Question

Identify a separate product for each stage of the product life cycle (Introduction, Growth, Maturity, Decline) , and discuss the marketing mix strategies (i.e., product, promotion, price, place) for each product in that stage.

Answer 1

Introduction phase= In This, I can select a new car, During this stage of the car introduction to the market, the product will be having the latest technology that is not being used by other competing companies. A lot of advertising will be done when the car is launched to inform the maximum number of customers. The price will be relatively high to give it a premium category product and the distribution of the car will be done through an exclusive showroom owned by the company and its distributors.

Growth phase= Mobile phone will be used for this case Once the product is launched, its sales will increase and thus there will be more competitors of the company In order to overcome this competition, I will reduce the price a bit so that it can be bought by more customers. Advertising will still be extensive to attract more customers. Some changes will be made in the product to make it more appealing to the customers and make it different from the products of the customers. The extensive distribution will be used so that it can be sold at maximum possible stores to gain the advantage of increased sales. Sales promotion will be focused more on gaining the confidence of the customers and reducing the competition.

Maturity phase= Here I will take the case of a motorbike. The focus will be ion improving the technology and features of the bike so that the reducing percentage of the sales can be boosted for the modified version of the bike will be launched in the market. The price will be reduced in order to lower the competition. The advertising will be focused on communicating the modified version of the products The level of distribution will remain the same however some more distributors can be added. Some promotional activities will be carried out such as price discounts and so on to attract the customers.

Declining phase= I can take the case of a TV. As the demand will be reducing, and in fact, there will be no hope of improving it, no or very little change will be done in the product while the advertising will also be reduced to save the money. The sales promotion activities will be done more to increase the sales and to maximize the maximum possible profit from the product. The price of the product will be reduced to attract customers.