Different level of the life cycle and suitable marketing strategies for each stage?
| Answer: The life cycle of a product or service can be divided into four stages: introduction, growth, maturity, and decline. Each stage requires different marketing strategies to maximize the potential of the product or service. During the introduction stage, companies should focus on creating awareness and building a customer base. During the growth stage, companies should focus on increasing market share and expanding distribution channels. During the maturity stage, companies should focus on maintaining market share and increasing profitability. Finally, during the decline stage, companies should focus on reducing costs and exploring new markets. |
More resources related to Products
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Since marketers first entered the boardroom as CMOs, companies have recognized the strategic value of marketing. Often, sadly, that recognition has not been translated into quantifiable business success. But there is a way to magnify the strategic value of marketing and simplify marketers' jobs in the process. All it requires is that marketing take an early and active role in defining the company's product portfolio.
