a) Identify its stage in the product life cycle (introduction, maturity, decline )and key marketing mix...

a) Identify its stage in the product life cycle (introduction, maturity, decline )and key marketing mix actions that might be appropriate for the product BOTLLE BRIGHT’

b) develop branding and packaging strategies

Solutions

Expert Solution

a) Stages of a product life cycle :-

Introduction :-

This is the first stage for the introduction of a product. In this stage, there is a very less competition, the sales of the product is very less as customers don't have any knowledge regarding the project. The marketers needs to spend much time and money on the advertisement and marketing of the product to make the customers understand regarding the features of the product.

Growth :-

In this stage, the product starts to grow it's sales and makes profit. As there is a chance for the company to get economies of scale, so the profit will increase more. The company can still make many promotional events to make the customers knowledgeable regarding the product. The product starts to get market share from this stage and also it's competitors.

Maturity :-

In this stage the product needs to be established fully. The company needs to maintain it's market share of the product very efficiently. This stage has the highest competitors as because of the variety of the substitute products. The company can improve or add any specification or features to the product so that it can give a competitive advantage. The company aims to position itself for long term.

Decline :-

In the decline stage, the product starts to shrink it's sales. This decrease in the sales may be due to the substitute advanced product. The product is going in the decline stage, but still the company can gain some profit with the help of little innovation or may be switching to cheaper market.

Hope this helps :)

keosha answered 7 months ago

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