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Task 4 Marketing Strategies Essay
A product life cycle refers to the behavior of a product in terms of cost, price and demand from the point of entry into the market until it exits the market. The life cycle comprises four stages namely introduction, growth, maturity, and decline (Aytun & Kılıçaslan, 2017). The introduction phase refers to a period where new products first enter the market. The process requires a lot of finances and resources and is often characterized by slower growth since the potential customers are not familiar with the product (Cao & Folan, 2012). The sellers may also not be well-trained to sell or distribute.
The growth phase/stage is when a particular product begins to sell at a much faster rate. The public is also becoming increasingly aware of the product.
Accordingly, the maturity phase is when the product peaks in terms of sales. The demand from the customers in the market is strong, and the service is booking out. New alternatives will begin streaming in, and the product starts facing high competition (Aytun & Kılıçaslan, 2017).
Lastly, the decline phase refers to the period when the product hits the point of saturation (Castaldi & Giarratana, 2018). The price of the product starts to increase though there is a decline in the demand and sales of the product. Additionally, it is at the decline stage that the product requires the injection of marketing activity. The rationale is that the product is experiencing stiff competition from alternatives, in addition to a reduction in customer demand, thus the need to market it to increase awareness (Cao & Folan, 2012). Lastly, it is possible to continually extend a brand to increase the product life cycle, but it reaches a point where a high competition level may warrant a reevaluation of the product before reintroducing it into the market.
Task 4 Marketing Strategies Essay
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