Marketing Management D01
April 7, 2013
In marketing, there is a tool that is very useful to marketing strategy development. This tool is known as the product life cycle. The product life cycle goes through four stages before it is complete or starts over again. The life cycle starts with the introduction of a product, and then the product begins to grow as it is recognized by more markets and is delivered to through more channels. After the growth period, a product reaches maturity where there has competitors and sales do not match up with profit. This is the time where marketing strategists reevaluate and try to remarket the product. The last stage is the decline. This is where the seller decides to cut the product or keep it going. This tool is useful but it should not dominate how a strategy is created.
In every firm, there is either a product or service that is offered for sale. The product or service, like all things in this world, has a life span or cycle. The product life cycle is a description of how a product goes through its life in the scary world of business. A marketing manager must use the life cycle as a helpful tool in marketing strategies to look at the long term goals. In the life cycle products are introduced, gown, matured, and then decline. The cycle varies according to different factors such as industry, technology, and market. Within the cycle there are certain things that can make a difference in how a team markets the product at each stage (James &Donnelly).
First the product has to be introduced. In the beginning the production is high and so are the costs of marketing. When it comes to profit, they are either small or almost absent. This stage is critical because this is the make it or break it time. The introduction is when after establishing a certain market, early adopters are persuaded to buy the product. The product needs to be a high quality or at least a good and trusted brand. Also,...