Question

Discuss this statement: The application of Strategic Marketing (also known as the Window Analogy) can assist a company in managing (or at least being aware of) a product's place in the life cycle.

Answer 1

Answer: Product's life cycle- A product has life cycle like us. Product has four phases in its life cycle:

1. Introduction
2. Growth
3. Maturity
4. Decline

Strategic Marketing- It is the modern marketing approach that utilizes the available resources to satisfy the customers and to increase the revenue and profitability. Companies use strategic marketing to identify the needs and wants of customers and achieve the customer satisfaction and loyalty.

Strategic marketing makes strategies for each and every stage of product life cycle, these strategies are as following:

Introduction-

• Establish a brand identity
• Connecting with right suppliers and advertisement agencies to promote the product.
• Providing best quality product by keeping the prices as low as possible.

Growth-

• Improving product quality.
• Increasing margins by slightly increasing the prices.
• Enter into new market segments.
• Increasing distribution channels.

Maturity-

• Modification in the existing product.
• Launching new product in product line.
• Winning strategies over competitors.

Decline-

• Reducing the promotional expenses.
• Reducing number of distribution channels.
• Increasing the usage of the product.
• Harvesting the product before discontinuing.