the goal of product lifecycle marketing is not to match the curve but to outline what may work best now and plan for the future. promotion spending is relatively high to inform consumers of the new product and get them to try it. how long is the expected product lifecycle? it includes a significant boost in market presence, the addition of new product features, and a greater emphasis on positioning relative to the competition. marketing is often in the middle: learning about product development from product managers and translating that knowledge into persuasive collateral for sales teams.
in a mature market, the key to extending the (profitable) lifespan of a product is to understand the catalysts that lead to decline. efficiency could come from shifting marketing resources toward the most valuable demographic, or via promotion of the most profitable versions of a product (e.g. is the product viewed as a commodity? a failure to reduce marketing spend risks sharpening the slope of the decline. it is helpful to see all of it listed out, we don’t often think of all the phases when focusing on one thing at the moment.
these are shown in exhibit i and occur in the following order: this is when a new product is first brought to market, before there is a proved demand for it, and often before it has been fully proved out technically in all respects. the usual characteristic of a successful new product is a gradual rise in its sales curve during the market development stage. all this in time inescapably moves the industry to the threshold of a new stage of competition. in all cases of maturity and decline the industry is transformed. but this does not mean that useful efforts cannot or should not be made to try to foresee the slope and duration of a new product’s life. what factors tend to prolong the market development stage and therefore raise the risk of failure? moreover, the life cycle of a given product may be different for different companies in the same industry at the same point in time, and it certainly affects different companies in the same industry differently. it is the presence of such lush profits that both attracts and ultimately destroys competitors.
it is this idea of planning in advance of the actual launching of a new product to take specific actions later in its life cycle—actions designed to sustain its growth and profitability—which appears to have great potential as an instrument of long-term product strategy. this exhibit and the explanation which follows take some liberties with the actual facts of the nylon situation in order to highlight the points i wish to make. hosiery was to be converted from a “neutral” accessory to a central ingredient of fashion, with a “suitable” tint and pattern for each outer garment in the lady’s wardrobe. once perfected, the product gained rapid market acceptance because of a sound product concept and an aggressive sales organization. 2. it lays out a long-term plan designed to infuse new life into the product at the right time, with the right degree of care, and with the right amount of effort. third, since the hair is long and soft, it is hard to hold in an attractive arrangement. for its own good, new product strategy should try to predict in some measure the likelihood, character, and timing of competitive and market events. the establishment of a rational plan for the future can also help to guide the direction and pace of the on-going technical research in support of the product. it prevents one’s trying to do too many things at once, results in priorities being determined rationally instead of as accidental consequences of the timing of new ideas, and disciplines both the product development effort that is launched in support of a product’s growth and the marketing effort that is required for its continued success.
the product lifecycle shapes marketing strategies—and great marketers shape the product lifecycle. this generally requires important changes in marketing strategies and methods. but the policies and tactics now adopted product life cycle strategies (plc) and characteristics – managing each plc stage introduction stage – product, product life cycle marketing strategies pdf, product life cycle strategies with examples, product life cycle stages, product life cycle stages, marketing mix strategies for product life cycle. 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.
the concept of a product moving through various life stages has been of interest to marketers for the last few product life cycle also plays a critical role in marketing strategy. depending on the stage your product or service is in, it is a strategy tool that helps companies plan for new product development and refine existing, example of product life cycle, product life cycle strategies ppt, product life cycle 5 stages, product life cycle pdf, product life cycle decline, marketing strategies for maturity stage, product life cycle strategies slideshare, product life cycle theory
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