merged cycles of December 2021 and June 2022 was released on 5th November 2022.Along with the results UGC has also released the UGC NET Cut-Off. With tis, the exam for the merged cycles of Dec 2021 and June 2022 have conclude. The notification for December 2022 is expected to be out soon. The UGC NET CBT exam consists of two papers - Paper I and Paper II. Paper I consists of 50 questions and Paper II consists of 100 questions. By qualifying this exam, candidates will be deemed eligible for JRF and Assistant Professor posts in Universities and Institutes across the country. What happens in the growth stage of the product life cycle quizlet?During the growth stage of the product life cycle both sales and profits peak and begin to decline due to the growing numbers of competitors. During the introduction stage of the product life cycle, profits are negative or low because of low sales and heavy distribution and promotion expenses.
Which of the following are stages of the industry life cycle check all that apply?An industry life cycle typically consists of five stages — startup, growth, shakeout, maturity, and decline.
Why is the phase after the growth stage of the industry life cycle referred?Why is the phase after the growth stage of the industry life cycle referred to as the shakeout stage? The weaker firms are forced out of the industry in this stage.
Which of the following lists the stages of the industry life cycle in the correct order group of answer choices?The four phases of the industry life cycle are the introduction, growth, maturity, and decline phases. The industry life cycle ends with the decline phase, a period when the industry or business is unable to sustain growth.
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