Question

discuss how the marketing mix changes in one of the product life cycle stages (introduction, maturity, decline) how does a marketer change the way he or she manages product, price, place, and promotion in the introduction stage? in the growth stage? etc..

Answer 1

Marketing strategies used in the introductory phases include: rapid skimming — product launch at a high price and high promotional level slow skimming, product launch at a high price and low promotional level rapid penetration — product launch at a low price with significant promotional slow penetration — product launch at a low price and minimal promotion.

In the growth stage, marketing strategies are primarily aimed at increasing profits. Some of the common strategies to try are: improving product quality by adding new product features or supporting services to increase your market share in new market segments, keeping prices as high as reasonable to maintain demand and high profits to increase distribution channels to cope with increasing demand by shifting marketing messages from product awareness to product preferences to skim product prices if y
Growth stage is when revenue, earnings and market share are expected to rise rapidly. Such resources should be maximized by the tactics.

The brand will reach the maturity stage when the sales peaks. This often means your market is saturated and you may find that you need to change your marketing tactics in order to prolong your product's life cycle. Common strategies that can help in this phase fall under one of two categories: market modification-this includes entering new market segments, redefining target markets, winning over competitor customers, converting non-user product modifications-for example, adjusting or improving the features of your product, quality, pricing and distinguishing it from other products in the marking.

You will see declining sales and profits during the final stages of your brand. This can be caused by changes in consumer preferences, market advances in technology and alternatives. You're going to have to decide what strategies to take at this stage. If you want to save money, you can: minimize the marketing spending on the goods by reducing the number of distribution outlets that sell them by introducing price cuts to get customers to purchase the product in order to retain the product and wait for rivals to remove the product or service from the market for the first time before discontinuing it.