Question

List the four stages of the product life cycle. Then describe the promotional strategies used in each stage. Use a current or past product example. Assignment should be 2 pages and must include a references page.  

Answer 1

They are follows: Introduction stage is where unknown product is introduced ,then to the growth stage where company start to earn from the product invented and earn revenue. Into the next stage of maturity is the product maintained, and the goal of the marketer is to look close to its market share. Lastly is decline stage the product falls since the product is already in the market and customers have bought it.

Explanation:

Introduction

The promotional strategies used as in this stages are starting with the introduction stage ,the marketer has to use the advertisement way like the company broadcast about the product to known to the people for example the new aerial with downy detergent that is being advertised in the TV.

The introduction phase is the length the place a new product is first delivered into the market. This usually requires a lot of sources and finances. As a result, many companies, startups especially, are training a new method to product improvement recognised as The Lean Approach. The introduction segment is typically related with slower increase as the public is now not acquainted with the product, the dealers can also no longer be correctly skilled to sell, and clear and specific distribution channels are but to be established. Demand for the product is additionally pretty immature at this stage.

Growth

Growth stage is the time the product has been known so the company will apply the strategy that will rise the awareness and how the product is genuine example of soft care pampers is continuously advertised all through for citizen to be familiar and use it

The growth phase is when your product starts offevolved to promote at a an awful lot quicker rate. The public is turning into increasingly more conscious of your product and phrase of mouth is beginning to spread. The product's skills are now acknowledged and product improvement has matured (the fee at which you are altering your presenting slows). In healthcare, this stage can be tough to recognise, however is likely most substantive when demand for your offerings begins to preserve regardless of whether or not you are advertising and marketing or merchandising it.

maturity

At maturity the product will be competing with others so the company should have a strategy to make sure the product is at the top no matter what like the use of jik and harpic to clean the toilet as we know the harpic works best so they have used a strategy of comparing the two in advertisement.

The maturity phase is when your product's income start to peak. Demand is sturdy and the carrier is now reserving out. Very soon, the product will commence to compete with new preferences being delivered into the market. A exact instance of this stage in healthcare is the availability of a new pharmaceutical product. Fresh from profitable medical trials, the drug is possibly to generate interest in the media. Patients may additionally method their healthcare companies asking for that precise medicinal drug as a end result of extended recognition or awareness.

Decline

Decline stage can just do the online or internet advertisement to remind the users about the product like in any game or video having different adverts running before watching a video of you choice. This is done remind users.

The decline segment refers to the duration when the product reaches its saturation point. In this case, the rate can begin increasing, although the variety of income will decline. In this phase, a selection is needed: whether or not to proceed with the product with enormous adjustments or to go onto some other product altogether. In healthcare, a appropriate instance should be a clinical gadget or tools such as a wheelchair. As technological know-how improves, the purchaser market, inclusive of healthcare authorities who use that precise product can also begin to see it as ancient or outdated. They become aware of the product as no longer being capable to efficaciously grant the required care to the patient. The system income will reduce sharply and the organization desires to both enhance the device, by means of supplying a more moderen edition, or change it with a higher alternative.