Question

Explain how marketing strategy varies over the course of the product lifecycle. Give an example and apply the concept in a way that demonstrates your understanding.Answer should be between ten and fifteen lines of text, which translates to between 180 and 200 words.

Answer 1

1.INTRODUCTION STAGE-In this stage product is introduced in the market for the very first time ,so their aim is to make people aware about the product through advertisement an product cost should be not be very high.

2.GROWTH STAGE-In this stage ,there is an increase in sales and profit,so it requires massive advertisement at very large scale and the organisation should produce the product at very large quantity in order to achieve economies of scale.

3.MATURITY STAGE-Now the product is well known to everyone ,there is stiff competition in the market so organisation require to innovate the product and bring major changes to the product ,it should also provide discounts to its customers.

4.DECLINE STAGE-In this stage ,profit and sales started declining,in order to be still in the race,it has to redefine and revamp the product and give it a totally new look.