Product Life Cycle Marketing Strategies include 5 stages for determining the market approach towards the life cycle of a particular product:-
The marketing strategies during product life cycle are:-
- Marketing Strategy for Introductory Stage,
- Marketing Strategy for Growth Stage,
- Marketing Strategy for Maturity Stage,
- Marketing Strategy for Saturation Stage,
- Marketing Strategy for Decline Stage,
- Marketing Strategy for Obsolescence Stage.
1.Marketing Strategy for Introductory Stage-
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This is the first product life cycle marketing strategies and it means an Introducing the product in the market for the first time is known as Introductory Stage. At this stage, the promotional expenses are high and it involves introducing the unknown product to the target or prospective buyers.
The marketers lay on the consumer to use their products and the distributors provide the retailer with the product. At this stage, the cost of a product is kept high and the technological problems also sustain.
2. Marketing Strategy for Growth Stage-
This is the second product life cycle marketing strategies and at this stage, the product is acceptance from the consumer. Thus, a sale of the product increases with increase its profits. Therefore, the firm depends on efficient manufacturing and distribution system only.
This stage is a very crucial factor in the development of any company or business. It also helps to increase the sales volume and build the brand image of the company.
3. Marketing Strategy for Maturity Stage-
This is the third product life cycle marketing strategies and at this stage, the sale of the product continuous but as a decreasing rate. The marketer has to adopt such strategies will boost the growth rate and face competition also. It is done by product modification and increasing the product line.
4. Marketing Strategy for Saturation Stage-
This is the fourth product life cycle marketing strategies and at this stage, the sale of the product stagnant but the production from the competitor continuous increases their for the cost of marketing and sales promotion increases with a constant decline in profits.
All the efforts are directed to gain or attract new customers from the target market area.
5. Marketing Strategy for Decline Stage-
This is the fifth product life cycle marketing strategies and at this stage means slow replacement of the existing product, therefore, the cost control becomes necessary to reduce the price in order to complete.
The marketers should explore possibilities of selling the product or divert
6. Marketing Strategy for Obsolescence Stage-
This is the sixth product life cycle marketing strategies\and this stage is the end of the product because the demand is almost nil and there is no effect of advertising and sales promotion on consumers.
Thus, it is advised that the marketer should step the production of the existing products and think a new product.
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