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Marketing Most people think that marketing is only about advertising and personal selling of goods and services. Advertising and selling, however, are just two of the many marketing activities. In general, market activities are all those associated with identifying the particular wants and needs of a target market of customers. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution of ideas, goods services and organizations. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. Now there are a few marketing strategies which we want to explain. Introduction Stage In the introduction stage, the firm seeks to build product awareness and develop a market for the product. Growth Stage In the growth stage, the firm seeks to build brand preference and increase market share. Maturity Stage At maturity, the strong growth in sales diminishes. Competition may appear with similar products Decline Stage As sales decline, the firm has several options: Maintain the product, possibly rejuvenating it by adding new features and finding new uses. Harvest the product – reduce costs and continue to offer it. Discontinue the product, liquidating remaining inventory or selling it to another firm that is willing to continue to market the product