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Product Life Cycle Marketing I Product Life Cycle Product Life Cycle – stages a product goes through during its life in the marketplace ◦ 4 stages: introduction, growth, maturity, decline Stage 1: Introduction ◦ Occurs when product first enters marketplace ◦ Promoting consumer awareness ◦ Getting customers to try new product ◦ Millions of dollars spent to educate consumers ◦ Major task: getting product in the marketplace Product Life Cycle Stage 2: Growth ◦ More competitors enter the marketplace ◦ Adding distribution outlets is important ◦ Product improves: adding flavors, features, etc. Stage 3: Maturity ◦ Sales begin to slow down for the product ◦ Repeat customers stop buying the product ◦ Attracting new buyers is a challenge Stage 4: Decline ◦ Sales and profits begin to drop ◦ Little to no marketing support ◦ Company may drop product from their product line Manage the Life Cycle Product Modification: Changing a product’s characteristics (package, features, appearance, quality) Companies market this “new” product to increase sales Market Modification: Strategy to find new customers Modify the product to create new target market Encourage current customers to use the product more Repositioning: Change product’s image in relation to competitor’s image A change in any of the 4 P’s (Marketing Mix) Conclusion Product Life Cycle: Introduction, Growth, Maturity, Decline Management of Product Life Cycle: Product Modification, Market Modification, Repositioning In-class Project See Project Sheet