Marketing encompasses the complex cycle of every stage of a product, from conception to the final sale and everything in between. Marketers are challenged with identifying the consumers needs/wants and managing the process to meet those needs. Every product a marketer develops goes through four stages in its life, The Product Life Cycle.
Each stage of the product life cycle (Introduction, Growth, Maturity, and Decline) have unique characteristics that a marketer faces as they create utility and try to maintain or grow their market share. Through each stage advertising is critical and marketers try to inform, persuade and remind consumers about their product. The difference is the approach and focus of the advertising.
Every product that comes to market enters into the Introduction Stage. This is the stage where consumers are first introduced to the product. “During the introductory stage of the product life cycle, a firm works to stimulate demand for the new market entry.” (Boone & Kurtz, 2006, p. 371) A marketer must connect with consumers to create a market for the new product.
Every year hundreds of new products enter the introductory stage. Currently a product that is just beginning to take hold is high-definition televisions (HDTVs). HDTVs broadcast pictures with increased clarity and give the viewer (consumer) options on camera angles and additional information. Currently, “Yankee Group estimates that 15 percent of American households now own (a HDTV), with Forrester estimating 10 percent at most.” (Crawford, 2005)
During the introductory stage, marketers are trying to introduce the product to consumers. One of the ways marketers succeed is in offering promotions or discounts to distributors to get the product in the marketplace. Most of the advertising focuses on informing the public about the new product. While information is key, advertisers also try to persuade consumers to purchase the product and often times...