The value of the product life cycle is that it provides clues as to what marketing mix strategies might need to change as the product moves through the cycle. For example, a high-tech product being launched will have to decide whether to use penetration or skimming pricing strategy. That pricing strategy will then determine how much marketing communications is needed and what distribution strategy is needed. Because high-tech products are particularly susceptible to competition and entry of substitute products, the company needs to stimulate sales early, knowing the product life cycle may be short.
Pick one of the following products and identify which stage of the life cycle you believe it is in and why. You don't need to do research; just use your personal experience and judgment. You may want to check out the product's website. Then, identify what needs to be done to the marketing mix based on the stage you selected.
Apple iWatch
Kellogg All-Bran cereal
Crest Complete toothpaste
Ford Focus automobile
Häagen-Dazs ice cream
Libby Sweet Peas canned vegetables
Rolling Barn Door Hardware by CSH
Beyond Meat Chicken Free Strips
Since each of you are picking different products, scroll through some responses and see if you have a different point of view and post as appropriate.
You don't need to post to another student; however, you need to use a reference.
As a reference, here is a graphic showing the marketing objective at each stage.
I am selecting Haagen-Dazs ice cream. It is at the top of the of its product life line in the maturity area. It has few years left before it will start declining as In the United States the premium ice cream market is declining and the low fat and yogurt market is growing because people are concerned about fat and cholesterol and ice cream is high in cholesterol. So to remain in the market Haagen daz must bring in new low cost ice cream with low fat content but by doing this the company may lose its prestige and profits. It would not be worth putting money in to adverting a new ice cream when their old ice cream is still making money for the company and is in the maturity stage of the life cycle.
The value of the product life cycle is that it provides clues asto what marketing...
Help Relating the Product Life Cycle to Marketing Mix Actions This activity is important because products, like people, have a life cycle. The product life cycle describes the stages a new product goes through in the marketplace: Introduction, growth, maturity, and decline. The introduction stage of the product life cycle occurs when a product is introduced to its intended target market. The growth stage of the product life cycle is characterized by rapid increases in sales. The maturity stage is...
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..
Product Life Cycle The following series of statements or phrases are associated with product life-cycle viewpoints. Identify whether each one is associated with the marketing production, or customer viewpoint. of the statement or phrase fits more than one viewpoint, blitas interactive in the first column and select its viewpoints in the second. If the statement is not interactive, select the appropriate viewpoint in the first column and enter"Notessary in the second Viewpoint Interactive Viewpoints Sales are increasing at an increasing...
Product Life Cycle The product life cycle is a set of phases a product must go through. It starts from when the product is introduced to the stage at which the product is removed from the market. It is the processes through which the product is testing, promotion, growth, development and decline. Stages of Product Life cycle Following are the stages in Product Life cycle and and the dominant characteristics of each stage. 1. Introduction Stage: It is the first...
please help with marketing question below Examine the "classic" Product Life Cycle (PLC) curve on table S.2. Research and find an example of a current product. This should be a specific product - not a general product category Gi.e. pizza) or brand (i.e. Samsung) at eaclh of the following stages: Introduction -Growth Maturity Decline You could use a different brand and product for each stage, or choose one brand and use different products for that one brand. 1. Explain your...
The product life cycle helps to inform decisions made by marketing managers. Examine two products that you are familiar with, one that is in the early stages of the product life cycle and one in the mature stage.How is the marketing different for the two products?What improvements to the marketing strategy would you recommend for each if you were the marketing manager?Your Discussion should be a minimum of 250 words in length and not more than 750 words. Please include...
Product Life Cycle Match the appropriate product strategy with the stage of the product we cycle Add supplemental product offerings to the product line or mix to aid in product differentiation Eliminate unprofitable models or brands. Introduce new models with new features Introduce limited models with limited features. Focus on persuading Innovators and Early Adopters to try the new product Match each of the options above to the items below. Introduction Stage Growth Stage Maturity Stage Decline Stage
Choose two products; each one should currently be in a different stage of the product life cycle. (Explain why you think each product is in the particular stage). For one of these, find out how they are currently marketed (i.e. with respect to product features, pricing, distribution, and promotion). Has there been a change in the way they are marketed now compared to when they were in the previous stages of their respective lifecycles? If in the introductory stage, how...
Marketing Plan Competitive assessment (Porters strategies) threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products, rivalry among competitors Product Strategy: Everything that the customer receives in the exchange process, both tangible and intangible. This section should contain a complete description of your product or service. What are the benefits of your product and show clearly the needs your products will be satisfying. Also, identify the stage of the product life cycle and the...
One possible marketing objective for a product in the _______ stage of the product life cycle is to promote consumer awareness and gain trial