Question

Select a product you are familiar with. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?

Answer 1

Everything in the market place passes through different phases from birth until its death. A product launches, grows, matures, declines and phased out from the existing portfolio. The product selected for this assignment is Orchid flower cultivated in the local farm.

Accordingly, different product life cycle goes through the following phases:

a. Introductory stage,

b. Growth stage

c. Maturity stage and

d. Decline stage

Introductory stage

Flower sales are low because of distribution issues. Retail florists are reluctant to keep the stock, prefers to wait and see the quality and the market response.

Consumer acceptances are also slow requiring aggressive marketing effort for demand creation. The length of introductory period appears to be short because there are other Orchid growers locally and some flowers are imported.

Marketing Strategies

The product is a basic offering. Distribution outlets are selectively been chosen. Prices kept normally on higher side to recover higher cost of marketing. Distribution channels like wholesalers and major retail outlets targeted for product awareness. Flowers sampled free as sales promotions strategies aggressively.

Growth Stage

Flower demand has increased considerably with more repeat purchase. Product availability and visibility at distribution outlets tends to attract more flower purchaser.

Marketing Strategies

Flower distributions made more intensive. Pricing strategies formulated for market penetration. Word of mouth and referrals mode of marketing are increased. Sales promotion moderately lessened compared to the introductory stage.

Maturity Stage

Flower distribution has reached to its peak. Sales volume is stable.

Marketing Strategies

Strategies formulated to defend the market shares. Different breed of Orchid introduced through newer tissue culture technologies. Strategies to retain maximum shelf space formulated. Competitor pricing strategies are constantly analysed. Customer retention strategies are planned and sales promotion done moderately higher to keep brand loyal customers.

Decline Stage

Flower sales starts to decline due to entry of new product and decrease in consumer interest.

Marketing Strategies

The Orchid breed with weak sales discontinued. Prices kept low to retain the loyal customer. Sales promotions kept to minimal. Flowers sold with meagre marketing support as long as it generates some sales.

So, flower life cycle went through classic bell shaped curve though its various introductory, growth, maturity and decline phases.