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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The role of a product manager is challenging, complex and often misunderstood. But properly defining and structuring the roles and responsibilities of the product management team enables the team members to be more efficient and productive, leading to better revenues and higher-quality products that meet customer needs.
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20th Century Products
ArticleHere are some of the most useful products from the 20th century.
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This issue’s dilemma asks, Can a company successfully position a product for launch in several markets simultaneously? Also this week: Sometimes, you need to cut your losses and move on.
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Marketing complex products and services is a challenge. This week, add your two cents to: What methods work well for marketing technical services and solutions? Also this week, read your answers to last week's dilemma: What do you do when you are stuck with a no-name moniker and no brand?
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This week: Many businesses have succeeded in selling products online in the form of e-books, e-reports and other downloadable content. Of course, it's not as simple as posting the product on your Web site and hoping buyers will come. The challenge comes in getting potential customers to your site in the first place.
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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.
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Most New Products Fail
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Convincing journalists to cover your products or services isn’t a simple task. Here's how to clear the hurdles.
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Marketers love talking about products like the Swiffer or iPod, two colossal successes in terms of brilliance in innovation and new product development. In fact, rumor has it there are more consulting firms taking credit for Swiffer's development and success than can fit into the new Yankee Stadium. The puzzling question remains: Why aren't there more examples of unabashed new product successes?
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Websites have now surpassed traditional forms of word-of-mouth as the preferred method among women for getting information about products and services, but when sharing information and opinions, women are still nearly three times more likely to do so with family and friends than to go online, according to a survey from Harbinger.
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The use of the most popular and highly rated digital analytics products varies by business size—with larger enterprises relying heavily on paid products and small businesses using primarily free tools—according to a recent report from TrustRadius.
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Which tactics, channels, and content types do B2B technology companies use most to market products?
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SurveyMonkey creates the best-liked B2B software products among Silicon Valley tech companies, according to recent research from G2 Crowd.
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Nearly six in ten (56%) Facebook users who "like" brands on the social networking site say they are more likely to recommend a brand to friends after becoming a fan, compared with one-third (36%) of brand fans who say they're not likely to do so, according to a study by Constant Contact and Chadwick Martin Bailey.
