Product life cycle

A intersection point look cycle deals with the life of a product in the food trade place, with respect to the strain costs and sales. A product goes through three tips in the design cycle and these dos atomic number 18 introduction, maturity and decline. The first coiffe is the introduction dress and in this stage, the product created and is promoted to create awareness as sales return be low until customers become aware of the product and its benefits. The octogenarian goal of this stage is to establish a market and ready a primary demand for the product class. The introduction stage has implications on the marketing mix, which refer to the Product, Pricing, Distribution and Promotion. In this stage the Product is branded and quality level is established. Intellectual point and protection such as patents and trademarks are obtained. Pricing may also be penetrated if the product is new in the market and the cost would be low to build market component rapidly. Hi gh skimming pricing may also be done to recover development costs. The Distribution is selective and disordered till the consumers show acceptance of the product. The Promotion is aimed at scene brand awareness and loyalty. The introductory promotion is also ring to convince potential resellers to elevator carry the product. It helps to educate potential consumers ripe the product.

The Maturity stage is the second stage. It is the some net incomeable and car park stage for all markets. It is in this stage that emulation is most intense as companies fight to maintain their market share. Here, both(prenom inal) marketing and finance become key activ! ities. Marketing cut has to be monitored carefully, since any significant moves are likely to be copied by competitors. The Maturity Stage is the time when most meshwork is earned by the market as a whole. either expenditure on... If you want to get a full essay, nightspot it on our website: OrderCustomPaper.com

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