Question

7. What are a company's strategic objectives at the various stages of the product life cycle? That's each stage: 1) introduction 2) growth 3) maturity and 4) decline. Make sure to include the 4 Ps of marketing (price, product, placement, and promotion) the product or service in each stage. But I am looking for more than just the marketing strategies in each phase. Be sure to discuss production, research and development (R&D), sales..

Answer 1

The company strategic objectives at each stage are:

Introduction stage: The Company launches the product. It does hard Public relations; formulate strategy, digital marketing, fund raising, and lot of capital etc.

The company sets the price which is to disrupt the market if any dealing in the same industry and for doing this it needs a good funding and investment. The company goals at introductory stage is to hard sell the product, promote by advertising and using social media platforms, setting disruptive force in terms of providing latest product with best quality, technology etc. at cheapest price, creating trust which later can become brand of the company.

Growth: The growth is when the company starts selling good number of its product or services and then it goes for another fund raising taking the effort and success of introductory stage and seeks more strategy and good supply chain management to fulfill demand of the growing customer base. The companies create the trust factor and continue doing the PR.

Maturity: This is the phase the company has reached to its maximum potential and market becomes saturated for its product. People now know about the product and the growth has stopped and the graph is plain with no jaor decline or incline in the profit or loss.

The company needs to do heavy PR and Advertisement, Repackage their product, advertise the benefits of using the product, include certain changes to the product, add value, Engage again in hard social media campaign and most importantly move into markets which are new to the product or less saturated.

The Decline: The decline is the last stage. The product dies down here. The graph starts going down and the product losses its appeal and the company could hardly do anything to protect it