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Transcript
PRODUCT LIFE CYCLE & POSITIONING #2
Today I am: Taking more notes (because that’s awesome!)
So I can: understand positioning of product within a product
life cycle.
I will know I’m successful when: I can identify products
at the different stages of the product life cycle.
THE PRODUCT LIFE CYCLE
A product life cycle represents the stages
that a product goes through during its life.
There are four stages:
1)
Introduction
2)
Growth
3)
Maturity
4)
Decline
MANAGING DURING THE INTRODUCTION STAGE
The major goal at this first stage is to draw the
customer’s attention to the new product by
increasing product awareness and promotions.
•
This is the least profitable stage
MANAGING DURING THE GROWTH STAGE
Most prosperous phase
Advertising focus on consumer satisfaction.
To keep its product sales growing, the
company may have to introduce new
models or modify the product to offer more
than the competition.
MANAGING DURING THE MATURITY STAGE
During this stage, a company spends more
of its marketing dollars fighting off the
competition.
As advertising expenses climb, the
company may have to decide if it can
continue to improve the product to gain
sales.
MANAGING DURING THE DECLINE STAGE
Besides dropping the product, the company can use
other product mix strategies to gain further sales
from a declining product. This may include:
Discount the product
Regionalize the product to areas where
the product sells well
Modernize or alter the product
PRODUCT POSITIONING
The focus of product positioning is the image that a
product projects. Its goal is to set the product apart from the
competition. Product positioning refers to the efforts a
business makes to identify, place, and sell its products in the
marketplace
PRODUCT POSITIONING BY:
Economy, mid-priced and luxury lines
High price = quality, low price = value
Highlight unique characteristics
Used when solidifying an advantage
or that you are the underdog
To showcase brand value to customers
ASSIGNMENT
Work individually. Write down a product that represents each of the
following stages.
• Introduction
• Growth
• Maturity
• Decline